I think Citi hire #$%$, By Katy Barnato she is stupid to report Mark Grant also a Psycho says " there is a cloude in Black hole and World economy trapped in ?death spiral?...LOL
Representatives of 6 member-states of the Organization of the Petroleum Exporting Countries (OPEC) are ready to participate in an emergency meeting on coordinated reduction of oil production with non-OPEC members, Venezuela’s Oil Minister Eulogio del Pino said during his visit to Tehran on Thursday.
According to the minister, such OPEC member-states as Iraq, Algeria, Nigeria, Ecuador, Iran and Venezuela as well as non-OPEC members Oman and Russia have given their consent.
"The idea is not only to hold the meeting but to reach particular results," he was cited as saying by Iran's news agency Shana.
The official is expected to discuss the prospects of convening an emergency meeting on oil during his visit to the countries of the Persian Gulf - Qatar, Saudi Arabia and Oman.
"Volatility on the oil market is extremely high just now. This is due for the most part to the high speculative activity on the part of market participants," Commerzbank said in a note.
Crude futures benefited earlier this week from the sudden liquidation of a $600 million leveraged fund bet on falling prices.
"The massive increase in speculative (net) long positions in Brent rather than in WTI could be quickly corrected and cause a considerable setback on the market," Commerzbank warned.
An effort by Venezuela to rally support for concerted action to boost prices also buoyed futures.
Venezuelan Oil Minister Eulogio Del Pino is due to meet his Saudi counterpart Ali al-Naimi in Riyadh on Sunday, after meeting the Qatari and Omani ministers this week.
There are plenty of reasons, however, to dispel optimism.
Unlike in 1998, the challenge goes beyond rebuilding bridges between just two Opec members. It pitches the interests of Saudi Arabia alongside fast-rising Opec producers Iran and Iraq as well as non-Opec Russia, the world’s largest oil nation. All four are involved in conflict in the Middle East but also need money to keep their oil-dependent economies afloat and meet social costs.
“The 1997-98 deal brokered between Saudi, Venezuela and Mexico took over a year to negotiate and it was touch and go as to whether it would get done or not,” said the veteran Opec-watcher Yasser Elguindi of Medley Global Advisors.
But low prices are making producers desperate. Oil sank to below $30 per barrel this year from as high of $115 per barrel just 18 months ago because of one of the worst oil gluts in history.
And sceptics could do well to read a paper by Robert Mabro, founder of the Oxford Institute for Energy Studies who helped to broker the 1998 deal. Mr Mabro wrote at the time: “Changes in policy are always possible, even likely, when significant revenue losses are at stake.”
minister Sunday@ (Adds Riyadh meeting on Sunday, background)
DUBAI, Feb 4 (Reuters) - Venezuelan Oil Minister Eulogio del Pino, on a tour of oil producers to lobby for action to prop up prices, said on Thursday he had a "good and productive" meeting with his Qatari counterpart.
The Qatari ministry also said the two ministers "exchanged views and expectations in the short and long term", but gave no further details. Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency.
Cash-strapped OPEC member Venezuela has been calling for an emergency meeting of producers to discuss steps to prop up prices, which are close to their lowest since 2003.
On Wednesday, Iranian news agency Shana quoted Del Pino as saying six producing countries, including OPEC members Iran and Iraq and non-members Russia and Oman, supported a producer meeting.
Six OPEC member states and two non-members would be open to attending an extraordinary meeting if one is called, Venezuela’s oil ministry said after Oil Minister Eulogio Del Pino held talks in Iran on Wednesday.
Iraq, Algeria, Nigeria and Ecuador would join OPEC members Iran and Venezuela and non-OPEC producers Russia and Oman if talks are scheduled, the South American country’s oil ministry said in an e-mailed statement. Still, such a gathering would be “pointless” without Saudi Arabia, which hasn’t yet agreed to attend, according to Commerzbank AG.
Nigeria February 5, 2016 ... as a deal between OPEC and Russia on cutting production remained elusive. ... So far, however, his push for an emergency meeting of Opec and non-Opec producers has been met with a
Venezuela’s Oil Minister Eulogio del Pino has mentioned that certain OPEC member-states as Iraq, Algeria, Nigeria, Ecuador, Iran and Venezuela as well as non-OPEC members such as Oman and Russia are prepared for a talk. Venezuela’s Eulogio del Pino confirmed yesterday that representatives of 6 member-states of OPEC have given their consent to participate in an emergency meeting oil production cut with non-OPEC members. Iran's news agency Shana quoted Eulogio del Pino who said "The idea is not only to hold the meeting but to reach particular results.” He will likely discuss the possibility of an emergency meeting during his visit to the countries such as Qatar, Saudi Arabia and Oman.
Venezuala’s oil minister says emergency oil meeting around the corner
Iraq, Algeria, Nigeria and Ecuador would be willing to join OPEC members Iran and Venezuela and non-OPEC producers Russia and Oman in an extraordinary meeting, Bloomberg reports. But no such meeting has been called. The discussion is being forced by Venezuela after its oil minister, Eulogio Del Pino, held talks in Iran on Wednesday. Venezuela’s chances of debt default are again swirling about, with Siobhan Morden, head of Latin America fixed income strategy at Nomura Securities, saying earlier this week that she expects an accidental Venezuela default later in the year on “bulkier debt maturities.”
Feb 10th No dividend for short...
Atleast NOBODY say below $35 now
Morgan Stanley also said that an emerging willingness of producers to forward hedge at prices not much above $40 per barrel was also capping prices.
National Australia Bank (NAB) said on Thursday that it expected "oil prices to recover mildly to $40 per barrel by end-2016 and $50 per barrel by end-17."