It’s time to do something different, according to the Saudi oil minister. Unlike 2014, which really sucked for oil, things are different now. As such, he’d like for you to pay him moar for oil. But don’t worry, the House of Saud is a benevolent and graceful monarch and will be ‘gentle’ in their approach to financially raping you.
Perhaps only $100 per barrel will suffice?
OPEC needs to make sure we don’t crimp too tightly and create a shock to the market. We are going to be very responsible,” Falih said.
“Prices have dropped too low and that has impacted investment. Many companies and countries are hurting… we don’t want to give the market the wrong signal and shock the market’s prices,” he said.
“It is time to do something different than we faced in 2014. It is a very gentle hand on the wheel, we are not doing anything dramatic,” Falih said. “The difference is that the market forces have shifted significantly between 2014 and now.”
Citing Novak, Russia’s energy ministry said on Friday it expected an output freeze deal could be reached before the OPEC meeting on Nov. 30..
Falih said Saudi would be prepared to deal with whatever price may emerge.
“We have economic and fiscal plans to deal with very low (price) scenarios and moderate price scenarios,” he said.
In regards to their fiscal plans to deal with low crude prices, does it include a crashing stock market and major declines in their banks?
Everything is rigged, for the betterment of mankind of course. The small plebs need decisions made for them, otherwise they’d make errors and muck things up.
WTI is soaring.
Kill the shorts