– Today, the Russian ruble will continue to bet on the outcome of the meeting actively discussed OPEC+, – suggests the expert. – It may happen this week with new members – the U.S., Mexico and Canada.
Novak: States should participate in the reduction of oil production
previous Members of the “Vienna agreement” are now considering the option of reducing production 6-10 million barrels per day. Baseline 8 million involves the distribution restrictions as follows: Saudi Arabia – 3 million barrels per day, for other OPEC countries and Russia – by 1.5 million in the US, Mexico and Canada – 2 million barrels per day.
Despite the fact that even these cuts will not be enough amid falling consumption at least 15 million barrels per day, the market can get a strong signal. Namely, with the opening of short positions should wait.
Overcrowded tanks and quarantine measures will continue to put pressure on prices. However, the United States and China in the coming weeks to increase the volume of purchases of black gold in the strategic reserve. And with the advent of the signs that the pandemic COVID-19 this will make a medium bet on lower prices is futile.
this week the discussion deals OPEC+ will become one of the Central themes of all news agencies. In the absence of important macroeconomic events and the push by Central Bank sales of foreign currency, the ruble may start a new attempt to adjust the wave attenuation.
energy: OPEC+ cannot alone stabilize the market
When the circumstances are right, the Euro could fall to 81,50 ruble, dollar – up to 75 rubles.
Other events will lose their relevance on the background of the agreements Russia, Saudi Arabia and the United States. Obviously, after promises of “unlimited” liquidity from the fed, the markets for the time have ceased to take to heart the grim news from the macroeconomic front, which leave no doubt that global GDP fell into a nosedive, and with far bgreat zeal, than in 2009.
Importantly for investors right now is already infected, the dynamics and prospects of return to normal conditions for the functioning of the economy.