OPEC
Posted: Fri Sep 22, 2017 4:21 pm
Nothing decided at the OPEC meeting, which is no big deal at this point. IMO they will do whatever it takes to firm up oil prices because they must to survive.
Friday, September 22, 2017
Oil prices firmed up this week, holding onto gains following an uneventful OPEC meeting in Vienna.
OPEC gathers in Vienna. OPEC met on Friday to consider the possibility of extending the production cuts beyond March 2018. The meeting was uneventful, with no decision taken in regard to recommendations on extending or deepening the production cut deal. The recent uptick in oil prices will provide OPEC members with a bit of confidence as they sort out their next steps, but pitfalls remain for 2018. “The bull run in the oil market is running out of steam as unease builds” Stephen Brennock, analyst at London brokerage PVM Oil Associates, told Reuters on Thursday. While oil markets did not react too negatively to the lack of news, all eyes will be on OPEC as the production cut deal nears its agreed upon deadline.
Friday, September 22, 2017
Oil prices firmed up this week, holding onto gains following an uneventful OPEC meeting in Vienna.
OPEC gathers in Vienna. OPEC met on Friday to consider the possibility of extending the production cuts beyond March 2018. The meeting was uneventful, with no decision taken in regard to recommendations on extending or deepening the production cut deal. The recent uptick in oil prices will provide OPEC members with a bit of confidence as they sort out their next steps, but pitfalls remain for 2018. “The bull run in the oil market is running out of steam as unease builds” Stephen Brennock, analyst at London brokerage PVM Oil Associates, told Reuters on Thursday. While oil markets did not react too negatively to the lack of news, all eyes will be on OPEC as the production cut deal nears its agreed upon deadline.