Oil macro analysis, page-278

Frank,

""Saudi Arabia is “not prepared” to cut oil production, Agence France-Presse has reported, quoting the Saudi foreign minister Adel al-Jubeir.

“If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production,” al-Jubeir told AFP in an interview. ""

Why am I not surprised.

I have been saying for quite some time that not only are they greedy but they are also lacking in the grey matter department.

Arrogance also plays a big part and I would assume that they would not be enjoying the rest of the world writing articles that they basically screwed up big time in thinking they could control who produced what.
In many circles they have been become a laughing stock . Something they would not take too kindly.

I repeat what I have said in the past and that is all countries should stop dealing with them effective immediately. That won't happen of course because countries are enjoying being able to buy oil at these bargain basement prices.

You will notice that politicians in Australia do not enter into the debate about how much we are paying for petrol at the bowsers. The higher the price the more money they get with every litre sold. The ACCC should be doing what its paid to do and investigate as to what the hell is going on. But of course they haven't done this yet, because why, because they are paid by the Govt.
How convenient.

The man in the street loses out every time and the pollies drive around in their govt vehicles with their fuel being fully funded by guess who. That's right, the man in the street ,the tax payer..

As I said last week. I am well and truly over it !!