A matter of speculation

Sharp-suited men in New York, spivs in the City, keyboard warriors in the Australian Outback, the whole global conspiracy of oil market speculators has been rebranded. No longer are they the spawn of the devil, but handmaiden to the achievement of what Opec secretary-general Mohammad Barkindo calls “our common goal of restoring market stability and reviving much needed investment”.

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Vienna walkout in the offing?

Are the odds on a pre-planned spontaneous walkout by the Saudi delegation in Vienna narrowing?

Some points to consider.

First, on 25 November an “Opec delegate” told Argus that this week’s meeting of ministers might fail to reach an output restraint deal. In subsequent days that message has been reinforced, with Saudi oil minister Khalid al-Falih telling reporters at the weekend that the market is rebalancing without Opec action and that Riyadh has other options.

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