Saudi Arabia announced overnight that they are delaying pricing which is a good thing if you are long here.
They are doing this in good faith because they expect a deal this week by Thursday at the latest. If they would have come out with new pricing overnight this would have severely crippled any positive discussions this week.
Keep in mind, all countries favor some sort of production cut deal EXCEPT Russia.
If no deal is done, expect increased tariffs on oil from Russia.
So in some ways, it will be a win-win for U.S. Oil companies. Either a world-wide deal is made to cut production or increased tariffs to protect U.S. jobs and oil.
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