Daily oil and LNG price update (OPEC’s troubles)

Monday, 31 October 2016

The Brent oil price was hit Friday night to $49.70. Henry Hub gas is at 3.11mmBtu:

The key driver was OPEC, from Reuters:

OPEC officials meeting in Vienna on Friday to work out the details of their plan to reduce oil production had yet to reach agreement after hours of talks, amid objections by Iran which has been reluctant to even freeze its output, OPEC sources said.

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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.