The oil output freeze talks in Doha today encounter more issues.
Yes folks, the Doha debacle continues as just that with the planned talks now delayed until later today after ministers go to meet the emir of host country Qatar.
Reuters sources claim the talks have been delayed by an hour due to last-minute changes requested by OPEC's def facto head Saudi Arabia who have asked all OPEC members to participate in the freeze.
An OPEC source said:
"The Saudis changed everything early this morning. They want all OPEC members to join first."
Yesterday I reported that Iran will not be attending while Adam followed up with comments from Saudi Price Mohammed bin Salman who has taken a tough stance on Iran, the only major OPEC producer to have refused to participate in the freeze. Tehran says it needs to regain market share after the lifting of international sanctions against it in January.
Given the importance of oil price/quotas to the current fragile global economy this circus is unwelcome and potentially extremely damaging.
I'm heading out now but we'll bring you further developments before markets open.
Enjoy the rest of your week-end one and all.
