An Oil Freeze? So What?
The oil business was abuzz last week with the rumors of a possible agreement between Russia and Saudi on freezing their production at their present levels. Consequently, prices began to creep upwards, especially after both the Saudi and Russian oil ministers made optimistic noises during the recent G20 meeting. They said that a semi-permanent committee would be established to seek ways of cooperation on oil and indicated indirectly that some sort of freeze would be “good”, and “maybe” likely. That was sufficient to trigger oil traders and turn them bullish – for a while at least before they came back to their senses. Continue reading “An Oil Freeze? So What?”