Oct 7 OPEC is back in charge of determining oil
prices as Saudi Arabia works with Russia and archrival Iran to
achieve output cuts, and only "a brave person" bets against this
combination, closely followed oil bull Andy Hall says in his
latest investor letter.
"What is important is that Saudi Arabia and its GCC (Gulf
Cooperation Council) allies Kuwait and the UAE have agreed with
their archnemesis Iran to cap production growth," Hall said in
the October investor letter of the $2.5 billion oil-focused
Astenbeck Capital Management fund in Southport, Connecticut.
"Now Saudi Arabia has declared it wants higher prices and is
working with the rest of OPEC - and quite possibly Russia - to
achieve them by curbing production," Hall wrote in the letter, a
copy of which was seen by Reuters on Friday. "It's a brave
person who bets against this combination of factors."
(Reporting by Barani Krishnan in New York; Editing by Jeffrey