Oil Price - Jan 2
Posted: Wed Jan 02, 2019 6:00 pm
https://finance.yahoo.com/news/oil-apos ... 14043.html
Saudi Arabia cut exports in December by 500,000 BOPD.
IMO this should not surprise many people because they had jacked up exports to please Trump prior to the mid-terms and before they found out that eight countries would get sanction waivers. OPEC+ export cuts will probably be over 1,000,000 BOPD in January and 1,500,000 BOPD in February. The cartel members cannot survive an extended period of sub-$50 oil.
Saudi Arabia cut exports in December by 500,000 BOPD.
IMO this should not surprise many people because they had jacked up exports to please Trump prior to the mid-terms and before they found out that eight countries would get sanction waivers. OPEC+ export cuts will probably be over 1,000,000 BOPD in January and 1,500,000 BOPD in February. The cartel members cannot survive an extended period of sub-$50 oil.