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23/04/16
09:29
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Originally posted by suzanmb
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Hi everyone , A very interesting article in todays Fin Review " US not OPEC decides the fate of global oil markets " A very well written article , if appears giant American oil services Co. Schlumberger , are withholding services from Venezuela as they are in arrears with payments ", and as a result more oil is off the market . Nigeria is also in financial difficulties and unable to pay for services , causing even more oil shortfalls . This trend is happening all over the World , and as we know without oil services companies , nothing moves , and oil stays in the ground. As a side issue Saudi Arabia is finding it harder and harder to get credit , this week the raided the Worlds Banks trying to scrape up a poultry $10 bl . Not short of money eh. We can last for a long long time , claimed El Badri !! yeah right , they are going down just like all the others ...... Well worth a read , things are unravelling fast for the Saudi's .......Cheers
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Add to that the lying and exaggerated output reports by the countries that were meeting for the oil freeze in Doha, funny there is no more mention about that anymore in the press, in reality I reckon the market is much much more closer to balance than they are admitting, only who is patient will reap the rewards.