Monday, January 12, 2015 7:52:13 PM
Read more: http://www.businessinsider.com/traders-scared-as-hell-of-venezuela-2014-11#ixzz3OehzuIxe
Venezuela has the world's largest proven oil reserves. Ninety-five percent of their government cost was financed buy oil. The country is about to enter hyperinflation. Long lines to buy basic goods are every where. Riots in the streets.
Iran is in similar situation. Other OPEC countries are also suffering.
The Saudis made two huge mistakes. The first was to allow oil to go above $100/barrel. The secend was not to cut its own production to stabilize oil prices. These tactics worked when the US was the major importer/user, but with US the #1 oil producers, the ball game has changed.
One or two of the following is about to happen:
(1) The Saudis will agree to cut productions to clear the oil glut and stablizes prices.
(2) The world economy will heat up and remove the oil glut and prices will ease back up over 3 years.
(3) Or, Venezuela, Iran, Irag, and several other suffering members will resign from OPEC and start making private deals with oil importers, especially China. They might even trade oil for food and other goods.
(4) The US will lift the ban of oil exports.
(5) A new OPEC will form without the Saudis.
(6) The ecobomy heats up, oil production and demand increases, prices stabilize at $50 barrel, and we return to happy days.
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