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Friday, 11 August 2017

Jawboning oil prices

Jawboning oil prices:

"In Monty Python’s Life of Brian, when the People’s Front of Judea learns that Brian has been arrested, John Cleese exclaims: “Right! This calls for immediate discussion!” The effort by leading oil-producing countries to boost crude prices seems to work on similar principles.

Facing concerns that some countries, particularly the UAE and Iraq, were not living up to their commitments to curb output, the joint technical committee of Opec members and their allied non-members convened meetings in Abu Dhabi this week “to identify ways and means of raising levels of conformity”.

The statement after those meetings, co-chaired by Kuwait and Russia, said representatives from the UAE, Iraq, Kazakhstan and Malaysia had met the committee, and “all expressed their full support for the existing monitoring mechanism and their willingness to fully co-operate . . . in the months ahead in order to achieve the goal of reaching full conformity.”"



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