Saudi Arabia

[mkarpoff]

There was an announcement this morning that Saudi Arabia has lowered the price per barrel for oil sold in the usa, but kept it higher elsewhere. So our stocks get pounded. Looks like we are pawns in a massive power game.

[dan_s]

It will be interesting to see how this plays out after the mid-term elections.

BTW we really don't get much of our imported oil from Saudi Arabia anymore. Most of our imports come from Canada, Mexico and Ven.

[Lemonhawk]

Well my portfolio is pretty much decimated at this point and expectations are low. I hope this signals to the 'blood-in-the-streets' investors to start piling in...

[k1f]

<<BTW we really don't get much of our imported oil from Saudi Arabia anymore.>>

But isn't the point for the Saudis to entice customers away from other suppliers?
And if the winter is cold and saves some pricing power, what happens next shoulder
season? In theory this manipulation (or strategy) could keep repeating as long as
demand is dimmed.

[dan_s]

I think a lot of what is going on now is "political". Let's wait until the OPEC meeting on November 27. There will be a lot of screaming at that meeting if Saudi does not agree to cut production.