The November meeting was too early and the price level was too high to have expected the Saudis to agree to a reduction in supply.
However, the market is fast taking the price to a level that will trigger a crisis management response from the organization. The Saudis, who wouldn’t go it ALONE, might be willing to go ALONG with a credible cut from others, particularly if the meeting were to be called by the newly elected President of OPEC from Nigeria.
The next OPEC scheduled meeting is in June. The next final date for the P-5+1 negotiations is now in June. OPEC, Iran and Putin are now on the clock…tic, toc, tic, toc.