OPEC+ Showdown, Services PMI's

UAE are standing firm & the Saudi energy minister was interviewed on Bloomberg yesterday.

He says the UAE stand alone...

“It’s the whole group versus one country, which is sad to me but this is the reality.”

Essentially, if the UAE get their baseline revised, everyone else will want to renegotiate too.

At this point there's a fairly easy 'kick the can' solution available.

Agree to increase output, come back to the table later to renegotiate the extension.

Whether that happens or not is another matter entirely...  

As it stands, oil markets are pretty calm about the situation.

The

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Tim Vollans

• Spain

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