The Phaserl


Who Comes Out On Top After Oil Pandemonium?

from Oil Price:

As crude oil prices take a beating, with Saudi Arabia predicting that prices will stabilize at $60 per barrel, we head to Norway, where state-run giant Statoil is poised to come out ahead of a game that has everyone panicking amid the geopolitical OPEC-versus-America banter.

On Wednesday, Brent Crude was under $70 and WTI was at $66 after the Saudis announced that prices would likely drop further and stabilize at $60, and after a drop in US crude inventories the day before had brought crude futures up a bit.

As of Wednesday, Brent Crude was down 44 cents to $69.48, having fallen 37% this year and 10% in the past week alone. Now, Saudi Arabia is planning to cut January prices for oil to the US and Asia, after having already lowered them to $71 per barrel in November.

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1 comment to Who Comes Out On Top After Oil Pandemonium?

  • Ed_B

    The Saudis only have one thing that they can do to support oil prices and that is to cut production. No one in OPEC seems willing to do that, however, so prices will be falling until they do.

    Of course, they don’t want to have higher prices right now because they are too busy smacking the Russian economy and the US shale oil frackers. Once these two problems are in hand, look for production cuts and considerably higher oil prices. Now is the time to be buying the shares of the better run oil companies and the oil services companies.

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