Saudi oil policyTo the view that the Saudis couldn’t hack the low prices anymore and threw in the towel I offer this decidedly contrary view. They prosecuted their low price policy for 2 years, practically to the day, -and were more than successful in stopping the U.S. drillers’ right in their tracks; nor was it just the drillers who were shut down, but many, many others as well
Never underestimate the Saudis. They know their business right down to each individual tanker owner. When they take a whim to fill all those tankers and literally plug the sea lanes with oil, to the extent that many must wait off-shore up to 3 weeks or more just to be off loaded, it just proves that when they decide to do something, they bloody well can!
Historically, in this oil business, -their business, they have a remarkable propensity to dazzle the world. I can think of nothing that compares to this Saudi acumen, -say perhaps American control of the global monetary system via the U.S. dollar functioning as a reserve currency. And one more thing; the Saudis don’t allow themselves to get bogged down in the swamp; that would be counterproductive. No, they’re definitely in the razzle-dazzle business, so keep your eye on the ball. The Saudis are done with low oil prices; that was yesterday's news and now it may very well may surprise to the upside. A couple of weeks ago Henry Schacter appearing on BNN recommended selling oil stocks because it was the end of the driving season etc., etc.
Well I didn’t and I hope you didn’t either.