RE:Gary Lamphier-Edmonton Journal While many analysts expect OPEC to reach an accord this week, Maison Placements Canada energy analyst Josef Schachter remains skeptical that any deal, even if it can be enforced, will matter much.
“The rhetoric by OPEC that they will complete a deal by the end of November to cut back production from the October level has kept crude prices elevated. Saudi Arabia and the OPEC members not able to increase production are the proponents of the deal, and are hoping that Russia will freeze its production so that an OPEC deal might have a chance to stabilize or even raise the price of crude to over $70 in 2017,” he wrote in a report issued this week.
“The numbers, however, don’t add up. The OPEC-four (Iran, Iraq, Libya and Nigeria) are not going to participate in production cuts, but rather are all planning on material production increases in coming months,” he warned.
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Of course Schachter has is wrong AGAIN. As of this weekend, Iran is the only possible hold out from his so called "OPEC-Four". Libya and Nigeria were aleady being given special consideration from OPEC and Iraq is now on board. This guy could get his name straight unless he has it written on the palm of his left hand.