OPEC Ministers Now Resorting To Outright Lies In Desperate Attempts To Push Oil Higher

Thursday, March 3, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/03/2016

The key (recurring) catalyst for today’s early spike in oil, was the latest desperate attempt by an imploding OPEC member, this time Nigeria to push oil higher when overnight its petroleum minister Emmanuel Kachikwu said that key members of OPEC intend to meet with other producers in Russia on March 20 to renew talks on an agreement to cap oil output, Nigeria’s petroleum minister said.

The headlines in question:

NIGERIA OILMIN SAYS OPEC/NON OPEC TO MEET ON MARCH 20 IN RUSSIA
NIGERIA OIL MIN SEES DRAMATIC PRICE MOVE AFTER OPEC/NON-OPEC
NIGERIA OILMIN SAYS OPEC/NON OPEC TO MEET ON MARCH 20 IN RUSSIA

As Kachikwu hopefully added, “there will be a dramatic price movement” when the meeting takes place.

As a reminder, oil-exporter Nigeria recently saw its dollar reserves dry up, forcing it to beg for a massive loan from the World Bank as the current price of oil dooms this particular nation to a very painful economic collapse.

Sure enough, the algos bought this hook, lie and sinker and proceed to force another attempt at squeezing near record shorts.

The only problem is that moments ago, we got confirmation that not only are such desperate attempts to prompt “dramatic price movements”, higher of course, laughable, they just suffered a spectacular loss of credibility when moments ago Reuters reported that no decision on the date or venue of a possible meeting between OPEC and non-OPEC producers has been made yet, a Gulf OPEC delegate said on Thursday.

“There has been no decision made regarding the meeting yet. No date or location decided yet. The Gulf countries prefer that it would be held in the first half of April, and preferably in Doha, or some other Gulf city,” the delegate told Reuters.

The Rest…HERE

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