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jace lau

Oil Market Eyes Pressure from Tropics and Saudi Arabia

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OPEC kingpin Saudi Arabia will likely continue to apply greater pressure on others in OPEC+ who fail to abide by the alliance’s production curbs. On the other, the low-pressure weather system Tropical Storm Beta could lead to flooding on the U.S. Gulf Coast – home to extensive energy infrastructure.  Find out more in this latest installment of what to watch in the oil market. more >> https://www.investreader.com/topics/3EYz42zsWCt

so what do you think?

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Oligarchies are all fun and games, until they aren't. Same goes for oligopolies. Saudi Arabia, as the oligarch in chief was a driving force in pushing for the cartel known as OPEC. They looked positively brilliant, while prices were going up. However, being the scold is never fun, especially after your ham handed moves tanked the market in the first place. Everyone was happy with $100 oil (sans consumers, but who cares about them?) but the Saudis didn't like the LTO cutting into their market share and began dumping, trashing prices and ruining their own economy. Covid hit and they did it again, to punish the Russians who don't even belong to OPEC. Now they want to play "adult in the room"?

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(edited)

Well oil-on-water has now normalized.  Onshore storage next. So far so good. It looks situation is not as bad as I thought even 5 minutes ago.

Eidmds-VoAAT0z8.jpg

Edited by Tomasz
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On 10/7/2020 at 4:46 AM, John Foote said:

https://www.reuters.com/article/us-saudi-aramco-strategy-insight/sole-survivor-saudi-arabia-doubles-down-on-oil-to-outlast-rivals-idUSKBN26R3PA

Just in case you thought KSA learned their lesson trying to flood the market to kill shale, think again.

I'm not confident they can sustain 13 million a day. 

Only for a temporary period by opening up the valves on all the stripper wells and emptying the tanks at RT. 

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