Oil Soars To 3 Week High On Saudi Production Cut Confusion; Iran Spoils The Party
Headline hockey continues in the energy complex as earlier confirmation of a pending OPEC meeting possible in February has seen more color added, via Reuters, that Saudi Arabia made a proposal that OPEC members cut production by a maximum of 5%. There remains confusion however as Bloomberg reports simply that Russian energy minister has said they "may discuss it," as opposed to being a specific proposal.
Reuters seems confident that The House of Saud has backed down and prosposed the cut...