Immediately after Saudi Arabia and company, the GCC, announce they have no intent to reduce output...............The GCC- Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates
Oil prices seemed to stabilize and the Fed reassured markets that it would go slow on raising rates.
But by Monday, oil was on its way downwards again. The West Texas Intermediate contract traded in New York had fallen $1.51 to $55.62 US a barrel and Brent Crude was down $1.07 to $60.30.
In a speech at an energy summit in Abu Dhabi on Sunday, Saudi Petroleum Minister Ali Naimi defended OPEC’s decision at its Nov. 27 meeting to keep its production levels unchanged.
“As a policy for OPEC, and I convinced OPEC of this, even Mr al-Badri (the OPEC secretary general) is now convinced, it is not in the interest of OPEC producers to cut their production, whatever the price is," Naimi was quoted as saying.
"Whether it goes down to $20, $40, $50, $60, it is irrelevant," he said, saying oil will not soon rise to $100 a barrel level.
Naimi said low prices might stimulate the world economy and denied OPEC is trying to push other producers, including U.S. shale producers, out of the market.
Hammering the concern home yet again....
- Ellen Brown: The Global Banker Coup- Bail ins and more
- Could or Would the US bail out it's own oil sector (and the banks)??
- Banksters: Global Haircuts= Global Plunder. Legalizing the theft of your savings.
- Pt.1: Giving Canadians and everyone, everywhere a Cypriot Style Haircut- "to the wood"
- Pt.2: Giving Canadians and everyone,everywhere, a Cypriot Style Haircut- “to the wood”
- Oil Wars? US/Saudi Arabia vs Russia/Iran
- Saudi Arabia, aids the NATO war machine, more oil price cuts- Attack on the BRICS