Fifty has been a hard line in the sand for crude. With today’s comments by Putin out of the World Energy Comgress in Istanbul, indicating a willingness by Russia to scheme with OPEC to rig prices, I expect a major squeeze will take place, up until the point where the actual production data proves these serial liars to be nothing more than pump artists.
via AFP
“In the current situation, we believe a freeze or a cutting of the production of oil is the only way preserve the stability of the energy sector and accelerate a rebalancing of the market,” he said at the World Energy Congress in Istanbul.
“Russia is prepared to join joint measures limiting production and calls on other exporting countries to do the same,” he added.
He expressed hope this would lead to a concrete agreement at a November OPEC meeting and that this idea would be a “positive signal to the market and investors”.
I wouldn’t be surprised to learn that cooperation with OPEC was somehow tied to Saudi cooperation in Syria.
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