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Tuesday, 6 September 2016

Oil-Market Rescue No Nearer Amid Saudi-Russia ‘Lip Service’ - Bloomberg

Oil-Market Rescue No Nearer Amid Saudi-Russia ‘Lip Service’ - Bloomberg:

"An international agreement to cap crude-oil output in a way that would restrict actual supply and support prices looks no nearer after the two largest producers pledged to cooperate.
Most members of the Organization of Petroleum Exporting Countries that can raise production have indicated they will aim to do so, while others are already close to short-term limits.
Monday’s joint statement by the oil ministers of Saudi Arabia and Russia, billed as a “significant” announcement, was “without any substance for market balances,” Amrita Sen, chief oil analyst at consulting firm Energy Aspects Ltd., said in Singapore."



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