Quote:
Originally Posted by sloride
If the Saudi's or any producer cut production, it would drive prices higher not lower as oil currently is around ninety seven dollars per bbl.
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And there there is reality.
If the Saudi's cut production the other OPEC members could replace it in less than an hour. Everyone is currently producing less than they are capable of. If the Saudi's cut their production to zero it would impact the market for about 48 hours since that's how long it would take for those not in the business to understand what they are really dealing with.
Oil will soon hit $85 a bbl., and it will stay there unless it goes lower.
You do not understand just how much oil is currently out there looking for a buyer.