Oil report

Oil bull Hall of Astenbeck fund: Accept it, OPEC 'back in business'

Oct 7 (Reuters) - 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 Benkoe)