Malcolm Graham-Wood
Independent Analyst
The oil price had its week in the sun and as long as stories of an agreement continue to do the rounds we probably wont revisit 28 bucks quite yet. This agreement will take some getting even if Russia do come to the rescue which they can do, even in winter, by disguising a natural fall in production as a goodwill gesture. Iran is building and the Iraqi number is now well over 4m b/d and they dont sound like joining in at the peace-fest. I’m not sure quite how lecturing by the IMF will go down in Saudi, at least they can retreat to the desert whereas the IMF can only take fewer Davos places. (On the subject of Dav-oh, Lucy Kellaway in the FT today is a must read).
The rig count continues to fall, overall it was down 18 units at 619 with oil down 12 and now below the 500 mark at 498.
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