Will Cunliffe
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OPEC rumours regarding the supply gun came out and flat price took a hit. Meanwhile, India's Russian appetite is still a question in the market
The OPEC guys seem ready to butt heads. Brent nosedived below $67, on the headline OPEC will increase quotas in April. As we all know, the quotas are meaningless as the members are producing what they want anyway. What is significant is the messaging. In the coded Middle East, Saudi Arabia is signalling to the UAE that it will continue to increase production regardless. Based on conversations, the UAE is at max but Saudi Arabia is not. The kingdom still has nearly half a million more to unleash. And they will!
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