Aqua ......... love your enthusiasm but a SP of 13c by end March may be a little difficult as IMO oil will be <$30 again some time in the next 2-4weeks, reasoning is that, to achieve an accord to reduce production both Iran and Iroq need to be included and both are adamant that they will not reduce output, extract from Rig Zone
Russian Deputy Prime Minister Arkady Dvorkovich said on Friday the country would not intervene to balance the market. His comments fed growing doubts about a possible deal mentioned by Energy Minister Alexander Novak the previous day.
But a few hours later, Russia's foreign ministry said veteran minister Sergei Lavrov, who almost never comments on oil policies, would visit the UAE and Oman to discuss oil markets.
"The market has rewarded these statements about the possibility of a deal, even though I think it's ridiculous," said John Kilduff, partner at Again Capital LLC in New York. He noted that Iran and Iraq were determined to boost production, and were unlikely to come together with Saudi Arabia to cut OPEC output. The Saudis have made no official statement on a deal. "This is a rally on false hopes, unfortunately"
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