Re: Crude Oil (CLM16) .. next move?!
Jacko,
I agree.
The last two times that Russia and the Saudis agreed on a freeze - Russia cheated. Both times!!!! So, what's the friggin point??
The whole idea of a possible "freeze" is ludicrous. Venezuela, Mexico, Angola, Iraq and Nigeria have totally different economies that rely almost exclusivley on Oil revenues. It was the same with the Saudi's until about 10 years ago when they diversified their economy. They still have billions in reserves to tap, if needed. The IMF and the world bank are leaning on them heavily.
I read this morning where the Saudis have achieved their goals. They've slaughtered the oil price and let western institutions mop up the blood.
The whole idea of a "freeze" is absurd. Even during the heydays of OPEC, they NEVER stuck to their production agreements.