Putin Confident Oil will Stabilize Next Year

Russian President Vladimir Putin said on Friday he was confident the oil market would find its balance by the middle of next year.

“I am confident that in the first quarter, in the middle of next year the (oil) market will find a balance,” Putin told a meeting with the chief executive officer of France’s Total (TOTF.PA), Patrick Pouyanne.

Brent crude oil steadied below $73 a barrel on Friday after hitting a fresh four-year low following OPEC’s decision not to cut output.

 
Putin added he had expected oil prices to fall after OPEC’s meeting and said Moscow had not insisted on any specific action to stabilize them.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza