Royston Wild: Sept 29, 2016
Investors in the fossil fuel sector have finally had cause to celebrate this week after OPEC suggested that an output freeze could finally be in the offing.
The idea had initially been tabled at the start of the year as Saudi Arabia, Qatar, Venezuela and Russia got around the table. But Iran’s determination to get the pumps ramped back up to pre-sanction levels put the plan firmly on the backburner.
However, with Tehran’s reluctance to take part in a deal now apparently thawing, stock pickers have become more optimistic over the growth outlook for many of the oil industry’s major players.