Squawk / 10 October 2016 at 11:02 GMT
Head of Commodity Strategy / Saxo Bank
Oil was trading lower early Monday as the Opec-led plan to cut production was put into doubt after Iraq, Opec’s 2nd biggest producer said it planned to raise output in 2017.
The market however remains headline driven with the flow of comments coming from the World Energy Congress in Istanbul.
Some Opec energy ministers including Al-Falih from Saudi Arabia are attending while Russia's Novak will meet with Opec members on Wednesday to discuss the Opec deal and its potential participation with production freeze. The latest comment from Novak has seen both Brent and WTI return to positive territory.
Ole Hansen Ole Hansen
Headlines from Putin on oil deal. Market ticking higher again
matsuri matsuri
to give the market the output freeze or cut OPEC (mostly Saudis) and Russia will pump as many barrels as possible. however the freeze or cut will be offset by Iraq, Iran, Libya, Nigeria and other non-OPEC producers.
John Roberti John Roberti
I agree with matsuri! I cannot believe there will not be a drop in price sooner or later...?
John Roberti John Roberti
dear Ole, assuming that the agreement, what ever it is, is coming into play on January 15 2017 as defined by Saudi's, we would have an extra glut of 700.0000 BPD x 75 days that is an extra glut of 52.5 million barrels and if either Iran or Iraq or Nigeria or Libya or Russia adds up to this production as of august, then the extra glut added could come to easy 70 million barrels! Could this justify an increase in price? Could you tell me if these numbers
are correct?


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