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Last week’s rally which saw oil prices gain around $11/B in three days has been largely attributed to two things: news of the 3 September meeting between the Venezuelan and Russian premiers in Beijing, and the writings of Opec’s editorial team in the group’s latest monthly Bulletin, released on 31 August.
In most months, it would be fair to say that the piece does not tend to generate too much interest, merely reiterating the group’s policies and recapping what came out of the latest meeting. But this was different.
In the piece, Opec said “it stands ready to talk to all other producers,” albeit only on the condition that the dialogue would “be on a level playing field.” The piece, and this line in particular, appeared to catch the imagination. Was this Opec showing a willingness to relent on its November 2014 policy?
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