If I'm OPEC and Russia, there is no way I am pumping more oil. The mere thought of more oil is driving the market down. Roughly $7 in a week!
At 10 Mbbls a day per producer, Russia and OPEC are now making $70 million less a day already. Pump more oil and the price dives to $50 a barrel in a heartbeat.
They can't pump that much more oil to make up for that $$ shortfall and if they do, it just drives the price lower.
3 month graph of crude oil
https://www.nasdaq.com/markets/crude-oil.aspx
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Erased months of gains for crude traders in a couple days.
Looking at COT and knowing how the US Fed/Goldman Sach work, I feel 95% confident that they got Russia on board with this decline by telling them to sell 6 months forward. Meaning, they may loss money in spot, but they are making it up on Hedging.
I doubt the Russian's needed Goldman Sachs or the feds advice. They know the power of what they say and how it affects oil markets.
Russian President Vladimir Putin was quoted as saying that Russia is fine with a $60 oil price, because prices higher than that level “can lead to certain problems for consumers, which also isn’t good for producers."
He also knows that it's close to a choke point for US oil producers.
Russia does not go to Goldman Sach for advice. Goldman Sach goes to Saudi and Saudi went to Russia and they were the ones who got Russia to Agree with everything and get on board. The US FED and Goldman Sachs are the ones in control with this decline in Oil. They are the ones who manipulate the players and the markets. They are the ones controlling the news. I am sure to get Russia on board, they told Russia to hedge a few months of production. We will get below $60, how far below is the question? Is $49 possible? What a buy for those still alive at that point.
this just came out today about the US asking Saudi and Russia to pump more.
The US Fed and goldman do more insider trading then everyone else combined. baahaa
You are correct. Shale oil average is probably close to that. Still think we are headed back to the 30's without a war. Trump has so far not gotten sucked into one. Hope he continues with that success.