Suncor Energy Inc T.SU

Saudi to cut production

[mrbb]

by 1 million BOD

Saudi Arabia to cut oil output by 1 million barrels per day to boost slumping prices (msn.com)

[MigraineCall]

The present voluntary cuts are extended, and not made arbitrary. Everything stays the same as before, with some quota shuffling, and the Saudis announced a 1 m bpd one month cut to make shorters see some 'ouching'. I think the market needs to see further evidence of continued dropping inventories in the next weeks before starting a big push up.  Saudi OSPs soon will tell us more

[mrbb]

still gave a nice pop rude Oil WTI Futures 73.47 +1.73(+2.41%)

[Experienced]

Nice to see that the politics of totalitarian Governments differs little from Democracies....lol Lots of smoke and mirrors here. Hope you are right about oil prices going up as I would like to exit my oil position with a profit before the recession starts.

[Experienced]

Migraine - seems like the threat is working for today,  Will be interesting to see how it plays out over the next week or so.