Oil Plunges As Venezuela Hints No Output Reduction
Following the four-way pre-OPEC meeting between Russia, Mexico, Venezuela, and Saudi Arabia, Venezuela's foreign minister warned:
- *NO AGREEMENT ON OUTPUT REDUCTION AT 4-WAY MEETING: RAMIREZ
And oil prices slipped notably. "The most important thing is we are talking," Ramirez noted... but markets are not waiting.
Russia, Saudi Arabia, Venezuela, Mexico end 4-country talks on oil in Vienna, saying they agreed to monitor oil price for a year and possibly meet quarterly. However, the group does not agree any output reduction.
Nearing 2014 lows...
Furthermore, Rosneft's Sechin warns "Oil market is oversupplied but not critically," which seems to fit with the collapse of demand perspective...
Charts: bloomberg
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