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Brent oil fell firmly overnight to $34.16 and Henry Hub gas plunged towards new lows at $1.85mmBtu:
The OPEC non-deal just keeps on giving. Now Iraq has joined the comedy festival, from the WSJ:
Iraq is ready to commit to freezing its oil production at January levels if OPEC members and producers outside the group follow suit, Oil Ministry spokesman Asim Jihad said Thursday.
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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.
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