So, now we buy all the oil?
Saudi Arabia is trying to create a floor for oil prices, and the U.S. should load up on domestic production to game the GDP numbers. It's all very apparent...
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Dear Old Friend,
I’m a bit behind today. It’s odd – the fact that it’s 3 pm in Switzerland as I write to you. I have been up for six hours, but I feel like I’ve only been active for 15 minutes. I need to get out of this house – as it’s our last day. I will be paying no attention to the markets on Monday. But I will be chatting away with the locals on the recent news out of Vienna, Austria. Isn’t that your plan today?
Saudi Arabia Cuts… and We Do Nothing
OPEC represents about 40% of global oil production. So, they’re the man behind the curtain in the world of supply. The largest member, Saudi Arabia, will cut production to roughly 9 million barrels per day to help provide price support. Ouch…
Lower oil production is a sign of expected economic weakness. U.S. producers have been reducing our rig count for months.
I’ve had a lot of spirited conversations about oil this week. And …
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