How High Can Oil Prices Rise? (Part 2 of my previous thread)

[WasteWorks + 3]

Many studies have shown that oil prices above 70-80/bbl are recessionary. Even at todays level, many emerging markets which are struggling with a high dollar are experiencing severe pain with their oil imports. The global financial crisis of 2008 was exacerbated by the very high oil prices at the time. The root causes of 2008 have not been fixed. The global economy is VERY fragile now - and at breaking point in many places so prices above the 70-80 mark will come back to bite us all in a very big way. 

[ceo_energemsier + 1,818]

8 hours ago, WasteWorks said:

Many studies have shown that oil prices above 70-80/bbl are recessionary. Even at todays level, many emerging markets which are struggling with a high dollar are experiencing severe pain with their oil imports. The global financial crisis of 2008 was exacerbated by the very high oil prices at the time. The root causes of 2008 have not been fixed. The global economy is VERY fragile now - and at breaking point in many places so prices above the 70-80 mark will come back to bite us all in a very big way. 

Many studies and real life events have proven that oil prices below _________________________ are detrimental for all!

[kamlesh sabale + 1]

Iran's 67 per oil sold to asian countries if everyone supports US sancetion then all those countries will depend on other exports.It will rise transportation cost for asian countries and also rise oil prices.It will be good for exporters but not good for importers like India and China.High crude oil prices will make unstable markets becuse of increasing cost crude oil..hence crude oil definitely hit 100$ per barrel

Edited October 4, 2018 by kamlesh sabale

[gncube + 6]

In the last 10 months prices rose by about $20 urged by the push forces . Those forces are still active and more have been added i.e. Iran Sanctions and Trade Wars. The only factors to stop the bull run thrust can come from US being loud about its shale success. The second factor is the how the Saudi Prince will react to threats by the Trump factor. Otherwise the $100 mark is possible mid 2019. After-all the oil producers will not be blamed it this time around. Maybe that will quicken the EV introduction.

[MAIK + 2]

sell and regret...

[Osama + 248]

19 hours ago, ATK said:

Refineries were back up to 90% utilization, exports were the main reason for the build as they were down significantly with a slight increase in imports

Russia and Saudi Arabia came out saying they were increasing production as well.

Oil rally started because OPEC said they weren't increasing production, now that they say they are nobody cares.

Oh and on top of that, emerging markets already getting hit extremely hard (bloom berg article came out) so demand destruction here we come

But yeah let's just continue to speculate that none of those things matter and speculate that speculating will drive prices onwards for things that haven't even come to fruition yet

I have a hunch....next week we will see a little sense in the markets...as Kuwait and KSA meets for production in Neutral zone.....then you have KSA's announcement that they'll pump 10.72 in October....Inventory buildups....may be a markets turn out to be a little sane.

[Dan Warnick + 6,100]

An interesting review of why prices should go to $100 per barrel:

Oil Poised for Fourth Weekly Gain as Supply Concerns Persist

[Osama + 248]

Well...well...well...a little breather!

 

Feel any good @ATK?

 

@Tom Kirkman was this the point of return? or we can once again go up and further up?

@Dan Warnick all eyes on Sunday...at least mine....for Kuwait and KSA meeting.

@Top Oil Trader you got it exactly! Please whisper to me the secret of legerdemain ?

 

[ATK + 355]

4 hours ago, Dan Warnick said:

An interesting review of why prices should go to $100 per barrel:

Oil Poised for Fourth Weekly Gain as Supply Concerns Persist

Hmm interesting so your saying this Iranian sanctions thing that is totally new and not beaten to death at this point will push oil to $100?

1.7 million crude build reported by Genscape at the Cushing facility leading up to Oct 2 also sounds pretty bullish as well!

In all my time going off of Genscape data, they haven't been wrong and are the most accurate with estimates

Oh and India is still going to buy Iranian oil after sanctions go into affect, exports not going to 0, sounds pretty bullish as well!

Edited October 5, 2018 by ATK

[Dan Warnick + 6,100]

5 minutes ago, Osama said:

Well...well...well...a little breather!

 

Feel any good @ATK?

 

@Tom Kirkman was this the point of return? or we can once again go up and further up?

@Dan Warnick all eyes on Sunday...at least mine....for Kuwait and KSA meeting.

@Top Oil Trader you got it exactly! Please whisper to me the secret of legerdemain ?

 

Hi Osama.  I think you need to find a good point to exit your short positions.  It looks like this downward movement is temporary and the climb to $90 WTI will begin again today.

[Osama + 248]

1 minute ago, Dan Warnick said:

Hi Osama.  I think you need to find a good point to exit your short positions.  It looks like this downward movement is temporary and the climb to $90 WTI will begin again today.

Hi!!

Yes...that is why I haven't taken another position....I will wait...may be we see a strong selling in case it reaches $80? 

Somewhere in my mind I am also preparing myself for a loss....

[ATK + 355]

14 minutes ago, Osama said:

Hi!!

Yes...that is why I haven't taken another position....I will wait...may be we see a strong selling in case it reaches $80? 

Somewhere in my mind I am also preparing myself for a loss....

If genscape is reporting another build next week I would just wait.

India and China also cutting imports from the US as well so I'm expecting another build next week.

Such a "tight" oil market!

Edited October 5, 2018 by ATK

[Osama + 248]

5 minutes ago, ATK said:

If genscape is reporting another build next week I would just wait.

India and China also cutting imports from the US as well so I'm expecting another build next week.

Such a "tight" oil market!

Yeah!!

I am also waiting for next week. Have to take risk...I suspect there can be another build up!

[Osama + 248]

Oil prices steady, supported by US jobs data and Iran sanctions--https://www.cnbc.com/2018/10/05/oil-markets-impending-us-sanctions-on-iran-in-focus.html

 

@ATK note that IRANIAN SANCTIONS had to be there in the headline.

[Tom Kirkman + 8,860]

1 hour ago, Osama said:

Oil prices steady, supported by US jobs data and Iran sanctions--https://www.cnbc.com/2018/10/05/oil-markets-impending-us-sanctions-on-iran-in-focus.html

 

@ATK note that IRANIAN SANCTIONS had to be there in the headline.

I keep commenting in other threads that the sanctions against Iranian oil are overblown.  Today's news, unsurprising:

India to keep buying Iranian oil despite U.S. sanctions: sources

NEW DELHI (Reuters) - India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran," one of the sources said.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters.

[Osama + 248]

7 hours ago, Tom Kirkman said:

I keep commenting in other threads that the sanctions against Iranian oil are overblown.  Today's news, unsurprising:

India to keep buying Iranian oil despite U.S. sanctions: sources

NEW DELHI (Reuters) - India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran," one of the sources said.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters.

Yes...I read this news Mr. Kirkman. It really was surprising. India's famous thinker and a former govt. official, Shashi Tharoor, has also insisted that India should keep buying oil from Iran.

[Osama + 248]

So I had to vent it out. Please find below my latest for Oilprice:

FEAR HAS DRIVEN OIL PRICES TOO HIGH----https://oilprice.com/Energy/Oil-Prices/Fear-Has-Driven-Oil-Prices-Too-High.html

Something we have been discussing here.

@ATK, @ceo_energemsier, @Marina Schwarz, @Jan van Eck, @Tom Kirkman, @Keven Tan, @William Edwards, @Dan Warnick, @Top Oil Trader

[Tom Kirkman + 8,860]

1 hour ago, Osama said:

FEAR HAS DRIVEN OIL PRICES TOO HIGH----https://oilprice.com/Energy/Oil-Prices/Fear-Has-Driven-Oil-Prices-Too-High.html

I still hope oil prices will go down to around $70 by end of this year.  The "Iran Sanctions" threat is overblown out of proportion, in my opinion.

Back in the Spring of this year, I reiterated repeatedly on this forum that I was hoping for $65 oil average this year and $70 average next year.  But also reluctantly conceded a few months ago that oil prices would likely hit $80 by Autumn  (it has now)  and likely head toward $90  (temporarily)  before end of the year  (hasn't yet).  But also gave my opinion that oil prices would be whacked back down below $80 by Trump's Tweets, and that oil prices would likely be mostly bookended between $50 and$80 for the medium term.  You find my multitude of comments about all of this above by using the search function here; none of my opinions above are a secret - I've been very vocal about all of this.

Despite the media and trader hooplah and nailbiting, I'm still hoping for Brent to head back down to $70 by Dec 31st.  

After the Iran Oil Sanctions hype fizzles down a bit by December.

Just my opinion; as always, you are free to disagree.

[ceo_energemsier + 1,818]

This will cause prices to drop. The daily see-saw of oil prices based on short term effects of any news can bring about dizziness LOL

Now, we will have to wait and see which countries get the "waivers", "exemptions"... and for how much and how long.. India, China, Japan, S. Korea, Taiwan.. EU countries...

___________________________________________________________________________________________________

U.S. actively considering waivers on Iran oil sanctions

WASHINGTON (Reuters) - The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.

The administration withdrew from a deal over Tehran’s nuclear program in May and is unilaterally reimposing sanctions on Iran’s crude oil consumers on Nov. 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile program. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

 

The administration is “in the midst of an internal process” of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

 

It was the first time a U.S. official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a “little bit of time” to unwind their trade with Iran.

White House National Security Adviser John Bolton said on Thursday that the administration’s objective was that there be no waivers and “exports of Iranian oil and gas and condensates drops to zero.” He added that the administration would not necessarily achieve that.

 

The administration is “prepared to work with countries that are reducing their imports on a case-by-case basis,” the official said.

The comments followed news that India, Iran’s No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration’s push to get countries to stop their purchases.

Reporting by Timothy Gardner; Editing by Marguerita Choy and Tom Brown

Our Standards:The Thomson Reuters Trust Principles.

[ceo_energemsier + 1,818]

US wants OPEC spare capacity output, but path forward is complicated

Highlights

Spare capacity definitions vary

Market has doubts about how much output can be added

Pushing spare capacity to zero creates new risks

The US and OPEC appear to be talking past each other when it comes to the producer bloc's spare output capacity.

 

The two sides don't agree on the definition of the term, let alone how much spare capacity OPEC even has available.

The public spat has heightened fears in the market of whether OPEC is willing - or able - to fill the supply gap anticipated from US sanctions on Iran and Venezuela's ongoing crisis, causing oil prices to spike to four-year highs in recent days. Even if OPEC were to pump as max volume, as US President Donald Trump has urged, it would not be able to respond to any future disruptions, raising the risk of an even more dramatic surge in prices.

"I think we have a big risk premium coming in that we're going to run out of spare capacity amidst considerable geopolitical disruption risk," said Bob McNally, a veteran OPEC watcher who heads the consultancy Rapidan Energy Group, during an Atlantic Council event Thursday. "When we get this tight, the market wants to be assured that you've got cash in the bank, if you will."

On Wednesday, the US State Department accused OPEC of contributing to high oil prices by holding back 1.42 million b/d of spare capacity from the world market.

A week earlier, while laying out his argument against a release from the US Strategic Petroleum Reserve, Energy Secretary Rick Perry said there was still spare capacity available throughout the world, including new oil output in the Neutral Zone between Saudi Arabia and Kuwait.

President Trump, and his senior administration officials, spent much of the ongoing oil price rally arguing that OPEC, particularly Saudi Arabia, has the spare capacity to exceed global demand and reduce oil prices.

"The United States continues to engage with OPEC countries and we encourage them to utilize their spare capacity to ensure world oil supply meets the demand," the State Department said through a spokesperson.

The statement puzzled some veteran oil analysts. Maxing out global spare capacity would surely heat up prices, not cool them off, as a single supply disruption anywhere in the world could trigger a price spike.

"I wouldn't want to be drawing attention to spare capacity at all," said one analyst who asked not to be named. "That's the exact opposite message we want to be sending when prices are at $86/b."

A suggestion to push spare capacity to zero "would heighten market anxiety and likely push up prices, even without any further supply disruptions," Matthew Reed of Foreign Reports wrote in a note Friday.

But the Trump administration's argument against OPEC is also complicated by doubts over how much spare capacity OPEC holds and by the very definition of spare capacity.

The US Energy Information Administration, which estimates OPEC's current spare capacity is about 1.42 million b/d, defines spare capacity as "the volume of production that can be brought on within 30 days and sustained for at least 90 days."

But Saudi Arabia and the International Energy Agency have a looser definition, often counting production that may not be brought on for as long as 90 days.

The IEA estimates Saudi spare capacity at 1.62 million b/d and total production capacity at 12.04 million b/d.

This can lead to confusion, such as Secretary Perry depicting potential Neutral Zone output as spare capacity.

"If it's not available to the market because of a dispute between Saudi Arabia and Kuwait, then it might as well be on Pluto," McNally said. "It is not spare capacity."

Much of the criticism from Trump was caused by Saudi claims that they can produce so much above their current output of about 10.4 million b/d, which has drawn suspicion from the market.

"That's the Saudi's own fault for holding out that they hold that much spare capacity," said David Goldwyn, president of Goldwyn Global Strategies and a former special envoy and coordinator for international energy affairs at the State Department. "If they didn't, they shouldn't have overhyped their capabilities."

In Algiers last month, Saudi energy minister Khalid al-Falih said Saudi Aramco is able to produce 12 million b/d at will. Once negotiations with Kuwait are complete, fields in the Neutral Zone shared by the two countries could add another 500,000 b/d, he said.

The UAE claims some 500,000 b/d of spare capacity, while Kuwait claims it has about 100,000 b/d

Goldwyn said that the Trump's criticism of OPEC and his demands of Saudi Arabia are unprecedented in American history. The war of words is also "deeply ironic," Goldwyn said since US and Saudi relations have not been this close in roughly 70 years.

"The US is doing, pretty much, everything Saudi Arabia could want to both helps its politics and hand it Iran's market share," he said during Thursday's Atlantic Council event.

[Osama + 248]

37 minutes ago, ceo_energemsier said:

This will cause prices to drop. The daily see-saw of oil prices based on short term effects of any news can bring about dizziness LOL

Now, we will have to wait and see which countries get the "waivers", "exemptions"... and for how much and how long.. India, China, Japan, S. Korea, Taiwan.. EU countries...

___________________________________________________________________________________________________

U.S. actively considering waivers on Iran oil sanctions

WASHINGTON (Reuters) - The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.

The administration withdrew from a deal over Tehran’s nuclear program in May and is unilaterally reimposing sanctions on Iran’s crude oil consumers on Nov. 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile program. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

 

The administration is “in the midst of an internal process” of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

 

It was the first time a U.S. official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a “little bit of time” to unwind their trade with Iran.

White House National Security Adviser John Bolton said on Thursday that the administration’s objective was that there be no waivers and “exports of Iranian oil and gas and condensates drops to zero.” He added that the administration would not necessarily achieve that.

 

The administration is “prepared to work with countries that are reducing their imports on a case-by-case basis,” the official said.

The comments followed news that India, Iran’s No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration’s push to get countries to stop their purchases.

Reporting by Timothy Gardner; Editing by Marguerita Choy and Tom Brown

Our Standards:The Thomson Reuters Trust Principles.

You just made my day! 

 

I suspect we will see a drop in prices just as you do.

[NAPHTA + 33]

Honestly, this piece of so-called news is written in such a language that even a real linguist would be unable to separate its message from its idiomatic jargon. Is someone backing off in a chicken race? They're hollowing the meaning of imposing unilateral sanctions, which is simply this: either you cut it off or we're going to deal with you. Now the date looks more and more like an indication, a symbolic point, after which they will "work with" countries that reduce their import from Iran.

Eh,  Are cowboys going home? Well, I think it is too early to celebrate and consider it as a bearish trend. 9 million barrel purchased by India is nothing in comparison with India's yearly volume of purchase form Iran. If you're already on a uptrend, then you need stronger indication to reverse.

[Dan Warnick + 6,100]

2 hours ago, ceo_energemsier said:

This will cause prices to drop. The daily see-saw of oil prices based on short term effects of any news can bring about dizziness LOL

Now, we will have to wait and see which countries get the "waivers", "exemptions"... and for how much and how long.. India, China, Japan, S. Korea, Taiwan.. EU countries...

___________________________________________________________________________________________________

U.S. actively considering waivers on Iran oil sanctions

WASHINGTON (Reuters) - The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.

The administration withdrew from a deal over Tehran’s nuclear program in May and is unilaterally reimposing sanctions on Iran’s crude oil consumers on Nov. 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile program. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

 

The administration is “in the midst of an internal process” of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

 

It was the first time a U.S. official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a “little bit of time” to unwind their trade with Iran.

White House National Security Adviser John Bolton said on Thursday that the administration’s objective was that there be no waivers and “exports of Iranian oil and gas and condensates drops to zero.” He added that the administration would not necessarily achieve that.

 

The administration is “prepared to work with countries that are reducing their imports on a case-by-case basis,” the official said.

The comments followed news that India, Iran’s No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration’s push to get countries to stop their purchases.

Reporting by Timothy Gardner; Editing by Marguerita Choy and Tom Brown

Our Standards:The Thomson Reuters Trust Principles.

There is not one bit of NEW news in this story.  It is nothing more than a reiteration.

"It was the first time a U.S. official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a “little bit of time” to unwind their trade with Iran."

It was the first time, except for that time that the Secretary of State, acting on orders from the President of the U.S., said exactly the same thing. 

Also, the sanctions kick in on November 4th, so any orders/purchases placed AFTER the 4th will be a breach of the sanctions.  Could that be the "little bit of time" to unwind their trade with Iran that they speak of?  Sanctions are not like tariffs in that a sanction means any new orders/purchases after the effective date/time, whereas a tariff goes into effect upon receipt of goods/services after the date/time of, and by the country instituting, the tariff.  Tariffs are enacted by the receiving country.

This news is not news.

Edited October 7, 2018 by Dan Warnick

[Dan Warnick + 6,100]

2 hours ago, ceo_energemsier said:

US wants OPEC spare capacity output, but path forward is complicated

Highlights

Spare capacity definitions vary

Market has doubts about how much output can be added

Pushing spare capacity to zero creates new risks

The US and OPEC appear to be talking past each other when it comes to the producer bloc's spare output capacity.

 

The two sides don't agree on the definition of the term, let alone how much spare capacity OPEC even has available.

The public spat has heightened fears in the market of whether OPEC is willing - or able - to fill the supply gap anticipated from US sanctions on Iran and Venezuela's ongoing crisis, causing oil prices to spike to four-year highs in recent days. Even if OPEC were to pump as max volume, as US President Donald Trump has urged, it would not be able to respond to any future disruptions, raising the risk of an even more dramatic surge in prices.

"I think we have a big risk premium coming in that we're going to run out of spare capacity amidst considerable geopolitical disruption risk," said Bob McNally, a veteran OPEC watcher who heads the consultancy Rapidan Energy Group, during an Atlantic Council event Thursday. "When we get this tight, the market wants to be assured that you've got cash in the bank, if you will."

On Wednesday, the US State Department accused OPEC of contributing to high oil prices by holding back 1.42 million b/d of spare capacity from the world market.

A week earlier, while laying out his argument against a release from the US Strategic Petroleum Reserve, Energy Secretary Rick Perry said there was still spare capacity available throughout the world, including new oil output in the Neutral Zone between Saudi Arabia and Kuwait.

President Trump, and his senior administration officials, spent much of the ongoing oil price rally arguing that OPEC, particularly Saudi Arabia, has the spare capacity to exceed global demand and reduce oil prices.

"The United States continues to engage with OPEC countries and we encourage them to utilize their spare capacity to ensure world oil supply meets the demand," the State Department said through a spokesperson.

The statement puzzled some veteran oil analysts. Maxing out global spare capacity would surely heat up prices, not cool them off, as a single supply disruption anywhere in the world could trigger a price spike.

"I wouldn't want to be drawing attention to spare capacity at all," said one analyst who asked not to be named. "That's the exact opposite message we want to be sending when prices are at $86/b."

A suggestion to push spare capacity to zero "would heighten market anxiety and likely push up prices, even without any further supply disruptions," Matthew Reed of Foreign Reports wrote in a note Friday.

But the Trump administration's argument against OPEC is also complicated by doubts over how much spare capacity OPEC holds and by the very definition of spare capacity.

The US Energy Information Administration, which estimates OPEC's current spare capacity is about 1.42 million b/d, defines spare capacity as "the volume of production that can be brought on within 30 days and sustained for at least 90 days."

But Saudi Arabia and the International Energy Agency have a looser definition, often counting production that may not be brought on for as long as 90 days.

The IEA estimates Saudi spare capacity at 1.62 million b/d and total production capacity at 12.04 million b/d.

This can lead to confusion, such as Secretary Perry depicting potential Neutral Zone output as spare capacity.

"If it's not available to the market because of a dispute between Saudi Arabia and Kuwait, then it might as well be on Pluto," McNally said. "It is not spare capacity."

Much of the criticism from Trump was caused by Saudi claims that they can produce so much above their current output of about 10.4 million b/d, which has drawn suspicion from the market.

"That's the Saudi's own fault for holding out that they hold that much spare capacity," said David Goldwyn, president of Goldwyn Global Strategies and a former special envoy and coordinator for international energy affairs at the State Department. "If they didn't, they shouldn't have overhyped their capabilities."

In Algiers last month, Saudi energy minister Khalid al-Falih said Saudi Aramco is able to produce 12 million b/d at will. Once negotiations with Kuwait are complete, fields in the Neutral Zone shared by the two countries could add another 500,000 b/d, he said.

The UAE claims some 500,000 b/d of spare capacity, while Kuwait claims it has about 100,000 b/d

Goldwyn said that the Trump's criticism of OPEC and his demands of Saudi Arabia are unprecedented in American history. The war of words is also "deeply ironic," Goldwyn said since US and Saudi relations have not been this close in roughly 70 years.

"The US is doing, pretty much, everything Saudi Arabia could want to both helps its politics and hand it Iran's market share," he said during Thursday's Atlantic Council event.

This is the Trump administration showing public evidence of "fighting those damn Arabs" for the American people, AND, it benefits all of their Republican friends (and their donors) in the oil producing States and the voters within those states, and the oil industry (profits) wherever it may be located.  Not that hard to figure out, really.

Edited October 7, 2018 by Dan Warnick

[Dan Warnick + 6,100]

2 hours ago, Osama said:

You just made my day! 

 

I suspect we will see a drop in prices just as you do.

Don't count your chickens just yet.  I read those articles to have exactly the opposite meaning as you guys are taking them.