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Tuesday, 28 March 2017

World’s top oil traders see Opec rollover if Russia commits

World’s top oil traders see Opec rollover if Russia commits:

"The world’s top oil traders believe Opec will commit to maintaining their production cuts as long as Russia increases its compliance to keep the cartel’s most powerful members on board. Speaking at the FT Commodities Global Summit in Lausanne, Switzerland, executives from some of the world’s largest independent trading houses said a push to draw down oil inventories would likely need to last at least for the rest of the year. “There’s a feeling stocks aren’t drawing in the way they were meant to,” said Russell Hardy, chief executive of Vitol’s European, Middle East and African business. “At $50 there’s a lot of incentive for people to continue with the current policy,” though he cautioned a sharper recovery in prices could weaken Opec’s resolve."



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