Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Oil bull Andy Hall to participate in OPEC shale workshop-sources

Published 21/11/2017, 14:10
Updated 21/11/2017, 14:10
© Reuters.  Oil bull Andy Hall to participate in OPEC shale workshop-sources

By Alex Lawler and Rania El Gamal

LONDON (Reuters) - Prominent commodities fund manager Andy Hall will participate in an OPEC shale oil workshop, three OPEC sources said, as the exporter group seeks a wider range of views on the market outlook before a key meeting to set policy.

Hall is among the speakers scheduled to attend the workshop at OPEC's Vienna headquarters on Wednesday, which will gather a number of OPEC officials including Secretary General Mohammad Barkindo, the sources said.

"He will participate in our workshop tomorrow," one of the sources said.

The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting oil output by about 1.8 million barrels per day until next March in an attempt to eradicate a supply glut.

The cut has helped oil prices (LCOc1) rise this year to almost $65 (£49) a barrel, the highest since 2015, after falling from above $100 in mid-2014 to a 12-year low near $27 in early 2016, pressured by excess supply from shale producers and OPEC.

OPEC, the sources said, is keen to hear the views of Hall, who is famous for being an oil bull, on the outlook. British-born Hall has traded oil for more than three decades and once earned a $100 million bonus from Citigroup (N:C).

Hall was reported in August to have closed his main hedge fund after losses. He could not immediately be reached for comment on Tuesday.

OPEC and its allies meet on Nov. 30 and are widely expected to extend their deal to cut production, which ends in March 2018, further into next year.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.