Oil Rallies as OPEC Deal Brings Bulls Back to Market

The transcript discusses the market's reaction to a surprise OPEC production deal, highlighting a significant increase in speculative positioning in oil futures. It examines the potential for supply and demand balance if the OPEC agreement is implemented, while noting skepticism due to recent production increases by Russia and Iraq. The Middle East, particularly Saudi Arabia, is optimistic about oil price recovery and is taking steps to diversify funding through international bond sales.

Discuss the significance of the IEA's statement regarding oil supply and demand balance.

What steps is Saudi Arabia taking in response to lower oil prices and budget holes?