'Twas the last energy report before Christmas, when all through the pits, OPEC is making the oil price slip.
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They are flooding the markets to give shale producers a scare, in hopes to maintain their oil vend share.
The cartel seems ready to run in the red, to put the threat from shale and alternatives forever to bed. Ali Naimi the OPEC Chief is setting a trap, and they are settling in to strap them of cash.
Then all of a sudden the oil stocks were in taters, the rig counts fell and dreams have been shattered. Oil stock downgrades came in a flash, as they worried how low oil prices would crash.
Oil majors' lowered outlooks were the latest blow, forcing CAPEX cuts, job cuts and economic woe.
What OPEC was doing was becoming increasingly clear, they want to dump oil and create market fear. By driving down oil so dastardly and quick, it froze new oil projects as prices fell like a brick.
More rabid than vultures the cartel’s members have no shame, as they cheat the global economy and I will call them out by name! Now Iran! Now Iraq! Now Kuwait and Algeria! Yes Venezuela! And UAE! And Qatar and Nigeria! Libya and Ecuador may have their backs to a wall, but Saudi Arabia will pump for them all. Just go away, please go away just go away all!
When you over produce there is no need to comply, just pump all you can just add to supply! Up to the tank-tops the barrels accrue, as the shale producers OPEC tries to undo.
And even in China demand is aloof, and in the U.S. we see no strong demand proof. Even as they say our economy is turning around, global oil demand growth is hard to be found. In Russia it looks like their economy is kaput and with deflation in Europe, I’d be buying some puts.
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