OPEC has also asked Russia and other non-members to join in making cuts. "Putin coming out to say Russia will be part of the initiative has added another layer of credence to the speculation there will be a coordinated cut," said John Kilduff, partner at New York energy hedge fund Again Capital. "At some point, the market will call them on it and say 'show us the cuts.' And at that point, the Saudis might be willing to underwrite the cuts on their own because they really want these high prices. To me, $55 Brent is without doubt the next target," he said.Saudi Energy Minister Khalid al-Falih said he was optimistic of deal by November.

Source: The Star October 10, 2016 18:33 UTC