Even as crude oil fights the rising dollar, the November crude oil contract closed above $50 a barrel and should be a clear warning sign that this market is poised to move higher. OPEC skeptics have doubted the cartel’s commitment for a production cut and to get non-OPEC nations to go along have done so at their own peril.
Even as we hear boasts from Igor Sechin, the chief executive of Russia’s, Rosneft, bragging that Russia has the capacity to raise output by as much as 200 million metric tons a year (or 4 million barrels a day) he did not say that he would do it. He had better not because Vladimir Putin has already put his stamp on a production freeze or cut. Putin’s energy minister Alexander Novak dismissed Rosneft talk and said that an oil output freeze agreement was necessary to prop up prices and that he would make proposals to Saudi Arabian oil Minister Khalid al-Falih lends this weekend.
Even as we hear boasts from Igor Sechin, the chief executive of Russia’s, Rosneft, bragging that Russia has the capacity to raise output by as much as 200 million metric tons a year (or 4 million barrels a day) he did not say that he would do it. He had better not because Vladimir Putin has already put his stamp on a production freeze or cut. Putin’s energy minister Alexander Novak dismissed Rosneft talk and said that an oil output freeze agreement was necessary to prop up prices and that he would make proposals to Saudi Arabian oil Minister Khalid al-Falih lends this weekend.
