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Saturday, 26 November 2016

An Opec deal is not about to usher in an era of $100 oil

An Opec deal is not about to usher in an era of $100 oil:
"Opec has been talking for nine months now about an oil supply deal that may only last for half a year. It is a measure of just how badly most cartel members want a higher oil price, and just how hard it has been to achieve.

When ministers sit down in Vienna next week, the oil industry will be looking for them to finally deliver a concrete supply reduction of at least 1m barrels a day, putting searing differences between Saudi Arabia, Iran and Iraq aside to speed the end of the oil glut.

But after all this time a deal is still not locked down and, even if it is successful on Wednesday, Opec is not about to usher in a new era of $100 oil."

'via Blog this'