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There's an ongoing concerted attempt by Saudis, OPEC

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TuMaRu   Friday, 09/11/20 11:20:55 AM
Re: Rizsman post# 1945
Post # of 1986 
There's an ongoing concerted attempt by Saudis, OPEC and Russians to wipe out US shale industry, starting way back in 2014. For Russia, its payback for the embargoes enacted by Godumba Nodrama after Ukraine incursion. For OPEC, its basically trying to dominate world oil like they did in the 70s -- except now there's so much oil and so many producers in several countries that they have to resort to slashing prices, opposite of what they did in 1973 and 1979. The whole mid-east is a sinister bunch, a complete wasteland and if it wasn't for their oil, would be in the dark ages even now, ignored by most of the world.

Anyhow, oil is not going up for at least 6-9 months due to supply imbalance. Unless airports, countries open up and planes start flying, its going to be a long haul. By that time, most US shale players will have bitten the dust. Its also problematic for KSA because the political and social turmoil will be even more costly for their puppet regimes. But they're a worthless banana tinpot so who cares if house of Saud is toppled.

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