Diesel and dust

Doha soundtrack crackled with shifting sounds and broken plans.

The global oil producers failed to agree on cutting crude output.

The optimism disappeared when Tehran announced that will not accept these bans,

as Iran screamed to the world after years of economic isolation cut.

Shortly after the meeting in Doha oil prices fell with nearly 8% to $37.60.

Black gold started trading with a decline of $3, Brent even dropped to $40.85.

So the agreement on an output freeze deal into dreamland turns,

but frankly isn’t it a wicked game that the oil market burns

than if there was no meeting at all.  

Bullroars can not be heard in a knock-em-down storm.

Doha soundtrack

The eagerly awaited release is scheduled for 17th of April and it is going to introduce mixed tunes. 

The ongoing supply glut will keep the major beat of the discussion.

Oil prices are located close to the key psychological level at $40 a barrel. Currently the scepticism prevails mainly due to the friction between Saudi Arabia and Iran in terms of a reduction in yield that could ruin the materialization of a potential decision to restrict production in a real downturn.

The hopes of an agreement supported the recent rally, but the chances for such scenario remain weak, having in mind that Saudi Arabia is striving for solo performance.

If  markets fail to meet the desire for production cut, a setback from current levels might be expected.

Within this soundtrack I’m awaiting to here the roar of the bears, twisted with the louder sound of the solid long-term demand for oil.