They aren’t reducing production, only freezing at the already too bountiful January 11th levels.
Moreover, the Saudi minister said that low oil prices have no effect on the Saudi economy.
Qatar, Venezuela and Russia have also agreed to this accord.
Reuters reported that the meeting had echoes of a 2001 encounter between OPEC and non-OPEC producers when Saudi Arabia pushed through a global deal to curb output in which Russia agreed to participate. But Moscow never properly followed through on its pledge to curb exports.
The fuck?
This is having to opposite effect of what the Saud intended. Prices ran up in anticipation of a possible production cut.
The absurdity of the House of Saud is unparalleled. The crude market remains oversupplied.
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they’re reaching a tipping point..just calling the bluff of U.S. shale..their ultimate goal in this hedonistic arabian sword-fight
lol, that was a lame agreement. Did u see PBoC announced lame Issuing guidance to support steady growth of industries, they are cutting over capacity and not lending to Zombie Companies…China Copper buying ahead of that was just wishful thinking. Fly u need to sleep.
Sleep is for weekends and the dead.
“The fuck” is right – I don’t like to hear the sound of Iranians laughing but right now it’s a goddamn chuckle fest in Tehran. And all the shit that Team America does for Riyadh – and they team up with Vlad “let’s take off our fuckin’ shirts and oil up” (no homo SERIOUSLY NO. homo….) Putin????
FUCK. YOU.
Go Team America.
bears are up early haha back to the acronym game
QUEEF = QCOM UPL EEP ECA FRO
oops make that ETE not EEP
The Futs are cumulative ( 2 days worth) and are actually down from yesterday.
As far as gold goes, the gold stock index in pre market is only down about one and three quarters %- not what one would expect.
In other words, I wouldn’t be surprised if their was a reversal and a fade.
the FUTS are not bouncing around like a beheaded chicken. across the pond-isa. opex is always fun.
REUTERS: MING THE MERCILESS JOINS OIL PRODUCTION FREEZE
crude surplus now capped at two mil bbd for next four months…
i’m freezing comment output
Venezuela couldn’t increase production if they wanted to. They’re struggling just to maintain output.
Fly, the Saudi plan is not to lose market share. They are going to win this game, no matter what.
Stop picking bottoms in oil…
Who is picking bottoms in oil?
Plebs. Not you of course.
I’ll pick a bottom in oil here– well, at least say that oil is at or near a bottom. Tepper’s going to be fine. This freezing news from the oil Lords and Masters in Saudi isn’t going to send oil back to its previous highs any time soon. But I do see it as enough to put a floor under oil that will keep it from going down much more.
As for the Vampire Squid’s prediction on gold declining, they predicted a huge decline in gold quite correctly a few years or so ago. Which doesn’t mean one can necessarily believe their predictions now, as their predictions do seem to be more often wrong than right overall.
I can only hope that this news from Russia– their repeating a pledge which they’ve made in the past and then did not keep– may help people to stop “cradling Putin’s balls” as Fly once put it– people acting as if Putin is our wonderful trustworthy best friend, which makes no sense at all.
Oil is going to $9. You heard it here second.