• 4 minutes Why Trump will win the wall fight
  • 8 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 3 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 12 hours Solar and Wind Will Not "Save" the Climate
  • 4 hours Ayn Rand Was Right
  • 7 hours Some Good News on Climate Change Maybe
  • 7 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
  • 7 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 20 hours IT IS FINISHED. OPEC Victorious
  • 22 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day students walk out of school in protest of climate change
  • 14 hours Oil Prices Bookended for Rest of This Year? Maybe $50 to $80? (My old 'See Saw' theory redux)
Dan Dicker

Dan Dicker

Dan Dicker is a 25 year veteran of the New York Mercantile Exchange where he traded crude oil, natural gas, unleaded gasoline and heating oil…

More Info

Why You Should Expect A Substantial OPEC Deal

OPEC ministers are again meeting, this time in Doha, but haven’t yet showed a sign of a sweeping deal that could come out of Vienna and OPEC later this month. But I believe it’s going to be a lot more substantial that just about any other analyst thinks.

The markets are saying there won’t be much if any cut from OPEC and non-OPEC states from the meeting that’s going to take place on November 30th. A deal to limit OPEC to 32.5m barrels a day that was first suggested in Algiers in October would send oil prices well over $50 a barrel. Today, the $46 price you’re seeing represents a market that surely expects nothing from this meeting. I think the market is wrong.

The pressure to generating a production deal is being spearheaded by Saudi Arabia, although Nigeria and Venezuela would certainly approve. And the Saudis have certainly changed their tune in lots of substantial ways in 2016: They’ve begun floating sovereign bonds, a first time for them in beginning to monetizing national oil assets. They’re engaged in a real struggle for power inside the Saudi family, with young Prince Salman gaining public prominence over the older Prince bin Nayyef, still first in line for succession. Their military excursion against the Houti into Yemen isn’t going well. Younger Saudis are calling for a faster progression towards ‘Vision 2030’ and a relaxation of social restrictions inside the kingdom.

But, most importantly,…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News