Opec meeting: An agreement to cut production would push the price up
|It is now officially squeaky bum time with the Opec meeting starting on Wednesday and many potential strategies still being discussed. The non-Opec meeting scheduled for today has been suspended as the Saudis have apparently decided to ensure that the Opec house is in order before anyone else joins the meeting. The downside of a failure on Wednesday is more than the upside, a ‘no-result' would likely drop the oil price by $10, maybe more, an agreement to cut production would push the price up and the amount maybe dependent on the market's perception of its validity.
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