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ozexplorer

17,932 Posts.

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30/09/16

07:29

Post #: 19526219
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Originally posted by Crom Valen ↑

One thing is for sure: markets are volatile and will remain so. The great oil output cut will be the biggest myth since the last great oil output freeze. Iran / Nigeria / Libya all exempt from any cuts - so will probably add more bpd, Saudi Arabia will apparently cut some trifling amount of barrels from it's record output; as soon as the oil price upticks the US producers just add some more rigs. Any cuts will be offset by those rushing to fill the space in the market share. Nothing will be achieved except another slump in the oil price.

The much-heralded recent data on the US economy is pretty small beer really;

The final revision for quarterly GDP came in at 1.4% today, beating analyst expectations of 1.3%. Simultaneously released were the weekly unemployment claims that improved to 254,000 against an expected 260,000.

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An it was also only about 7 years ago everyone was talking about and writing books about Peak Oil had begun and the great decreases in oil output had begun.....

7 years later on oil is flooding the markets in record amounts and record low prices...
5 Upvote

0 Great analysis

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