Reuters latest update on oil markets as we open the week
- Algeria's energy minister said that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers
- "We will not come out of the meeting empty-handed," Algerian energy minister Noureddine Bouterfa said in Algiers on Sunday
Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance:
- "The fact countries like Algeria are still talking about a deal means it's still on the table regardless of others' views about what might be happening"
- "I expect Algeria and Venezuela to keep pushing for a deal - it's imperative for them to keep the price up"
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I'm thinking Barratt has made an important point in that "it's imperative for" Algeria and Venezuela "to keep the price up". Of course the unfortunate fact for Algeria and Venezuela is that Saudi, Iran and Russia don't care at all what is imperative for these two. Bummer.