There was some talk of a deal to cut production by a million barrels… I like their attitude… If you can’t get a deal to freeze production, go for a million barrel cut.. But the Wall Street Journal quotes some analysts who bring us back to reality:
“However, any deal remains unlikely, Citigroup said in a note.
The disparity between Saudi Arabia and Iran, in terms of what level of Iranian production is acceptable, will likely see talks at this meeting, or meetings in the near future fail,” the bank said. “None of the current scenarios seem plausible.”
Goldman Sachs on Wednesday cut its oil-price outlook to $43 a barrel in the fourth quarter, down from its previous forecast of $50 a barrel. An OPEC deal could boost prices, the bank said, but the oversupply of crude and the potential for increased output from Libya and Nigeria would continue to weigh on the market.”
Here is the link: http://www.wsj.com/articles/oil-prices-lower-on-iran-comments-u-s-crude-stocks-growth-1474950130
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