Replies to post #29389 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Myself °¿°]

Russia talking to some OPEC members, not opec, on output...

MOSCOW -- Russia is talking to members of the Organization of the Petroleum Exporting Countries on potential cuts to oil output, mostly through Venezuela , but isn't talking to the oil cartel itself, Russia's representative to OPEC was quoted as saying by the Interfax news agency Monday.

"Russia is not holding talks with OPEC as an organization on the question of reducing production volumes of oil. Dialogue is taking place with certain member countries of the organization, mostly through Venezuela," Vladimir Voronkov said Monday, Interfax reported.

Russia has long said it has no intention of decreasing its oil output, which hit a post-Soviet record last year, to support prices which have tumbled below $30 a barrel at times this year. Officials have, however, said they are willing to hold consultations on the situation in the oil market with other major producers.

Separately, Nigeria's oil minister is planning to meet with his Qatari and Saudi Arabian counterparts next weekend though no agreement on a reduction in crude output is expected from the consultation, according to a person familiar with the matter.

Benoit Faucon contributed to this article.
Write to James Marson [e-mail]

(END) Dow Jones Newswires
02-15-16 0908ET
Copyright (c) 2016 Dow Jones & Company, Inc.

[YesWeCannabis]

Now that is something you and I can definitely agree on!

Part of the reason I think it's going up, they did exactly what you said.