CITI sees $78 Brent. Of course CITI along with 4 other US Investment Banks that were paid handsomely for $10 Billion Bond offering is being a good brown nose.

(edited)

Crown prince Mohammed bin Salman's four lap dogs . . . J.P Morgan, Morgan Stanley. Citi and Bank of America will say anything for future banking fees.

Every good banker knows if you don't support high Brent price you're blackballed from any future deals.

At one time Goldman Sachs was Saudi favorite.  They distanced themselves after Khashoggi murder . They wanted back in on the bond issue but were denied. 

SAUDI ARAMCO floated a $10 Billion Bond issue that they didn't need. They dangled future banking fees in front of the bankers. They talk about ARAMCO IPO (that will never happen)

The Bond issue was just a taste of banking fees to come.  SAUDIs  know the big Investment Banks are campaign donation consolidators that wield major political influence. The bankers gave to Hillary 2016 because Trump wanted to kill "Carried Interest"  tax loophole. Trump won anyways. ( but caved on the Carried Interest recently)

Take a look at the campaign's donations Saudi and UAE have made through their K Street lobbyist and Think Tanks in Washington 

Beware of Investment Banks projecting ridiculous Brent price estimates. Especially those involved with the recent Bond Issue (CITI. JP Morgan, Bank of America, Morgan Stanley)

(1) Within the next three months the first of the three new Permian to GOM pipelines will commence operation. In the following months 2 more start operations.

(2) Some believe a Venezuela resolution enabling pre-sanction production by year end. Rumored to be to US / RUSSIA benefit.

(3) U.S. Gulf of Mexico offshore production set a new record and continues to grow.

(4) The rest of the world production is not standing still. Record inventory in China, Persian Gulf terminals and US. Orbital Insights satellite survey shows world oil inventory grown (not lowered) over 140 mm bbls this year. Tight supply . . . Bull___ !

TO MUCH OIL.  . . . MORE COMMING . . . THE OIL MARKET IS STARTING TO FIGURE IT OUT.

Chevron CEO Michael Wirth is very smart. When he stated at CERRA WEEK, . . . . . . "Cut costs or die" he wasn't kidding.

CITI $78 Brent . . . Bull.  Unless someone starts major a war in Mideast.  Does CITI know something ?

Bloomberg article Oil a Sunset Industry.  Ryan Lance of Conoco recently stated electric vehicles won't effect oil demand until at least 2050.  Boy is he in for a surprise.

Edited by Falcon
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