USCRUDE
As Oil Plunges, the Real OPEC Meeting Will Be at Next Week's G20
For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule.
The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019.
Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, who lead the world's two largest oil exporters and have been working together to manage the oil market for the past two years, both plan to be in the Argentinian capital at the end of next week . Just as important will be U.S.. President Donald Trump, who's made his opposition to OPEC a regular theme in his Twitter diplomacy.
"I expect President Trump will be discussing the optimal price range with Crown Prince Mohamed bin Salman and President Putin at the G20," said Bob McNally, president of Washington consultant Rapidan Energy Advisors LLC and a former White House energy official.
The oil market is abuzz with talk that MBS, as Prince Mohammed is known, may not be able to defy Trump's desire for lower oil prices after the White House supported him following the killing of Washington Post columnist Jamal Khashoggi.
"The market is assuming the Saudis will not be able to cut," said Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London.
As Oil Plunges, the Real OPEC Meeting Will Be at Next Week's G20
For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule.
The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019.
Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, who lead the world's two largest oil exporters and have been working together to manage the oil market for the past two years, both plan to be in the Argentinian capital at the end of next week . Just as important will be U.S.. President Donald Trump, who's made his opposition to OPEC a regular theme in his Twitter diplomacy.
"I expect President Trump will be discussing the optimal price range with Crown Prince Mohamed bin Salman and President Putin at the G20," said Bob McNally, president of Washington consultant Rapidan Energy Advisors LLC and a former White House energy official.
The oil market is abuzz with talk that MBS, as Prince Mohammed is known, may not be able to defy Trump's desire for lower oil prices after the White House supported him following the killing of Washington Post columnist Jamal Khashoggi.
"The market is assuming the Saudis will not be able to cut," said Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London.