What do you guys expect out of this meeting? We all know how hard it is to get all these guys agree on anything. Can this be the one, though? Personally I am doubtful, especially considering Iran apparently didn't even bother sending their "top oil guy" and they still wait to get their fair share of production. But I guess we will find our soon.
I think something will be decided at this meeting. Considering the scale of the decline in oil prices since November 2014 and the falling revenues and evaporation of billions of petrodollars, it is in every oil producing countries best interests to agree upon a solution to stabilize output levels and potentially return to prices that equate to steady profits. Many oil nations especially in the middle east have had to tap into reserves to compensate for slumping oil revenues. The meeting will be interesting.
Well considering that the Iranian representative is not even going to show up I expect nothing from the meeting.. Iran has been sidelined from selling their oil legally on the open market for quite awhile. I really can't see them agreeing to slow production.
Draft Doha agreement would freeze oil output until October A draft agreement among oil producers meeting on Sunday in Doha says average daily crude oil production in each month would not exceed the level recorded in January this year, according to a copy of the draft seen by Reuters. The freeze would last until Oct. 1 this year, and producers would meet again in October in Russia to review their progress in engineering "a progressive recovery of the oil market," the draft reads. Final agreement has not been reached on the draft, but several senior sources in countries' oil ministries said they were optimistic that a deal would be reached. Producers would continue to develop the process of consultation between them on the best ways to bolster the oil market, and the deal would be open for other states to join, the draft says. OPEC member Iran has said it will not participate in Sunday's meeting as it could not accept proposals to freeze its production. http://www.cnbc.com/2016/04/16/draft-doha-agreement-would-freeze-oil-output-until-october.html
In other news: "More than 7,000 oil workers in Kuwait have begun an open-ended strike to protest government plans to cut wages and benefits. The strike threatening a slash in production comes during talks in Qatar discussing an output freeze to boost oil prices. " https://www.rt.com/news/339937-kuwait-oil-workers-strike/
Sounds like my little gamble with DWTI will pay off on Monday. Hopefully this Kuwait strike is not going to affect it much.
i wanted to short oil friday, but i was too afraid, you never know how the market will react, but my personal feeling was there was no way a deal was getting done, iran was never going to take this seriously. they just got back online, no way they freeze and there is no way saudi freezes without everyone else freezing.
We were right but not the anticipated market move... We'll see what happens now that Kuwait strike is over!
