Sunday, October 23, 2016

Russia & Saudi Arabia plan to crash the happy gasoline price party!

Oil price down cycle
'nearing end':
Saudi minister
OPEC has invited Russia and key non-members to a meeting later this month as the cartel and Moscow seek to tighten cooperation to boost historically low crude prices.
The invitation was announced after a meeting between top OPEC energy ministers and Novak in Istanbul, aimed at advancing joint efforts to bolster oil prices whose lows have hurt the highly dependent economies of crude producers.
The cartel and Russia will meet on Monday, ahead of the OPEC technical meeting in Vienna on October 28-29, to which Russia and others have been invited.
The direction of the oil market should now be crystal clear to everyone. Demand growth is relentless. The products refined from oil are essential to a high standard of living on this planet. We will all complain when gasoline is back over $3.00/gallon,
but we will continue to pay for it. Within 6 to 9 months, demand for oil should exceed production. High storage levels provide a cushion, but oil prices will continue to ramp higher.

Get your VASELINE out folks but remember,
That's a petroleum product!

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