GREY:WFREF - Post by User
Comment by
Sumcan2on Feb 11, 2015 2:27pm
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Post# 23419115
RE:Oil Supply a 80 Yr. Historical High!
RE:Oil Supply a 80 Yr. Historical High! We have a huge Oil Glut - Could Oil actually go to $20 dollars a barrel in the near future
It could if the traders want it to, but it would be very temporary in my opinion. Why would even the Saudi's sell their resources at cost for any amount of time.
Supply at a 80 year high. Of course it is, demand is also close to an 80 year high, the world has not stood still.
Hopefully the price creeps up slowly to a level that most producers can make enough money to maintain a sustainable business. The high cost oil will have to stay in the ground till reserve levels and higher oil prices make it economical to extract it.