October 26, 2016
The Russians continue to work with OPEC members to keep them all in-line so that an agreement to cut or freeze production is possible at the biannual end of November meeting of the cartel in Vienna. In my latest piece for Seeking Alpha, I explain why the Iraqi request for an exemption could be a sign that the Algerian deal is about to fall apart and why oil at $50 is more a result of U.S. inventory withdrawals over past weeks rather than prospects for a deal from the oil cartel and the Russians. I expect oil to remain close to the $50 level until the meeting but all bets are off after November 30.
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