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Russia/Saudi agree to freeze production output
Posted on 2/16/16 at 8:43 am
Posted on 2/16/16 at 8:43 am
LINK
Not a major move, but its a start
quote:
Top oil officials from Russia, Saudi Arabia and several key OPEC members have agreed to freeze crude output at January levels at a meeting in the Qatari capital of Doha, targeting a supply glut that's sent prices to 13-year-lows. According to the International Energy Agency, Saudi Arabia produced 10.2M bpd last month, below its most recent peak of 10.5M bpd set in June 2015. Russia produced nearly 10.9M bpd in January, a post-Soviet record. Oil soared almost 6% ahead of the meeting - on expectations of a more weighty announcement - but pared gains following the news.
Not a major move, but its a start
9
Posted on 2/16/16 at 8:46 am to TigerTatorTots
IF Iran and Iraq follow suit...
WSJ:
WSJ:
quote:
The agreement was struck after a short meeting in Qatar, but it came with a significant caveat: Iran and Iraq must also halt production increases. Iraq’s production has soared to record levels as it furiously pumps to generate revenue to fight a war against Islamic State, while Iran is trying to ramp up output now that Western sanctions over its nuclear program have ended.
Posted on 2/16/16 at 8:47 am to TigerTatorTots
In other news, truck nutz futures SOAR!
(Sorry, I had to. I'll show myself to the corner.)
(Sorry, I had to. I'll show myself to the corner.)
Posted on 2/16/16 at 8:58 am to TigerTatorTots
quote:This seems to be a disguised way of saying "We're not cutting production amounts."
several key OPEC members have agreed to freeze crude output at January levels
Posted on 2/16/16 at 9:08 am to LSURussian
Venezuela seems confident they can get Iran and Iraq to agree. They are suppose to meet tomorrow. We'll have to see. Few expected Saudi would agree to even a freeze in production.
Posted on 2/16/16 at 9:10 am to TigerTatorTots
January production levels were still pretty high.
Posted on 2/16/16 at 9:20 am to LSURussian
quote:
This seems to be a disguised way of saying "We're not cutting production amounts."
Considering there weren't any cuts leading into January (that I remember) - I'd say so.
Posted on 2/16/16 at 9:31 am to TigerTatorTots
WTI crude futures are down -1.5% on the news.
Posted on 2/16/16 at 9:35 am to LSURussian
Speculators aren't buying this news. Saying Iran has no shot to agreeing
Posted on 2/16/16 at 9:36 am to TigerTatorTots
quote:Yep. Why should they? They've been shut out from legally selling their crude for a decade. Any money coming in is new money for them.
Saying Iran has no shot to agreeing
Posted on 2/16/16 at 9:45 am to LSURussian
quote:
Any money coming in is new money for them.
And low prices hurt Saudi Arabia.
Posted on 2/16/16 at 9:46 am to Lima Whiskey
Good point.
Posted on 2/16/16 at 9:48 am to TigerTatorTots
quote:
Russia
quote:
agree
Posted on 2/16/16 at 10:49 am to TigerTatorTots
WTI's about to bust a move up to 37+
Posted on 2/16/16 at 10:56 am to LSU1NSEC
quote:
WTI's about to bust a move up to 37+
Posted on 2/16/16 at 10:56 am to TigerTatorTots
This is the time to buy CHK, LINE, more ERN and EXXI!
Posted on 2/16/16 at 11:02 am to LSU1NSEC
quote:
WTI's about to bust a move up to 37+
Posted on 2/16/16 at 11:06 am to LSU1NSEC
Define "about to" 
Not everyday you see a 20%+ swing in a commodity.
Not everyday you see a 20%+ swing in a commodity.
Posted on 2/16/16 at 11:08 am to TigerTatorTots
Don't think this is really all that big of news in regards to a turn around. But, it sounds like it might be a hint at a bottom. 
Posted on 2/16/16 at 12:22 pm to KG6
Crazy we have gotten to this point when it wasnt long ago nutjobs were talking about peak oil and shite.
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