Here’s What This Sunday’s Oil Summit Will Really Do to Oil Prices
On Sunday, April 17, most of OPEC and some non-OPEC countries, including Russia and Mexico, will meet in Doha to discuss capping oil production.
Energy markets are abuzz with rumor and speculation about this meeting, what will be decided, and how it will affect the price of oil.
Already, the oil market has reacted, pushing Western Texas Intermediate (the NYMEX oil benchmark rate) up more than 4.5% this week.
To cut through all the confusion, CNBC invited Dr. Kent Moors to Wednesday’s Power Lunch. Kent told them what he thinks will be agreed on in Doha, where it will move oil prices, and why Iran’s resistance doesn’t matter.