Lets hope that new oil minister can do some magic and boost up oil prices
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Viewers this is a case of Supply and Demand. Price can't go up till this excess onshore and offshore gets processed into fuel. And while this is being worked on, Russia, Iran, and Saudi are pumping their brains out on top of a stagnate World economy. Its going to be quite a while before bbl gets back up there to put people back to work in USA. The last 4-5 week gains are speculation of nothing. So expect prices to be stagnate all of 2016. Last week US Rig count fell further and they predict it to continue to fall. We are only seeing the tip of the iceberg, more bad times coming.
When we get Trump up in the White House I do sense some better times coming but its going to be awhile.
They have already had a small dose of reality and did not.like the taste. They were raised to be a lazy non-driven society. The power of I'll is the only thing they ever had and they will bleed it dry before they lift a finger to change their life style. If you have been there and observed, you know this to be a fact.
Prices without a doubt will go up ... Saudi can't implement their new Vision2030 plan at current price levels now or in the future without higher prices....
And what can the new Ministry do? Shut the spout off, starve their own country from what little profits there are on the Mkt to gain. Even if they tried that, Russia and Iran will continue pumping hard and laugh all the way to the bank. All this is in the hands of the Market; supply and demand.