The world’s largest exporters of crude oil will convene in Vienna on Friday for a much anticipated OPEC meeting to decide whether or not to increase output.
Chris Wright, Liberty Oilfield Services CEO, appeared on CNBC to discuss what the meeting could mean for the price of oil, which is currently sitting at $66 a barrel.
“The worry is that if they don’t increase production, the oil market might get too tight and oil prices might go up a lot,” Wright said. “If they add half a million barrels of oil, that’s probably what the market expects, oil stays where it is. If they add a million and a half that Russia requested, oil probably goes to the high $50s, if they don’t add anything, oil maybe goes back to $70.”
Wright added that most of the OPEC producers aren’t even producing at their agreed limit “because they can’t.”