Commodity Trade Mantra

Posts Tagged ‘OPEC Freeze’

Is Putin’s Support For An OPEC Freeze A Game Changer for Crude?

The array of comments from OPEC and Russian officials over the past week could signal that a real effort might be underway to reach a deal on freezing production. Iraq would support a deal; Iran will attend the meeting & the potential for an OPEC deal received an endorsement from a surprising source – Russian President Vladimir Putin threw his weight behind a production freeze.

Oil Jumps After Latest Output Freeze Meeting "News"

Oil producers including Gulf OPEC members support holding a meeting next month to discuss a deal to freeze output even without Iran. Given Iran’s determination to add an additional 1 million b/d of supply to an already glutted oil market, it’s still difficult to understand how “let’s freeze things at a record rate” is a viable way to permanently alleviate downside pressure.

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