gosh - this was fast. Looks like Saudi Arabia makes already noises to negotiate about output cuts. The following snippet comes from "Wall Street breakfast at Seeking Alpha":
Not sure whether they will succeed this time around (though they might), but mid term I am sure the pressure on all oil producers to stop this ridiculous self mutilation will increase.Quote:
Saudi Arabia has thrown down a challenge to big rival oil producers ahead of tomorrow's OPEC meeting, saying it would back output cuts as long as they were supported by countries both inside and outside the cartel. The move indicates a further softening in tone from the world's largest oil exporter which led the cartel's landmark shift in policy a year ago (arguing that keeping the taps open would pressure high-cost rival producers). Although oil prices settled below $40 a barrel on Wednesday, crude futures are now up 1.5% at $40.53/bbl.