Saudi's Falih urges OPEC to cut oil output to low end of target
Source: Reuters
Saudi Energy Minister Khalid al-Falih, speaking to Saudi-owned Al-Arabiya TV, said the oil market was on a path toward becoming balanced and that "reaching (a decision) to activate that ceiling of 32.5 million barrels per day (bpd) will speed up the (market) recovery and will benefit producers and consumers".
OPEC agreed on Sept. 28 to limit supply to between 32.5 million and 33 million bpd, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars or sanctions.
Falih and other ministers have said previously that OPEC would reduce output to that range, without specifying the higher or lower end.
Oil prices climbed above $47 a barrel on Thursday as comments from Falih and other ministers boosted expectations that OPEC would complete the deal.
Read more: http://www.reuters.com/article/us-opec-saudi-idUSKBN13C15K
Gas at $2.00 a gallon started heading up to $47 a barrel today, speculators are going to jump on this even though we have more surplus now then any time in history with millions more barrels found in Texas. Republicans hate Iran because they are not part of opec and do not play by wall streets make up a reason to raise prices daily!
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The Saudis stopped following OPEC production limits and flooded the market a couple years ago so the economy(ours and Russia) would crash and let Bush GOP take over the presidency in 2016.
However the US population did what we do and voted for a renegade just to save a few dollars on our insurance premiums and the Saudis are now worried because they do not have control of Trump and the Trump family has Russia on their side and Russia wants to expand and play in the oil market also.
The Saudis are getting worried, remember who we followed into Syria. They are going to have to pay of they want the US's support.
This is all just my opinion though will have to see what happens.
What an exciting time to be alive
