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Olduvai
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Olduvai III: Catacylsm
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Seconds after Oil hit the lows and NYMEX closed – and S&P broke the critical 1812 level, this hit:
Here is the source:
OPEC is ready to cooperate on a cut, but current prices are already forcing non-opec producers to at least cap output, says UAE Energy min
And the reaction…
The last time front-month crude oil traded at these levels ($26.12) was May 2003 as WTI Crude has collapsed over 22% in the last 2 weeks – the biggest drop since Lehman in 2008. Goldman’s “teens” are getting closer…
With credit risk already at record highs – and getting higher – we suspect the moment of Chapter 7 truth is getting closer.
AFP/Getty ImagesDUBAI — Saudi oil minister Ali al-Naimi met with his Venezuelan counterpart on Sunday but didn’t announce any plans for the production cut the South American country says is needed to prop up crude prices.
Venezuela’s Eulogio del Pino traveled to Riyadh this weekend as part of a tour of oil-producing countries both within and outside of the Organization of the Petroleum Exporting Countries, including Iran and nonmember Russia. Del Pino wants Saudi Arabia, the world’s largest oil exporter, to come around to his call for an output reduction that could bring the world’s vast supply of oil back in line with demand.
Naimi called the meeting “successful,” with a “positive atmosphere,” according to the state-run Saudi Press Agency. Del Pino, on his official Twitter page, said the meeting was productive and focused on cooperating to “stabilize the international oil market.”
Olduvai IV: Courage
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Olduvai II: Exodus
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