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Stories on Saudi oil cuts are baseless
So says a Saudi oil source. It was fun and games in oil markets yesterday as various stories hit the wires saying that there were going to be agreements on production cuts. There were rehashes, misquotes, and more than a little embellishing of comments from certain parties. The best place to read it all is on the Americas wrap from yesterday. Separately Russia's energy minister Novak is just out and saying that they won't participate in the OPEC meeting and won't be part of any production cuts •should observe its own quotas •OPEC unlikely to change output quotas at meeting •Says it's not expedient to decrease ... (full story)