We have the ECB and Fed for interest rates and currency fuckery planning and OPEC, specifically Saudi Arabia, to determine the price of crude.
This Friday the oil sheikhs will discuss the fate of the world, as it pertains to crude.
“We have a meeting on Friday, we will discuss all these issues,” al-Naimi told reporters Tuesday. “We will listen and then decide.”
Oil prices just completed the biggest monthly decline since July as OPEC, which pumps about 40 percent of the world’s supply, showed few signs of trimming production. Crude has fallen almost 40 percent the past year as a record surplus persisted while global producers fight for market share.
When asked if Saudi Arabia will stick to its strategy of defending its markets against competing supplies, al-Naimi said: “Who said we are keeping market share strategy? Did I ever say?”
Smug bastard. You can feel the sense of entitlement seeping through this article. I’ve always felt that getting long crude is a good idea heading into an OPEC meeting, especially with crude near the lows. Eventually, they will cut production and it will invoke a fierce rally.
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patiently waiting..losing my arse doing so..