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Sunday, 18 September 2016

Introducing The Pre-Freeze Oil Boil - Bloomberg Gadfly

Introducing The Pre-Freeze Oil Boil - Bloomberg Gadfly:

"Most oil-market observers will be keenly aware of a meeting in Algeria later this month at which the world's biggest producers will -- or won't -- commit to freezing their crude production. While talking about freezing supply may have helped to put a floor under oil prices, the outcome of the meeting itself is becoming more redundant by the day as almost all the world's top producers do exactly the opposite.The big-4 Gulf Arab OPEC countries -- Saudi Arabia, Iraq, the U.A.E. and Kuwait -- are all producing at, or very close to, record levels. The reasons vary, but for each it comes down to pursuing established medium- to long-term market strategy. At the same time, output from neighboring Iran is at a five-year high, as the country races to restore pre-sanctions output and exports. No sign of a freeze here."

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