Happy Monday morning!Hope you enjoyed day long weekend!
Nothing like a little OPEC drama to get the kids in the back of the bus jumping up and down.
The beauty of the capital markets is you can make lots of money on good and bad news. The accountability factor is its your decision to pick the side. That said you can't complain after the fact. I still chose to be long.
Everyone against UAE right now and Saudis applying lots of pressure.
My thoughts are why bother with an extension right now. Implement a gradual increase as discussed and approved and wait to see how the market evolves. However that is the fun of OPEC.
On a side note this is why you hedge. Markets can be unpredictable and it is management's job to have risk mitigation strategies (for those who continually complain)