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Inside, confidential and off the record


Saudi: Not turning back

© Bast van der Schot

Joyce Karam on Twitter: "Interesting Cartoon on Saudi oil strategy.
Appeared in De Volkskrant, Netherlands


CRUDE OIL PRICES HAVE RISEN VERY SHARPLY YET AGAIN predicated upon the rumour that swept through the markets yesterday that the Russians we re willing to talk with the Saudis about cutting production and holding a meeting with OPEC to discuss precisely that. The Saudis are not going to cut production. You can count on that just like you can count on a Mother's love; like you can count upon the fact that UNC's basketball teams cheated on their grades, their te sts, their papers and the classes they supposedly attended; just like you can count upon Duke's basketball team having half as many fouls called upon their as their opponents (esp ecially when they play on their home court!) and like you can count upon Millennials to support any political figure that shall promises them free college tuition and a $15/hour minimum wage. ‘Tis like night follows day. The Saudis have been working to increase their production of crude on a steady, relentless basis for years, and as the chart this page makes clear they have only now gotten their production back to the levels that prevailed in the late 70's. They are not going to turn back row.

Further, the Russians cannot curtail production for the simple reason that their wells drilled years ago during the Soviet period and even post the Soviets were not insulated as we and the Canadians insulate ours. Since so much of their crude comes from frigid Siberia, unless crude continues to flow those well if shuttered in would freeze over and would have to be re-drilled. They Russians are not going to do that then. They may talk about curtaining production but they, like the Saudis, won't and actually can't.


Dennis Gartman / The Gartman Letter / 01 29 2016

ISSUES.... 01/ 02 / 2016 - Send Us Your Issues

ISSUES.... Inside, confidential and off the record
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