OPEC Cuts = MIRAGE | CALL TODAY 1:30PM EST

Takeaway: Please join us for a flash call at 1:30PM ET today to discuss yesterday's developments and understand the thinking in Saudi Arabia and OPEC.

Please join us for a flash call at 1:30PM ET today with former US Secretary of Energy Spencer Abraham and former Vice Chairman of the Paris-based International Energy Agency Joe McMonigle to discuss yesterday's developments and understand the thinking in Saudi Arabia and OPEC.

OPEC Cuts = MIRAGE | CALL TODAY 1:30PM EST - HE M opec fc

KEY DISCUSSION POINTS:

  • A Tweet from the Wall Street Journal's OPEC reporter that "OPEC is ready to cooperate on a cut" sent oil futures higher and moved the entire market for two hours going into the close.
  • The WSJ tweet quoted a television interview given by the UAE energy minister but turned out to be false alarm as his comments resembled previous statements about cooperation if everyone cuts.
  • With oil heading lower, you should expect similar comments and headlines but it's nothing more than a mirage.
  • Investors should ignore the noise because it's too early for a cut. The Saudi's think their market share policy is winning.
  • A cut now would be counter-productive - like sending a lifeline to US producers.

 

Participating Dialing Instructions

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  • Confirmation Number: 13630766
  • Materials: CLICK HERE

BIOS:

Spencer Abraham

Secretary Spencer Abraham serves as Senior Energy Analyst and is Chairman and CEO of The Abraham Group, an international strategic consulting firm focused on the energy sector and based in Washington, DC.

Secretary Abraham is a member of the Board of Directors of Occidental Petroleum, NRG Energy and PBF Energy. Secretary Abraham served as the tenth Secretary of Energy in United States history from 2001-2005 under President Bush. 

Prior to being named a Cabinet Member, Spencer served as an effective and highly productive U.S. Senator from Michigan for six years.

In addition, he is a frequent commentator on FOX News, CNN and Bloomberg TV as well as a periodic contributor of op-ed articles to the Financial Times, The Wall Street Journal, The Washington Post, The Weekly Standard and other publications.

Secretary Abraham holds a law degree from Harvard University, where he co-founded the Federalist Society, and is a native of East Lansing, Michigan.

Joseph McMonigle

Joseph McMonigle serves as a Senior Energy Analyst and is president and co-founder of The Abraham Group LLC.


Mr. McMonigle is the former Vice Chairman of the Paris-based International Energy Agency. He also served concurrently as U.S. Representative to the IEA (2003-2005).

In addition, Mr. McMonigle served as Chief of Staff at the U.S. Department of Energy and also as the American co-chair of the U.S.-China Energy Cooperation Working Group. He is also an attorney and member of the Energy Bar Association as well as the Pennsylvania and District of Columbia bars.