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Oil prices nudged up this past week on the back of meetings between key Opec and non-Opec producers, though with Brent at around $34/B as MEES went to press the gains were hardly stratospheric, indicating a healthy dose of skepticism.
Although nothing concrete has emerged from the meetings, the markets appear to have taken tentative succour from their having taken place at all. Certainly it’s the strongest public indication yet that key producers Saudi Arabia and Russia might take action, however limited, to try to bolster oil prices and provide relief to their economies. If implemented, a freeze on Saudi production at recent near-record levels could have an impact on global markets in mid-2016 as increased summer crude burning would eat into exports.
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