The Major Threat to Some of the World’s Largest Oil Producers.
Saudi Arabia is rattling the oil sector… and that’s bad news for some of the most popular oil stocks on the market.
Last week, the leader of the Organization of the Petroleum Exporting Countries (OPEC) – the oil cartel that has effectively set the oil price for decades – raised the export price of crude oil to Asia… but cut the export price of crude oil to the U.S.
The market went crazy. Oil prices slumped to multiyear lows. News outlets everywhere shouted that Saudi Arabia was taking a shot at the U.S. shale boom.
But they’re wrong… While it’s true that U.S. shale companies will be affected by low oil prices, Saudi Arabia is actually threatening Canadian oil producers.
Let me explain…
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