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Oil Tumbles After OPEC Fails To Reach Oil Freeze Agreement

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The anticlimatic conclusion to today's OPEC meeting came earlier courtesy of Bloomberg which moments ago reported that OPEC has failed to reach a new oil supply agreement, but that it has agreed to appoint a Nigerian candidate for new OPEC secretary general.

 

  • OPEC HASN'T REACHED NEW OIL SUPPLY AGREEMENT: DELEGATE
  • OPEC AGREES TO APPOINT NIGERIAN CANDIDATE FOR SEC-GEN: DELEGATE
  • OPEC MEETING ENDS!

 

As Bloomberg notes, OPEC will stick to its policy of unfettered oil production after members failed to agree on new output ceiling, according to a delegate at mtg in Vienna.

 

Nigeria’s Barkindo chosen as next secretary-general

 

 

 

Ministers will soon leave HQ building

 

 

 

Just before the formal session began, Saudi Arabia’s minister said OPEC’s current strategy was working and that group should reestablish a production ceiling “when necessary,” while Kuwait said a ceiling wasn’t necessary

 

 

 

Iran said an OPEC output ceiling without country quotas would be meaningless

 

The oil market is not happy and has dropped by 2.2% back to a $47 handle, even if it is still above the levels from yesterday when the rumors of an oil deal emerged.

 

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As noted earlier, we would not be surprised if the algos, after taking out the low stops, end up ramping WTI to new highs.

 

Still they just won't stop trying to talk oil up...

 

  • VENENZUELA MINISTER SAYS OPEC MEETING WAS VERY GOOD

 

 

 

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