Daily LNG price update (OPEC fail)

Monday 7 December 2015

Brent oil sank again Friday night to $43.12 as OPEC said “no” to cuts, as expected:

OPEC raises group target in line w/ its recent est. of current crude production,according to a delegate w/ knowledge of decision. Ministers start second session at Vienna mtg.

Change in quota is surprise, though decision reaffirms general policy of maintaining mkt share rather than cutting supply to boost prices.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.