Saudis vs Iran = oil is going to bottomOil is going to bottom for sure this time,
- Saudis: Saudis lower down the selling price of the light crude to the lowest drop since november.
- Iran: Iran has boosted crude production 25 percent this year and aims to reach an eight-year high for daily output of 4 million barrels by the end of the year. And move from the 4th place to the 3rd biggest ptoducer in Opec.
- U.S. crude supplies rose by 1.67 million barrels to 521.1 million in the week ended July 22, according to U.S. Energy Information Administration data. Stockpiles reached 543.4 million barrels in the week ended April 29, the highest since 1929.
- U.S. oil explorers have boosted the number of active rigs by 58 since the start of June to 374, with three added last week, Baker Hughes Inc. said July 29. American producers have expanded drilling in recent weeks after idling more than 1,000 oil rigs since the start of last year.
There is no demand for the oil in the 4
th quarter,
https://www.bloomberg.com/news/articles/2016-07-31/saudis-lower-oil-price-to-asia-most-in-10-months-in-sign-of-glut