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OPEC Meeting
Posted on 11/30/16 at 5:31 am
Posted on 11/30/16 at 5:31 am
Oil up over 6% at this time based on outlook that a deal will be agreed on!!
8
Posted on 11/30/16 at 6:34 am to MotorbikeMike
Same thing happens every few months.
Posted on 11/30/16 at 10:23 am to MotorbikeMike
Agreeing to deals is never the issue.
1) Will demand be where it needs to be?
2) Will the countries actually follow the rules?
OPEC is a den of thieves. They can't and should not trust each other. It was much easier for them when they were the only game in town.
1) Will demand be where it needs to be?
2) Will the countries actually follow the rules?
OPEC is a den of thieves. They can't and should not trust each other. It was much easier for them when they were the only game in town.
Posted on 11/30/16 at 10:34 am to MotorbikeMike
MRO up around $18. bought in right under $7. 
Posted on 11/30/16 at 10:36 am to MotorbikeMike
Another run up on OPEC deal speculation. I'm hopeful, but, even if a deal is struck I'm skeptical regarding the member countries sticking to the deal for more than a single week.
Posted on 11/30/16 at 11:20 am to MotorbikeMike
COP up 10.3% right now.
HAL up almost 13%.
HAL up almost 13%.
This post was edited on 11/30/16 at 11:46 am
Posted on 11/30/16 at 3:52 pm to MotorbikeMike
My company's stock went up 44% today. Seems logical 
This post was edited on 11/30/16 at 3:53 pm
Posted on 12/1/16 at 2:45 pm to MotorbikeMike
Market is lil' jumpy as usual, it's like they don't read any details.
The deal will go through if non-OPEC (Russia) agree on a cut next week at their meeting.
But OPEC is making a cut on an all-time high rate of production. So in reality they are just pretty much cutting back to what they were producing earlier this year, and that was a lot.
Overall the price will go back up when stockpiles still don't decline in large amounts. They are declining but slowly. Only lost ~900,000 bbls of stored oil last week. This deal is just to save face, but may have a slight affect on the market next year as demand rises.
The deal will go through if non-OPEC (Russia) agree on a cut next week at their meeting.
But OPEC is making a cut on an all-time high rate of production. So in reality they are just pretty much cutting back to what they were producing earlier this year, and that was a lot.
Overall the price will go back up when stockpiles still don't decline in large amounts. They are declining but slowly. Only lost ~900,000 bbls of stored oil last week. This deal is just to save face, but may have a slight affect on the market next year as demand rises.
This post was edited on 12/1/16 at 2:47 pm
Posted on 12/2/16 at 7:43 am to MotorbikeMike
I expect a short term bump in oil price, but that is all. Demand is relatively constant and supply still has capacity (kashagan, Libya, Iran, DUCs in North America...). That all even assumes that OPEC countries stick to the agreement.
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