Next week’s OPEC meeting could send oil back to $50, but investors may want to curb their enthusiasm.
In a note from RBC Capital Markets on Tuesday, head of commodity strategy Helima Croft wrote that OPEC would “stick the landing” at its Nov. 30 meeting and finally draw a long-awaited agreement. The main player will be the world’s largest oil producer, Saudi Arabia, as Croft believes that the Saudis now have incentive to agree to production cuts.
“I think the burden is going to be heavier on Saudi Arabia [because they have] key policy priorities, they want the IPO of Saudi Aramco,” Croft said Tuesday on CNBC’s “Futures Now.”
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