Hi Uzumaki1
No doubt you are correct.
However, the price of oil is set by the future markets. I would agree 100% with you if each trade made on the future's market had to be subsequently supplied. But that is not the case. The future's market is nothing but a gambling house.
I would agree 100% with you if each trade on the futures market was made between a purc haser of oil and a supplier of oil. But that is not the case. I bet you anything that the majority of the trades are made by speculators hoping to make a profit on the trade, rather than suppliers locking in their profits and purchasers locking in their costs.
When prices hit $150 US, I don't remember any shortage of oil any where.
I am not saying that OPEC decision are not going to have an effect, but I just query that it is a dominant effect.
Pear
OPEC oil cut!, page-10
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