"Anyone who ever gave you confidence, you owe them a lot." - Truman Compote, Breakfast at Tiffany's.
If confidence is the oil sector and the price of crude receiving a boost with a record high inventories and record low crude prices, that confidence may be owed to rumors of Russia coordinating a production cut with OPEC. It's ironic for market's to respond to this rumor. Russia is a major producer and OPEC is OPEC. Russia will never join OPEC for reasons I'm not going to get into here. This is an interesting development and telling signal of OPEC's strength.
If confidence is the oil sector and the price of crude receiving a boost with a record high inventories and record low crude prices, that confidence may be owed to rumors of Russia coordinating a production cut with OPEC. It's ironic for market's to respond to this rumor. Russia is a major producer and OPEC is OPEC. Russia will never join OPEC for reasons I'm not going to get into here. This is an interesting development and telling signal of OPEC's strength.
OPEC Members (2015)
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