Having failed completely to consumate a freeze deal in Algiers, the Saudi oil minister throws out a bone of hope to crude bulls that November's OPEC meeting may see a freeze deal. Crude is testing its lows of the day but bouncing around like Hillary's eyes as the minister desperately tries to keep the dream alive.
- *SAUDI OIL MINISTER DOESN'T SEE OPEC DEAL ON WEDNESDAY (WTF! oh no!!)
- *SAUDI OIL MINISTER SAYS SEVERAL FREEZE DEALS BEING DISCUSSED (phew so there's hope!)
- *SAUDI MINISTER SEES OPEC FREEZE DEAL POSSIBLE AT NOV. MEETING (great so buy?)
- *FALIH: POSSIBLE OPEC DEAL MAY MAKE EXCEPTIONS FOR SOME MEMBERS (except you just blew out Iran?)
- *NOVAK: RUSSIA AIMS TO KEEP OUTPUT AT CURRENT LEVELS (So Russia is out?)
- *ALGERIAN OIL MINISTER SAYS OUTPUT CUT AMONG ALTERNATIVES (what a load of shit!)
- *FALIH: IRAN, LIBYA, NIGERIA POSSIBLY TO BE ALLOWED MAX. OUTPUT (yeah, like that will happen!)
And crude's reaction...
So prepare yourself for 2 more months of rumors and denials as we head towards the November meeting which will once again produce nothing.. unless oil is at $20 going in.