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Oil Rebounds On Reports OPEC Will Cut Supply, Seek Stricter Compliance
Less than two hours after Venezuela noted that no supply cut had been pre-agreed, The Wall Street Journal reports...
- *OPEC MEMBERS SAID TO MOVE TOWARD CUTTING OIL SUPPLY: WSJ
And oil prices are jumping. However, a big below the surface shows this story is more about stricter compliance than an actual supply cut.
OPEC members are inching toward a compromise that could lead them to cut oil supply, as the producer group prepares for one of its most closely watched meetings in years this week.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, is likely to side with calls for the group to adhere more closely to its self-imposed production ceiling at Thursday’s meeting of OPEC oil ministers, according to a Gulf official familiar with the Saudi position.
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All US futures red to green LOL
How come Venezualliah always says the opposite of whats a gonna hoppin?
Would you tell those looney tunes anything???
Russia prabably told Saudi Arabia that they are going to bomb them.
V is such an unneeded tragedy....and such beautiful women! Meanwhile copper is crumbling
http://finviz.com/futures_charts.ashx?t=HG&p=h1
Not to worry. Consumers will cut demand to match supply cuts.
Exactly. OPEC can do or say whatever they want. If no one is going to buy your product it doesnt really matter what the fuck you say.
Everytime these clowns get together and start yammering about production cuts, you hear about some argument breaking out a week later over cartel members screwing each other over and lieing about production cuts.
They should hire Draghi as their spokesperson.
it's all talk... they all need the money and will burn everything they have around themselves to get it... if you're a third world shithole and the only money you can get is from what you pump out of the ground, not many options for you...
Qatar, Saudi Arabia and UAE are probably the only OPEC nations who can afford to stick to the guidelines. They also seem the most likely to be doing so already.
Noooooooo. I've just bought an RS6 ffs. I had a hunch I was being hasty.
Your struggle will, in the end make you stronger..............................................
"Inching toward a compromise that could lead" is quite the qualifier.
and if yellen keeps pounding down the USD on the strength of the euro, everything will be fine
if the USD doesn't fall, then oil should be in the 60s very soon - keep cutting supply OPEC, it doesn't matter
Wait... what happened to all those $30 oil predictions? I was assured by CNBC that lower oil was categorically a good thing for the economy and reflected USA! USA! USA!
Rumors that the Ferguson riots are now reaching Saudi Arabia, Iran and Venezualza...
Oil is going to zero.
Saudis have cut and will continue to cut output, but they will lower the price also, to trigger oil dumping from storage and harm Iran's economy
pretty much - what doesn't leave through the front door, goes through the back door - at sub market prices
just as the "UN oil for food" program in the 90s - production was never cut
They have actually cut output a lot because previous over production has gone to storage.
From underground to underground.
What is the point? They would lose control of supply like that
if they cut production to keep prices from dropping, why can't the people who provide them with their food, clothing, and other consumer goods cut the supply to keep the prices of those up?
... and crashing again ...
Ended at 4 year lows... Wah wah waaaaahhhhhhh.
lets declare war on Canada as that is where all our comes from. Who cares about the middle east!