Deep down, Putin hates the ground the Sauds walk on. Once again, these fuckers issued false, misleading, news in order to juice crude.
Nothing changed. There will be no oil freeze. Instead, both countries will pump oil as fast as fucking possible, like craven lunatics, fucking each other with a smile.
But, they did hold a press conference, which is an accomplishment unto itself.
While talks in China between Russian and Saudi Arabian energy ministers fell short of a freeze on output, causing oil to pare its gains on Monday, the two addressed the press at a rare joint press conference. Russian Energy Minister Alexander Novak said the two countries have a “number of tools” at their disposal for joint actions. Oil revenue drives most government spending in Saudi Arabia, which is struggling to plug a widening deficit following Brent crude’s more than 50 percent drop in the past two years.
“Having a meeting is a milestone, regardless of the outcome,” said Tariq Qaqish, the Dubai-based head of asset management at Al Mal Capital PSC. “The advance of talks between Saudi Arabia and Russia is positive news for oil exporting countries. Higher oil prices will enhance investor sentiment, therefore we expect to see the equity market follow.”
Crude is up 2% and dropping, down from gains of nearly +5%.
This still seems bullish to me, maybe a floor at $40-45? Any company left standing at this point has likely figured bow to stay solvent in an environment of oversupply.
I say oil goes to $35 by end of Nov
+1