Reading through the report it sounds like an agreement to coordinate in the future, nothing is imminent. The whole story is stupidly ambiguous:
“Details of the timing, volume and duration of the emergency drawdown have yet to be settled but a detailed agreement is expected by the summer, one of the sources said.”
The story is now on the internet. Normally I bow to the wisdom of the market in these situations but this is the oil market we’re talking about, those guys don’t exactly have PhD’s.
