BLBG: Copper Falls in London Trading Before U.S. Factory Orders: LME Preview
Total SA (FP)’s Chief Executive Officer Christophe de Margerie said there’s “no shortage” of oil in the market as OPEC remains prepared to supply crude.
“It is important that OPEC maintains its commitment to put on the market as much oil as is necessary, which it will be doing,” de Margerie told reporters after attending the Asia Oil and Gas Conference in Kuala Lumpur today. “They will raise production if there is demand. If there’s an increase in oil prices, it is not because of OPEC.”
The Organization of Petroleum Exporting Countries will probably leave its output target unchanged on June 8, according to a Bloomberg survey of 30 analysts conducted May 24-31.
To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
