Skip to comments.OPEC sees oil rally towards $80 as short-term spike, not supply-driven
Posted on 05/17/2018 10:52:54 AM PDT by seanmerc
LONDON/DUBAI (Reuters) - OPEC sees oils rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement.
The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdoms thinking said.
(Excerpt) Read more at reuters.com ...
In other words, the Saudis aren’t going to lift a finger to help us. DRILL, BABY, DRILL!!! FRACK, BABY, FRACK!!!
This is short-term only...maybe for four to six weeks. The frack crowd will turn on the flow, and it’ll retreat back down to $60, and probably even onto $50.
It’s so great the USA exports oil now. /sarc
Once again the speculators are driving the price up.
Trump should announce that he is going to flood the country with oil. And then say if opec keeps it up we will pull all US forces out of SAudi Arabia. Let them pay for their own defense.
Exactly. The dirtbag globalist GOP, led by the vile filth murkowski forced the export ban into law and now look at the result. Highest oil prices at home. Global trade always means short supply and high prices at home because dirtbag globalists put all the food, oil and other goods on the global market where they can sell for more. Americans get screwed by their success.
You left out build new refineries, pipelines....
At the time I was assured that lifting export ban wouldn’t affect prices upward for gasoline by the Lie-traitorians the infest Free Republic.
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