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OPEC refuses to fear America’s oil boom when it clearly should

Posted on 06 January 2014

According to a recent article in Bloomberg, three of OPEC’s top producers have again rejected the idea that the organization needs to cut oil production in 2014. The oil ministers from Saudi Arabia, Iraq, and Kuwait last month all noted that increased U.S. oil production wouldn’t be enough to overcome production losses in Iran and Libya.
In fact, the Saudi oil minister went so far as to say that the reason U.S. benchmark West Texas Intermediate crude has been trading near $100 recently is “because the market is in fear of a shortage of oil and not in fear of oversupply.”……………………………………….Full Article: Source


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VRS - who has written 38538 posts on Opalesque Commodities Briefing.


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