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snappermelon

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snappermelon

Re: StrategyTrader post# 31176

Sunday, 02/28/2016 3:04:08 AM

Sunday, February 28, 2016 3:04:08 AM

Post# of 41155
Oil isn't going to reach $50 per barrel any time soon. If they freeze at the highest production rate ever then the glut continues. Also, countries will cheat during the freeze. That's a given.
I don't care what the Nigerian oil dude says, they are desperate (I believe oil makes up 90% of their export dollar) and will say anything to get a price spike. $50 oil will come when Saudi Arabia cuts production and that ain't happening until everyone else goes bankrupt. Saudi Arabia can withstand $20 oil for 5 long years.
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