What will happen when OPEC do convene and cut their protected market share?
The current oversupply remain but inflate current prices not adjusting to a lower supply will only in effect allow the US to turn their rigs and shale oil projects back up to speed, texas will be oil country in a flick of a switch - has anyone mentioned the US lifted their export ban? This is a hidden gem, the US can flood the market at any point they like IMO
Supply needs to come down by being consumed IMO is the only way of a oil price recovery.
But look at the latest declining China import data for oil, south Korea and Japan.. you will find your clues
And Iran coming on line now.. ouch
The world is flooded with cheap oil. There is no escape for OPEC even if they bow to losing market share it will be a short lived price revovery IMO due to long term overcapacity
Disclosure I'm shorting crude and bhp
All IMO and DYOR
What will happen when OPEC do convene and cut their protected...
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