IT'S FUCKING OVER
OPEC CUTTING PRODUCTION
OIL TO THE MOON
Ive got oil stocks trading +10% already post-market
OPEC is a non entoty and has been for 30 years. They not only dont control the majority of supply but the world knows OPEC nations will cheat so the bluff is called before the play is made
Good call on the UWTI, inshallah. I bought the Monday dip in MRO. Got in a little early, but still gonna make nice profits. Tomorrow we burn the prayer mats and pass around the virgin oinker, my friend!
They wan't to be PAID in Euros, so they can turn around and spend the money in the the EU.
Oil will still be PRICED in USD as it is in every country. Even the one's that accept other forms of currency for oil, still get it PRICED in USD.
>OIL TO THE MOON
yeah until its denied just like the last news of a supposed opec cut. even on that news today it still couldnt bring the dow out of its swan dive.
i'll be on the sidelines. its not even investing at this point anymore. actual gambling until we see solid signs of a bottom. good luck on your bets
I think Iran undercutting Saudi Arabia could actually be what brings OPEC back together. They've fallen apary mainly because SA carries so much weight that they can do whatever they want and the others have to play along. Iran coming off international sanctions should create a better power balance within OPEC
BUY BUY BUY BUY BUY BUY BUY
But really, dont.
Oil will stay around $50-$60 for the foreseeable future. Producers are becoming more efficient and can support those prices. Unless another middle eastern war breaks out or Russia/Iran get sanctioned to shit prices aren't going up until the US producers who have a shit ton of debt go under.
There are companies running 2 rigs vs the 16 they had at 100/bbl oil and they've increased production but will still go under.
When many independents start to go under it'll be time to buy the XOMs and CVXs of the world.
Sorry, I wasn't talking about trading. Investing wise.
Independents going under will signal a significant decrease in production which is what will be the catalyst for higher prices. The majors can lift oil for $20-$40/bbl, the independents can do it for $40 min. When there is less competition they will be poised to greatly increase production at decent margins, especially because they're still drilling wells, so they are a good investment.