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Page added on September 27, 2016

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Saudis See Oil-Freeze Deal Possible in November, Not This Week

Production

A deal by major oil exporters to freeze output may have to wait another couple of months.

As producing countries gather in Algiers for talks on Wednesday, Saudi Arabia signaled for the first time it may accept the idea that Iran keep output at maximum levels but doesn’t expect an accord to be reached this week. A deal in November is possible, Saudi Oil Minister Khalid Al-Falih said in a briefing in the Algerian capital.

“Saudi Arabia will be a willing partner in this freeze agreement,” Falih said. “Three countries have special conditions, namely Libya, Nigeria and Iran.”

Saudi Arabia will suffer a fiscal deficit equal to 13.5 percent of gross domestic product this year, compared with one of less than 2.5 percent of GDP for Iran, the International Monetary Fund estimates. The IMF says the Saudis need oil close to $67 a barrel to square the books. For Iran, it’s lower, at $61.50. Brent crude, the global benchmark, fell below $46 a barrel in London on Tuesday.

Bloomberg



55 Comments on "Saudis See Oil-Freeze Deal Possible in November, Not This Week"

  1. ghung on Sun, 2nd Oct 2016 10:39 am 

    “But you want to play the unteachable?”

    Oh,, so now you think you’re our teacher? Laughable, that.

  2. Cloggie on Sun, 2nd Oct 2016 10:58 am 

    ghung thinks he found a sneaky retorical way out of yet another personal defeat.

    Stay with your pickles, buddy.

  3. ghung on Sun, 2nd Oct 2016 11:59 am 

    Defeat? Only within your delusions of superiority, Clog. Your only achievement is your entertainment value, so keep it coming.

  4. Cloggie on Sun, 2nd Oct 2016 12:41 pm 

    Defeat? Only within your delusions of superiority, Clog. Your only achievement is your entertainment value, so keep it coming.

    Sigh, there we go again.

    Could you please provide me with a ref, pointing towards statements from Putin that he is aiming for a confederation with China?

    tic-toc-tic-toc

  5. Cloggie on Sun, 2nd Oct 2016 12:45 pm 

    I hope you know the difference between a military alliance and a confederation, do you?

    Take WW1. UK, France and Russia conspired to destroy Germany and as such formed a military alliance.

    https://www.amazon.com/Hidden-History-Secret-Origins-First/dp/1780576307/ref=sr_1_2

    But there was never any talk of these countries forming a confederation, far from it.

    Comprendre?

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