Goldies head of commodities research speaks to Bloomberg
- Freeze deal between OPEC and Russia will not do anything to change market fundamentals
- OPEC has no reason to reverse strategy now as rival supply is retreating
- It's not in everybody's interest right now
- Prices to remain trendless until stockpiles decline
- Market hasn't reached a point of re-balancing
Pretty much spot on for me. Given how most of the big players aren't going to sign up to the deal until they're at higher pumping levels, it's hard to see anything substantial coming from this meeting. At best we'll get a lot of promises but little substance.
