Saudi Arabia was pumping around 10 million barrels per day (bpd) of crude and members of the Organization of the Petroleum Exporting Countries and other producers would be increasing output over the next few months. (Reuters)
Saudis Risk Playing With Fire In Shale-Price Showdown As Crude Crashes -- The Telegraph
A deep slump in prices might heighten geostrategic turmoil across the Middle East.
Saudi Arabia and the core Opec states are taking an immense political gamble by letting crude oil prices crash to $66 a barrel, if their aim is to shake out the weakest shale producers in the US. A deep slump in prices might equally heighten geostrategic turmoil across the broader Middle East and boomerang against the Gulf’s petro-sheikhdoms before it inflicts a knock-out blow on US rivals.
Caliphate leader Abu Bakr al-Baghdadi has already opened a “second front” in North Africa, targeting Algeria and Libya – two states that live off energy exports – as well as Egypt and the Sahel as far as northern Nigeria. “The resilience of US shale may prove greater than the resilience of Opec,” said Alistair Newton, head of political risk at Nomura.
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My Comment: Lower oil prices are impacting global geopolitics .... and in my opinion .... this is long overdue.
Update: Some more good news .... Oil at $40 Possible as Market Transforms Caracas to Iran (Bloomberg).
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