{"id":17833,"date":"2016-02-15T18:34:32","date_gmt":"2016-02-15T23:34:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17833"},"modified":"2016-02-15T18:35:30","modified_gmt":"2016-02-15T23:35:30","slug":"why-tomorrows-secret-meeting-between-russian-saudi-oil-ministers-will-not-lead-to-a-cut-in-production","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17833","title":{"rendered":"Why Tomorrow’s “Secret” Meeting Between Russian, Saudi Oil Ministers Will Not Lead To A Cut In Production"},"content":{"rendered":"

Why Tomorrow’s “Secret” Meeting Between Russian, Saudi Oil Ministers Will Not Lead To A Cut In Production<\/a><\/h3>\n
\n
\n

For the past two weeks recurring flashing red headlines of an agreement, or at least a meeting, between Russia and Saudi Arabia – the world’s two largest oil producers – have led to aggressive short-covering rallies in oil on just as recurring hopes that the Saudi strategy of flooding the market with excess supply (by its own calculations as much as 3 million barrels daily) adopted during the 2014 Thanksgiving Day OPEC meeting, will come to an end.<\/p>\n

Tomorrow this endless “headline hockey” will come to an end, following what is now a confirmed “secret” meeting between the two oil superpowers when, as\u00a0Bloomberg reports<\/a>, Saudi Arabia\u2019s oil minister will meet with his Russian counterpart in Doha on Tuesday “to discuss the oil market.”<\/p>\n

According to Bloomberg, Ali al-Naimi, the most senior oil official of the world\u2019s biggest crude exporter, will speak with Russia\u2019s Alexander Novak in the Qatari capital, “according to the person, who asked not to be identified because the talks are private.”\u00a0The person didn\u2019t say what the agenda of the meeting will be, which will also be attended by the kingdom\u2019s fellow OPEC member Venezuela<\/strong>. The energy ministries of Russia and Saudi Arabia declined to comment.<\/p>\n

Going into the meeting, one thing is certain: over the past 15 months Saudi Arabia has never once indicated any interest in curtailing production: after all, that would go against its unstated directive of putting marginal oil producers, read US shale companies, out of business:<\/p>\n

\n
Saudi Arabia has insisted that it won\u2019t reduce production to tackle the global oil glut unless major producers outside the Organization of Petroleum Exporting Countries co-operate<\/strong>.<\/div>\n<\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Why Tomorrow’s “Secret” Meeting Between Russian, Saudi Oil Ministers Will Not Lead To A Cut In Production For the past two weeks recurring flashing red headlines of an agreement, or at least a meeting, between Russia and Saudi Arabia – the world’s two largest oil producers – have led to aggressive short-covering rallies in oil […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1928,130,4333,7076,12424,595,600,1264,694,701,857,4318],"class_list":["post-17833","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-budget-deficit","tag-china","tag-crude","tag-headlines","tag-henderson","tag-oil-production","tag-opec","tag-recession","tag-russia","tag-saudi-arabia","tag-vladimir-putin","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17833"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17833\/revisions"}],"predecessor-version":[{"id":17834,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17833\/revisions\/17834"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}