OPEC is meeting in Vienna with oil prices hovering dangerously close to $100 for the first time in 5 months. Some analysts expect OPEC to cut production to boost prices, however Saudi Arabia has indicated it will continue to pump crude from the sand, as other investors dump commodities for the strengthening dollar, because their ministers fear that by new years the supply will not be able to keep pace with demand.
OIL OIL OIL.
OPEC produces 40% of the world’s oil.
It took mankind 120 to use half the oil reserves on the planet. At the present pace we have about another 30 years before it’s back to camels for the Arabs and horses for the USA.
I’ll be 86.