Well, Isn't This Interesting! -- Maybe OPEC/Russia Are Getting Ready To Talk -- March 16, 2016

Updates

March 17, 2016: one SeekingAlpha contributor is calling this an emergency meeting with this summary:

• a Saudi source confirms emergency meeting
• 15 OPEC and non-OPEC producers to attend
• the Iran "problem" appears to be solved
• producers' talk can support prices
• they may even try for a cut to get relief

Original Post

 

Tweeting now: Crude oil prices rallying after SaudiArabia, Kuwait, Qatar say they might limit oil output even if Iran doesn't.

Tweeting now: Qatar says the meeting is scheduled for April 17, 2016.

I posted this yesterday:

No specifics, just reading the tea leaves. Most likely the first meeting will end with concessions to Iran and then working from there, with more definitive commitments at the next OPEC meeting in June.

Things seem to be moving quickly. 

In round numbers, Iran is producing somewhere around 3.5 million bopd. Iran says they won't talk about freezing production until they get to 4.0 million bopd. Some analysts don't think Iran can get to 4.0 million bopd any time soon. Whether they can or can't seems to be a red herring. When the world is producing/consuming about 90 million bopd, a half-million bopd delta is hardly worth quibbling about. Or maybe I'm missing something.

I wonder if they will invite President Obama to the meeting. He usually has something useful to say.