Price declines were exacerbated by the decision last year by OPEC, the 12-member producer group led by Saudi Arabia, not to cut production. Still, OPEC's Secretary General Abdalla Salem El-Badri said OPEC had been a bastion of stability amid volatile times for the oil industry.By the way, look at the "break-even" price for Saudi Arabia -- that was less than 18 months ago -- and not a whole lot has changed, regardless of what Prince Salman says. Note the "years of financial assets left." Staggering. Yemen is already broke (duh). Libya has a couple years left. Bahrain? Toast. Saudi Arabia: less than ten years. I could outlive Saudi's financial reserves. LOL.
"The supply and demand balance in 2015 has been one of oversupply, with stock levels rising to well above the five-year average. Despite this market instability, OPEC has continued to be an efficient, reliable and economic supplier of oil," El-Badri noted in the foreword of report. Later in the report El-Badri talks about el-unicorns.
Tuesday, June 27, 2017
Flashback! We've Seen This Movie Before -- June 27, 2017
From a post back on December 23, 2015:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.