Oil will hit the bottom one more time before price stabilization

The production of oil is not decreasing. Doha summit without Iran seems to not give any production freeze.

Komentarz:

No Deal: Doha Talks End Without Agreement.
vs
Kuwait Crude Output Drops 60% as Oil Workers Strike Over Pay

Komentarz:

The OPEC member’s production dropped to 1.1 million barrels a day, Saad Al-Azmi, deputy chief executive for finance and spokesman at Kuwait Oil Co., said in posts on Instagram and Twitter on Sunday when workers walked off the job. Kuwait Petroleum Corp., the parent company for KOC and other operating units, will continue providing fuel to the local market and can meet demand from international customers for exports, it said on Twitter.

Komentarz:

"" Kuwait Petroleum Corp., the parent company for KOC and other operating units, will continue providing fuel to the local market and can meet demand from international customers for exports, it said on Twitter."" -- www.bloomberg.com/ne...l-workers-walked-out

Zlecenie zamknięto ręcznie:

It seems that the market has already priced in the negative impact of Doha.