A Whole Lot of BS Behind Monday`s Oil Move (Video)
Reuters News and Genscape Report attributed to today`s Oil Squeeze Move – couldn`t find more BS if you were assigned with cleaning out your horse`s barn stall. Follow the actual Oil Data Metrics and avoid the Rumor Mongering Market Garbage and Hearsay OPEC Gossip marketed as actual “Market Analytics”.
When OPEC actually gets their collective heads out of the sand and cuts production then this is a newsworthy event, and worth covering from a journalistic standpoint. The big takeaway until proven otherwise is everyone in the Oil Industry is going to make up for lower prices by maximizing volume in any manner possible. There is no such thing as a “fair price” for oil, and OPEC is sure not going to realize this fantasy talk scenario without concrete action, i.e., cutting production from the current daily over-supplied market.
One is sure not going to achieve a “fair price” for oil from a producer standpoint if one continues to produce over 2 million barrels per day over actual demand. Freezing oil output levels at all-time record levels is just further evidence that OPEC is clueless, myopic and just doesn`t have a handle on the market. Wake me up when OPEC actually cuts production, until then they are the boy that cried wolf far too many times!
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Source: A Whole Lot of BS Behind Monday`s Oil Move (Video)
