Posted on 05/26/2016 9:31:53 AM PDT by bananaman22
The OPEC meeting is only a week away, but the chances of a positive result are as remote as ever. Rising oil prices, the heightened rivalry between Saudi Arabia and Iran, and Saudi Arabia’s willingness to go it alone will make a deal all but impossible.
First of all, Iran is not in a cooperative mood. According to the IEA, Iran has managed to boost oil production to 3.56 million barrels per day in April, its highest level since November 2011. Oil exports also jumped 600,000 barrels per day to 2 million barrels per day. Importantly, Iran’s output now stands at pre-sanctions levels, a key threshold that the Iranian government says it needs to reach before it would consider any cooperation on production limits with OPEC. However, Iran thus far does not see it that way, insisting that it still has more ground to make up.
(Excerpt) Read more at oilprice.com ...
It has been dead awhile.
Shale nailed the coffin shut.
Gee, there's an understatement. They fought a proxy war against one another in Yemen.
Saudis lost. Badly. Their Colombian mercenaries were killed by the score.
Shale happens :)
Build a few nuclear plants, just a few. That way we won’t forget how it’s done.
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