This Is OPEC’s “Target” Price For Oil
As you might have noticed, oil prices got a bump over the past 8 days from two things: 1) war, and 2) a headline out of Saudi Arabia that suggested Riyadh backs the extension of production cuts.
Of course we also got the weekly API vs. EIA headline hockey which this week saw the DOE draw (2.16m bbl, so a bigger draw than estimates) overshadowed by rising production and a record stockpile at Cushing resulting, ultimately, in bearish price action.
At the end of the day, it's always the sam
We don’t need any of them. Oil should go the way of the horse and buggy, we can be off this sh*t for good by 2050 or sooner if we make the right decisions now. Just Do IT.