Research Team at BBH, suggests that the Saudi officials are indicating a willingness to try to stabilize the market.
Key Quotes
“A mid-March meeting between OPEC and non-OPEC members is being planned. We cannot imagine the US participating in any fashion to a freeze or a cut in output. In fact, we suspect, US producers will benefit from any such agreement between OPEC and non-OPEC countries. Specifically, we note that two of the largest US shale producers have indicated they could boost output at $40 a barrel rather than $60 which had previously been the case.”
(Market News Provided by FXstreet)
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