Certainly the producers that I have talked to are worried about the second quarter. They see demand tapering off and the prices moving lower. This thought process could be a driver at the meeting.
More Quotes from Peter Gignoux:
What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.Peter Gignoux
By having a diplomatic meeting, they're ratcheting OPEC up one notch from a producers' cartel to a quasi-diplomatic organization. It's a rare occurrence.
Peter Gignoux
OPEC should be terribly pleased. Its income has gone up mightily last year and this year.
Peter Gignoux
What we're partly faced with is a temporary aberration. But even if we fast-forward to tomorrow after the contract change we're still at 30 a barrel - which is about 10 percent above the year's average.
Peter Gignoux
The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about 42 a barrel,
Peter Gignoux
Yesterday's rally was based on a number of factors. There was some financial geometry in there as well. It was an options expiry day on the New York Mercantile with a rising market. That gave it a little more oomph than it needed. Now that oil's flowing, prices are coming back in line.
Peter Gignoux
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