Maleeha Bengali is CEO of MB Commodities Capital, based in London.
Recent Articles By The Author
After all the fuss about the latest round of U.S./China trade talks, all that came out was the U.S. has agreed to postpone an increase of tariffs and that China would purchase more U.S. agricultural products.
Enough theatrics, back to fundamentals.
Ecuador had asked OPEC for permission to produce above its quota, but it was never answered. It matters little to OPEC -- but for Ecuador, it no longer serves its interests to be part of this bigger organization.
Like central bankers, the equity markets seem oblivious to weakening global economic conditions that indicate a recession already is here.
The Fed has always been a backward-looking institution, and Jerome Powell's weak statements only back that up. This could be a watershed moment for the Fed chair.
The problem with the oil market is not one of supply, it is one of demand.