I really don’t think it matters what happened at the OPEC + Russia meeting in Doha, Qatar on April 17. Agreements between those characters don’t have any enforcement provisions and the countries all have a long history of cheating. However, Saudi Arabia and Russia are losing so much money at today’s price of oil that maybe those two will take some action to cut back on production. They are the only two attendees that mattered anyway. The meeting does send a clear message to the market that today’s low oil prices are unacceptable. Speculators that have been shorting oil futures should take notice. Fundamentals Matter: The outcome of the meeting doesn’t matter because market forces are doing what they always do. Oil supply and demand will be back in balance by the end of this year regardless of what OPEC does. Saudi Arabia should take some action just to […]