Saudi Titanic?

"Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded. Riyadh, OPEC’s de facto leader, said it was steeply cutting exports to its main customers in March and April despite refiners asking for more of its oil. The move defies U.S. President Donald Trump’s demands for OPEC to help reduce prices while he toughens sanctions on oil producers Iran and Venezuela." Here.

They are working against themselves to push prices higher. Apparently, all that talk about the superlow production prices was irrelevant as rational minds noted at the time.

 

Share this post


Link to post
Share on other sites

2 hours ago, Marina Schwarz said:

They are working against themselves to push prices higher. Apparently, all that talk about the superlow production prices was irrelevant as rational minds noted at the time.

https://www.linkedin.com/feed/update/urn:li:activity:6515043114485415936

Saudi royals just want to keep their heads attached to their necks.

Share this post


Link to post
Share on other sites

“Working against themselves”

That succinctly summarizes how so many things work there. 

Share this post


Link to post
Share on other sites

7 hours ago, Tom Kirkman said:

https://www.linkedin.com/feed/update/urn:li:activity:6515043114485415936

Saudi royals just want to keep their heads attached to their necks.

 

Anyone who remembers the oil embargo of the 70's and formation of OPEC could see through the smoke and mirrors. Most of OPEC members don't even talk within their own group and history has shown that some will "cheat" or fudge numbers because the sole income of the nation is oil, not poppy bulbs. Oil and a growing populace living on government funded programs, making their 88 dollar oil not worth buying and actually now becoming less and less important. Canadian oil with our tech and pipelines would more than suffice, along with our shale oil. Pemex looks to be getting their sh*t together now so Mexico, USA, and Canada could be a serious force to rival OPEC. Demand at 100mbd give or take few mbd, if we get Venezuela away from OPEC and also western hemisphere oil project, well I suppose the demand side can be met without a problem. Let the Saudis drink the 5 dollar oil. Do us all a favor …………………….

Share this post


Link to post
Share on other sites