Malcolm Graham-Wood
Independent Analyst
The market is clearly believing that next months meeting is not only going to happen but that it will deliver an agreement that will truly make a difference. To believe that you have to assume that an agreement will be made and that it will be adhered to and then that a freeze by 70% of the worlds producers will be enough to offset short term oversupply. Finally I am still not sure that it is in the interests of Saudi Arabia to have too much of a rally in oil prices, spigots will be turning on all over the US if they believe that todays $40.20 is more likely than the $26.55 of January 21st…
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