Just a couple of quotes suggests what is going on: Venezuela has been lobbying OPEC members to lower the groups output ceiling below 30 million b/d to support prices. Russias emphasis on coordinating global action to boost prices has widened the scope of cuts possible, though Moscows message has been undercut by its own admission that participation in those cuts could be difficult. Mostly, members of OPEC want other members of OPEC, and some non-members of OPEC, to cut production but they dont see themselves in a position to cut production themselves. I cant predict whether or not OPEC will agree to cuts this week, but I think I can predict it wont make much difference what they say they will do.
Posted on: Wed, 26 Nov 2014 17:41:38 +0000