Bogota Free Planet Comments
Can Saudi Arabia Prevent The Next Oil Shock?
Posted by BFP Staff on Jun 15, 2018 at 02:54 PM
Saudi Arabia, the Kingdom of Oil, will be the savior of the oil universe.
By Cyril Widdershoven for Oilprice.com
The ongoing speculation online about the future of cooperation between Russia and OPEC seems to be a little one-sided. The main point of discussion up until now has been the fact that, due to international pressure (such as Trump’s Twitter diplomacy, perceived Russian willingness to open up the taps and pressure from Asian consumers) Saudi Arabia will be willing to revoke its current production cut stance.
Current volatility in the global oil market is, according to most analysts, due to fears that markets are facing a severe threat. A doomsday scenario is being painted in the media which suggests that oil prices will collapse as Moscow and Riyadh allow for OPEC compliance to slip, and that a glut of Saudi crude will be hitting the market. This has been the leading theme in the last couple of days, after reporters stated that Moscow and Riyadh are ready to assist the market.
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