Sunday, January 13, 2019

Prices...

Image result for oil prices cartoon

Saudi Arabia's energy minister said that major oil producers need to do better to narrow swings in prices that dip below $60 a barrel and rise above $86.
Last month, OPEC countries, including Saudi Arabia, and other major oil producers agreed to cut production by 1.2 million barrels a day to reduce oversupply and boost prices for the first six months of 2019.
Oil producers are under pressure to reduce production following a sharp fall in oil prices in recent months because major producers  including the United States  are pumping oil at high rates.
Analysts say the kingdom needs oil between $75 and $80 a barrel to balance its budget, with spending for this year to reach a record high of $295 billion.
 This is not going to happen for so many reasons. So enjoy while it last, and it will last.
Just a thought.

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