OPEC summit on 27th November

What decisions do you expect to be made at this summit. Some informal news say:

- Gulf oil producers agree consensus not to cut oil output, according to a Gulf delegate
- Saudi Oil Minister Al-Naimi says OPEC has to sit together on output limit; and says gulf countries have reached a consensus on output policy
- Venezuela oil exports to US fall to 823K bpd in Sep.

Rumours from the summit:

- Venezuelan minister ceased 2mln bpd oversupply in oil market, says everybody has to cut oil production
- Kuwaiti oil minister says oil market oversupplied by 1.8mln bpd

With all the "leaks" out in the press over the last few days that there would be no production cut, I won't be surprised after all if they cut production

...and finally they didn't cut and now WTI, BRENT are falling dramatically, also all related currencies are weakening such as: RUB, NOK,

It is all about Russia guys. Obama has Putin's balls in his hands and he is squeezing it harder and harder.

Lets see how long Russia can play this game. They will bring oil as low as they can ( talks about 60 per barrel) and keep it there until Russia breaks.

I expect continuing rouble drawdown, because of another price crash on oil. As Russian CBR still haven't introduced floating rate of the rouble, then it is still reasonable to support bulls on USD/RUB

Ruble is on the verge of panic, if normal Russians start buying foreign currencies for real, then it will generate a huge spiral of ruble depreciation. To be honest I don't see what activities CBR can take to prevent such situation.

There is a theory around that they will peg the Ruble to gold.

Saddam tried it and died. Muammar Gaddafi also tried it and died.

Russia is not Iraq or Libya so it will be very interesting to see how things will unfold.

it may be true, because it was reported that Russia was increasing their gold reserves recently (http://www.cnbc.com/id/102196612#.). It will be interesting to see how market will react if they make it happen.

I think OPEC not acting is because of ISIS. About RUB, last time the central bank raised rates, wonder if they will do it again.

It is supposed that Russia is going to withdraw from use of dollar in trading activities with China. A kind of counter attack in response to oil price manipulations from US and OPEC countries. Sure it will have a serious impact on $. Rubbing my hands, foretasting substantial bearish trend on it.

Russia in this game is not a player, it is only a passive observant, they can switch to other currencies, but sooner their economy totally collapse than US will feel any difficulties relating to this move