"Qatar’s energy minister and current OPEC President Mohammed al-Sada is heading to Tehran Wednesday to discuss a plan to cap crude production with ministers from Iran, Venezuela and Iraq, people familiar with the matter said."
- January 15 - Citi’s CFO chooses not to disclose the bank’s energy exposure on Q4 call
- January 17 - Zero Hedge breaks story of Dallas Fed pushing banks to seek asset sales from borrowers and not to push bankruptcies
- February 17 - WSJ “sources” say OPEC President to discuss freeze in Tehran - Same day FOMC Minutes for Jan. meeting are released
- February 19 - Russian 1st Dep. Minister: production freeze “could be easy”
- February 20 - Russian Dep. Minister: freeze would need to be voluntary, struggled to imagine a mechanism to control freeze
- February 22 - IEA’s Birol: Impact of Russia/Saudi freeze is limited
- February 23 - Saudi Minister: “major producers will freeze production for market to rebalance”
- March 1 - Russian Energy Min. Novak: supply should be curbed by freeze
- March 8 - Kuwait will commit to freeze if all majors plus Iran agree
- March 10 - Reuters: OPEC, NON-OPEC MEETING UNLIKELY TO HAPPEN ON MARCH 20 AS IRAN YET TO COMMIT TO OIL PRODUCTION FREEZE
- March 13 - Iranian Student News Agency says Iran will join freeze once production hits 4 million barrels per day (Mbpd)
- March 16 - Russia’s Novak: Production freeze at April Doha meeting on docket, not exports
- April 5 - Kuwait OPEC Gov: Doha agreement could freeze production at February levels or average Jan-Feb levels
- April 6 - Russia not planning to curb production on new projects, may use other measures
NYMEX Light Sweet contract over this time period went from $30.20 on the close February 17 to $41.75 on April 15 close. A gain for nearly 40 percent.
That’s not all. That nearly 40 percent gain meant many analysts who had bearish comments out, including recent downgrades and price target cuts, could no longer sit idle as the oil market rebounded.
"...when we read the Bloomberg story, we focus on this particular line: regulators - among which the Fed - "pushed lenders to focus instead on a borrower’s ability to make enough money to repay the loan, according to the person familiar with the discussions." Which sounds awfully close like "giving guidance to banks." Which, incidentally, is what the Dallas Fed tweet said it does not do when it accused us of lying. So, dear Dallas Fed, in light of today's Bloomberg article, would you like to take this chance to revise your statement which is still on the public record at the following link, and according to which you called this website liars?"