OPEC

Frontrunning: September 30

  • Asia stocks slide as Deutsche sours mood, oil pulls back (Reuters)
  • Deutsche Bank Drops to Record as Some Clients Reduce Exposure (BBG)
  • Deutsche CEO tries to reassure staff as shares plunge (Reuters)
  • Oil falls as investors cash in on OPEC deal rally, dollar rises (Reuters)
  • Three Chinese fishermen killed in confrontation with South Korea coastguard (Reuters)

Saudi Arabia Reacts To Sept. 11 Bill Veto Override

While so far there has been nothing but a stony silence from Riyadh, some Saudis have bristled, saying the kingdom should curb business and security ties in response. "What would happen if Saudi Arabia froze its cooperation with the United States with regards to counter-terrorism as a response to JASTA?"

Iraq Revolts, Says "We Cannot Accept" OPEC Deal In This Form

"These figures do not represent our actual production," Iraq's oil minister Luaibi told reporters. If by November estimates do not change, "then we say we cannot accept this, and we will ask for alternatives". Luaibi went even further and asked a reporter from Argus Media - whose data OPEC uses among other sources to compile estimates of countries' production - to disclose from where Argus' estimates were coming. "Your sources are not acceptable."

Frontrunning: September 29

  • Stocks Jump as OPEC Splits Markets; Indian Assets Drop on Attack (BBG)
  • In U-Turn, Saudis Choose Higher Prices Over Free Oil Markets (BBG)
  • Congress Passes Spending Bill to Keep Government Running (WSJ)
  • Wells Fargo chief Stumpf heads to Hill with pressure mounting (Reuters)
  • Lawmakers Won’t Let Wells Fargo Forget Its Scandal Anytime Soon (BBG)

Goldman Says OPEC Deal May Add Up To $10 To Price Of Oil, Two Days After Cutting Oil Price Target By $7

Goldman has done it again. Two days after the central banker-incubator cut its year end price target from $50 to $43, and followed the next day by a report in which it said that not even an OPEC deal would stop oil going lower, overnight the same analyst said that the OPEC agreement will "likely provide support to prices, at least in the short term" and added that the announced production quota should boost the price of oil by $7/bbl - $10/bbl.

Crude Declines As OPEC Deal Doubts Emerge; Futures Roll Over

After oil soared over 5% yesterday, its biggest jump since April, overnight skepticism and doubts have emerged about the viability and compliance with the deal, coupled with a boost in production by non-OPEC producers, and as a result WTI has dipped back under $47, down 0.5%, suggesting that the OPEC surge may be short-lived, and modestly pressuring US equity futures.