So says Iran’s oil minister Bijan Namdar Zangeneh.
There’s been lots of little meetings going on around the periphery of the meeting tomorrow but none of them are looking like they will result in oil cuts tomorrow.
The UAE oil minister was out earlier also saying that OPEC is not targeting any oil price level and tha OPEC is not interested in short-term fixes that won’t last. He added that the market shouldn’t panic and will ultimately fix itself.
One key comment from him was the the current oversupply is largely due to Non-OPEC shale production, which is a nod to the US, among others, and falls into the rhetoric of prior comments from the Saudis on why they are happy for the price to fall to maintain market share.
The market is probably more or less decided that it’s not getting a cut tomorrow but we’re still likely to see a confirmation move lower if it comes. The devil will be in the detail.
Brent is hugging the lower November support line
Brent crude oil H1 chart 26 11 2014
