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Group: Energy Investing
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Sure they cut but were not able to protect the oil price so no their ability is in question. What they say and what they do is sometimes two different things. If you think Venezuela is gone from the oil market forever that is your choice I see them as a wildcard at some point in the future. I don't see this board as bearish as you say from the recs to the contrary of any negativeness I posted. They mentioned a 500k cut which is not nearly enough imo so yes that is dropping the ball. Since 2014 their willingness or ability as you put it has failed miserably. The only reason oil recovered short term was due to the war although it was coming back slowly as I do believe under investment will be a metric but still see the market well supplied. Trump schooled them and now it seems Biden has done a better job than most think in keeping a cap on the oil price. Many are quick to ridicule him and how the Saudis basically have given him the finger and Iran as well but the bottom line is here we are. When talk came out about buying back SPR in the low 70's most laughed here again here we are. All I said in my initial post is OPEC+ is lagging action and demand is weak. Many here disagree my assessment but so what? This won't be the first time this board got it wrong right? Their jawboning has done very little to supporting the oil price for years and it comes down to the fundamentals and right now we are over supplied due weak demand, that's my take but could I be wrong, SURE lol. You come across as anything you post is fact and have it all figured out and I beg to differ 😉!! Now be nice and let others have their own take as you are just another poster here!