Msg. 04596 of 65535 (This msg. is a reply to
04593 by
zzstar)
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ZZ:
In September, despite a global oil glut developing largely because of China’s slowdown and the rapid increase in U.S. production, the Saudis boosted production half a percent, to 9.6 million barrels a day, lifting OPEC’s combined production to an 11-month high of almost 31 million barrels a day.
Then, on Oct. 1, Saudi Arabia lowered prices by increasing the discount it offered its major Asian customers. The kingdom might just as easily have cut production to defend higher prices. Instead, the Saudis sent a strong signal that they were determined to protect their market share, especially in India and China, against Russian, Latin American, and African rivals. Iraq and Iran followed suit.
The reason gas prices are down, is not only because of our record oil and natural gas production in the U.S., which has been in place for two years now, and the prices were still high, but because of how oil is traded, because of hedge funds getting out of oil, as well as oil companies facing lower prices and panicking.
It was just waiting to happen.
And they will stay low for at least 6 months to a year.
The effects of this on international politics, Russia, Iran, etc., will be huge.
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