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Why Traders Are Wrong to Fear the OPEC-Russia Oil Deal

Wednesday, November 9, 2016 10:17
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Why Traders Are Wrong to Fear the OPEC-Russia Oil Deal

For the last few days, energy markets have focused on nothing but next week’s International Energy Forum (EIF) in Algiers.

The latest news broke this morning, with reports that Saudi Arabia has offered to cut oil production in return for Iran agreeing to freeze theirs.

Traders, however, seem to be brushing the possibility of a deal aside.

This lack of reaction is partly due to the 5.2% run-up in U.S. oil prices over the last two days. A pull-back is to be expected.

But another reason is that traders have finally begun to think about what exactly a deal on oil production would really mean.

Unfortunately, they’re getting it all wrong.

And a statement by Russia’s Finance Minister isn’t helping…

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