Problem with meeting on SundayThe problem is after thinking about it for a bit... Why would the Saudis agree to a freeze or anything even close to that which is going to push oil up to around $50, when they finally have the shale producers on the ropes? Production is just barely under 9 million, it used to be 9.6 million... thats all they wanted? 600,000 barrels off the table? I doubt it. The Saudis cant last another 6 months? yes they can. And by then another 400k will be off the table from north american producers. .. and more permanent damage will be done which is what they want.
Im starting to think it would be better to ride this from $7 to $9 with an agreement than ride it back to $4.80 without one, lol...
You can argue this scenario both ways..... I guess we all have to make our own investment decisions... Good luck all.