When you need optimism 24 hours before a deadline, you have a problem
The oil minister from the United Arab Emirates is on the wires and says he's still optimistic OPEC can reach a deal.
Optimistic isn't the word you want to be hearing at this point. Especially when a few weeks ago, leaders were touting how confident they were in a deal.
At the start of the month, Algerian Energy Minister Nouredine Bouterfa said he was confident OPEC members would stick to Algiers output deal.
"There will be no return on the Algiers agreement. Now, we are in application of this agreement. The high-level technical committee is working on it. The Algiers agreement has not been called into question," Bouterfa said.
In October, Nigerian finance minister asked about the potential for the OPEC deal to succeed, and told CNBC, "I'm quite confident...there is a commitment towards stability and I think it will hold."
To me, it's insanity. The obvious course of action is to agree to a quota and then flout it.
As Ryan put it, "They can't even agree to make a quota that is completely fake and they aren't going to follow anyway, but that would raise prices to give them essentially free money."
