OPEC: Brace For $170 Oil This Summer!
Just a few days ago, OPEC President Chakib Khelil told a French television station the awful truth that U.S. consumers don’t want to hear. “I foresee prices probably between $150 and $170 this summer,” Khelil said.
last year, our “good friends” in the Middle East — Saudi Arabia, United Arab Emirates, Iran, Kuwait, Iraq and Qatar — curbed their output by 544,000 barrels a day. At the same time, their domestic demand increased by 318,000 barrels a day, so their net exports dropped by 862,000 barrels.
It’s a simple supply/demand squeeze. So are prices going higher? Heck, yeah! How high can they go?
The Saudis couldn’t solve this
crisis if they wanted to …
and they do NOT want to!
The higher oil prices climb,
the more America imports!
Massive new oil demand from emerging
markets is now eclipsing U.S. demand!
Production is cratering in not one, but
TWO major oil-exporting countries!
clipped from: www.moneyandmarkets.com