February 04, 2009
– Comments (1)
Well, I thought it likely there would be a glut of oil supply due to companies increasing output and demand destruction.
There is a glut of oil out there...
OPEC is actually doing suprisingly well imo in cutting but it's not anywhere near enough (and it looks they aren't doing well to outsiders).I thought it would be more like 35-40% compliance. Oligopolies always have guys like Nigeria who break the rules.
The whole super contango situation is prtety crazy as well.
Vet67to82 has some good posts on it
thing could get very bad geopolitically if Oil goes far below 30 and stays there....one of these OPEC dictatorships might get desperate..