Posted on 02/23/2016 10:29:31 AM PST by bananaman22
Saudi Arabia’s oil minister spoke in Houston at the IHS CERAWeek conference, where he poured cold water on the prospect of a production cut.
Saudi oil minister Ali al-Naimi, one of the most important voices in the oil world, spoke at the conference on Tuesday. He first suggested that the production freeze being negotiated between several key OPEC members and Russia could be a building block. “Freeze is the beginning of a process, and that means if we can get all the major producers to agree not to add additional balance, then this high inventory we have now will probably decline in due time. It's going to take time," Naimi said.
That would echo the comments made by OPEC Secretary General on Monday. “This is the first step to see what we can achieve,†Secretary General Abdalla Salem El-Badri said at the conference on Monday. “If this is successful, we will take other steps in the future.†He declined to elaborate on what “other steps†might entail, but the markets took it as good news that a production cut was on the table. Oil prices surged by 6 percent on Monday.
(Excerpt) Read more at oilprice.com ...
Need those gold toilet seats in their planes to match the gold faucets.
Let the prices hit the floor.....
Oil prices are not low because Saudi is not cutting production.
You'll most likely hear these oil production stories on Friday or Monday mornings before 9:00 am. They are rumors floated to try to get the stock market up. Check a chart of the S&P (SPX).
They plan to keep it flowing until they can kill all the shale oil production they can. Then they will start choking production.
It will serve as a warning to any company looking to get back into shale oil production.
This is their entire goal.
It’s an act of war, and should be treated as such.
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