Will the OPEC and non-OPEC ministerial meeting in Vienna November 30 deliver an early Christmas gift to the oil bulls?
The market has swung between anxious speculation that Russia might pour cold water on agreeing an extension beyond March 2018 and confidence that the Saudis will be able to bring everyone around to their point of view. The rift that seemed to be opening up between Moscow and Riyadh last week was tempered by reports this week in Russian media suggesting the non-OPEC heavyweight’s “doubts” may not be a stumbling block,after all. The country’s oil producers have been consulted but the decision will be a political one, taken by government officials. Here’s why we consider a six to nine-month extension the most likely outcome.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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