08.11.2016 - Deal Or No Deal? An OPEC Oil Cut Looks Increasingly Unlikely
At its meeting in Algiers last month OPEC said it intended to work together to figure out how to reduce the oversupply of crude oil sloshing around global markets. The announcement of the mere intention to work together on a deal drove benchmark oil prices up to $55 a barrel, the highest level in months. It was just the kind of reassuring move that Saudi Arabia needed to get investors keen on its $17.5 billion bond issue. And a golden opportunity for America’s frackers to lock in the higher prices they needed to keep right on drilling.............................................Full Article: Source
Print