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Wednesday, 30 November 2016

Oil up over 6% as Saudi Arabia and Iran point to Opec supply deal

Oil up over 6% as Saudi Arabia and Iran point to Opec supply deal:
"Oil rose sharply on Wednesday after two of Opec’s most powerful members said they were hopeful of reaching the first deal to cut supplies since prices started to plummeted two years ago.

Saudi Arabia’s energy minister Khalid al-Falih said the group, which controls around a third of the world’s oil production, was getting “close” to a deal and signalled that it was prepared to give some ground to its fierce regional rival Iran.

But he again hinted that Saudi Arabia could walk away from a deal if its conditions were not met, saying that waiting for the market to recover on its own was not a “bad outcome.”"

'via Blog this'