New Deal Without OPEC - Saudi Arabia, Russia Agreed in Sept To Lift Oil Output

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. U.S. President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the U.S. congressional elections on Nov. 6. The deal underlines how Russia and Saudi Arabia are increasingly deciding oil output policies bilaterally, before consulting with the rest of OPEC.

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Maybe oil will go down...

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Obviously, real negotiations now take a place between Moscow, Riyadh and Washington - far away from OPEC headquarter in Vienna...

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Yep. OPEC is a framework, but real decisions about oil policy are being made somewhere else....

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(edited)

19 minutes ago, Pavel said:

Maybe oil will go down...

Haha I doubt it, too many hedge funds are long right now

 

Media will probably spin it as, "many still skeptical about if they can raise their output"

Edited by ATK

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Daily oil consumption per capita:

India:    0.4 liter
China:   1 liter
Russia: 3 liters
UK:       4 liters
Japan: 6 liters
US:     10 liters
Canada: 10.2 liters
Saudi Arabia: 16 liters

Kuwait: 21 liters

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They always can say it's a compensation, like they are already doing.

"Saudi Arabia’s energy minister Khalid al Falih said oil output has reached 10.7m barrels a day — the joint highest level on record — as the kingdom moves to increase supply to compensate for the loss of Iranian barrels from US sanctions"

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Simplify - more money for regimes in Moscow and Riyadh...

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24 minutes ago, damirUSBiH said:

Obviously, real negotiations now take a place between Moscow, Riyadh and Washington - far away from OPEC headquarter in Vienna...

Not convinced Washington has much say in it seeing as they cannot control output within their own country like Russia and Saudi. Trump to be fair has helped drive up oil but that was not his intention with the sanctions on Iran. The Saudis and the Russians want to keep oil prices stable around $70 to $80 as they want to avoid a spike up and the inevitable fall down as countries start substituting other forms of energy and materials for oil. Once they change its difficult to get them back. 

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Bulls don't care, shit the price was lower yesterday on no news than today. Don't even bother trying to short and just buy the dips.

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(edited)

simply deleted  RANT.. will put it somewhere  soon  OIL  is racing  -- better to take profits.. 
What I do..lots of long and little short futures
 

Edited by mad-trader

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Wanted everyone to see.. Not really best place to RANT and RAVE...    I trade NEWS OVERSHOOTs  everywhere.. as bread and butter trade  

How can I fix the post??

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(edited)

.

 

Edited by jaycee

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5 hours ago, rainman said:

Daily oil consumption per capita:

India:    0.4 liter
China:   1 liter
Russia: 3 liters
UK:       4 liters
Japan: 6 liters
US:     10 liters
Canada: 10.2 liters
Saudi Arabia: 16 liters

Kuwait: 21 liters

Interesting statistic! Thanks for sharing. Do you have a source for this information, and do we know why Kuwait has such a high usage per capita?

 

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1 hour ago, Rodent said:

nteresting statistic! Thanks for sharing. Do you have a source for this information, and do we know why Kuwait has such a high usage per capita?

Their power stations are all oil burners

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