Post by
Franman184 on Aug 09, 2022 10:46am
$90 will be the new floor
OPEC Plus is back in control of crude oil and Saudi arabia wants $90 and Russia has agreed to cut up to 3 million barrels a day to help maintain the price. Long Canadian oil and gas companies. You will not get rich over night but long term holders will be rewarded. Us shale can no longer push prices down as tier 1 sites are rapidly declining and $90 does not make it sustanible to drill new wells that take alot longer to return a profit so only single digit production increases by US producers.
The potential for price to rise quickly above $90 because of an event versus price to drop significantly below $90 is about 10 to 1.
Just my opinion base on what I have learned. Subject to change with more currrent data. GLTA
Comment by
deepblue on Aug 09, 2022 10:58am
Russia cuts 3.million barrels??? I thought the world was short oil. Lmao!!!!
Comment by
Noisemaker on Aug 09, 2022 11:15am
They could and will. They did for COVID. If things get too low with their discount they will again. But go ahead bet against Putin lmao.