bcoz US is producing so much oil right now, so much that they has become net oil exporter, which more than enough to replace the lost output from those countries. not all members of OPEC is reducing output, such as Nigeria is trying to ramp up their production. All in all only Saudi is fighting to increase price coz they need it for their economy, that's why only Saudi is reducing. Not all of OPEC. I foresee the only case that'll significantly push up the price is Iran blocking Straits of Hormuz, which is very unlikely. US has got a huge reserve, which they can release in a short while to balance the price.
Stock: [HIBISCS]: HIBISCUS PETROLEUM BHD
2019-05-03 11:43 | Report Abuse
bcoz US is producing so much oil right now, so much that they has become net oil exporter, which more than enough to replace the lost output from those countries. not all members of OPEC is reducing output, such as Nigeria is trying to ramp up their production. All in all only Saudi is fighting to increase price coz they need it for their economy, that's why only Saudi is reducing. Not all of OPEC. I foresee the only case that'll significantly push up the price is Iran blocking Straits of Hormuz, which is very unlikely. US has got a huge reserve, which they can release in a short while to balance the price.