Energy Prospectus

Russia, one of the world's top three oil producers, said it was prepared to meet OPEC and non-OPEC oil producers to discuss the market if such a meeting is called. A separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister Alexander Novak has said.

Moscow had been unwilling in the past to cut its oil output to support prices. Last November, it declined to cooperate with the Organization of the Petroleum Exporting Countries to defend market share

http://www.investing.com/news/commoditi ... ops-364630

If Russia and Saudi Arabia agree to both cut production by as little as 500,000 barrels per day each, we will see WTI push over $60/bbl quickly. The meeting itself will cause speculators that are shorting oil each time it moves toward $47 to back off.

Saudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery. "Fund managers we spoke to estimate SAMA has pulled out between $50 billion to $70 billion from global asset managers over the past six months," Nigel Sillitoe, chief executive officer of the Dubai-based firm, said by telephone Monday. "Saudi Arabia is withdrawing funds because it’s trying to cut its widening deficit and it’s financing the war in Yemen," he said, declining to name the fund managers. Saudi Arabia is seeking to halt the erosion of its finances after oil prices halved in the past year. The Saudi Arabian Monetary Authority’s reserves held in foreign securities have fallen about 10% from a peak of $737 billion in August 2014, to $661 billion in July, according to central bank data. The government is accelerating bond sales to help sustain spending.