Is anyone else here blaming the US for the supply issues? Given they stepped up more than anyone else i.e. are now the largest oil producer, I see the current dilemma for oil as being US driven, the moratorium on exporting oil being lifted is probably a good indication for this also. To my simple mind, the US has the most to gain by destabilising Russia and Saudi Arabia, rather than the other way around. I also consider that Russia and the Saudis are strange bedfellows - e.g Russia funneling Shia rebels in Syria towards Saudi Arabia. The Russians and the Saudi's are clearly hurting, and I see their agreement as nothing more than an attempt to show to the rest of the world, that really the supply side dramas are not going away because the US simply will not stop fracking (smells a bit fishy anyway the fracking story and the meteoric fall in costs they achieved - backdoor govt subsidies anyone?) The gas pipeline through Syria is a rather big deal huh?
MRM Price at posting:
33.5¢ Sentiment: None Disclosure: Not Held