This article appeared online at TheNewAmerican.com on Thursday, November 1, 2016:
Saudi Arabia’s Energy Minister Khalid al-Falih said on television on Thursday that the crude oil market is close to becoming “balanced” between supply and demand and that the OPEC meeting happening in less than two weeks will likely generate an enforceable limit on the cartel’s production:
Reaching (a decision) to activate that ceiling of 32.5 million barrels per day will speed up the (market) recovery and will benefit producers and consumers….
I’m still optimistic that the consensus reached [last month] for capping production will translate … into caps on [each cartel member’s] levels.
He also added that he “hoped” an agreement the cartel might reach would be honored by non-OPEC member Russia.
Hope is not a strategy. Neither is optimism based upon it,