OPEC Meeting on Nov 27 could be quite a show
Posted: Thu Nov 13, 2014 9:29 pm
On November 27, the nation’s attention will descend on the heart of Texas for another classic NFL Thanksgiving matchup between the Dallas Cowboys and Philadelphia Eagles. Cheap seats on StubHub are currently selling for $150 and up.
Also on Thanksgiving Day, but on the other side of the world, the oil industry’s attention will descend on Vienna, Italy, for the latest meeting between members of the Organization of Petroleum Exporting Countries. Tickets are not available, but if they were, they would be well worth the price of admission.
The price of Brent crude closed at a four-year low—$78.17—on November 13, adding fuel to what is expected to be a very tense meeting between OPEC members at the end of the month. The group has typically convened to determine oil prices, which generally sets the global price. The Saudis have gone against the conventional method recently, leaving fellow members up in arms over lower prices that generate little or no profit. Some members have suggested cutting output in order to maintain price, but the Saudis have been very “Greenspan-like, in terms of clarity,” said Mike Wittner, head of global oil andcommodities research at Societe Generale.
Full article: http://www.oilandgas360.com/brent-price ... 3-26401157
Also on Thanksgiving Day, but on the other side of the world, the oil industry’s attention will descend on Vienna, Italy, for the latest meeting between members of the Organization of Petroleum Exporting Countries. Tickets are not available, but if they were, they would be well worth the price of admission.
The price of Brent crude closed at a four-year low—$78.17—on November 13, adding fuel to what is expected to be a very tense meeting between OPEC members at the end of the month. The group has typically convened to determine oil prices, which generally sets the global price. The Saudis have gone against the conventional method recently, leaving fellow members up in arms over lower prices that generate little or no profit. Some members have suggested cutting output in order to maintain price, but the Saudis have been very “Greenspan-like, in terms of clarity,” said Mike Wittner, head of global oil andcommodities research at Societe Generale.
Full article: http://www.oilandgas360.com/brent-price ... 3-26401157