Tuesday, September 14, 2010
Phil Flynn: OPEC Divisions
The Globe and Mail quoted him as saying, "We believe that the market has bottomed in terms of demand and has already begun picking up," he said. "And Saudi Aramco will be responding to the economic recovery that has ensued with appropriate adjustments. But those will be determined collectively and not singly, either by the company or by the kingdom." Of course when the Saudis speak the market listens yet at the same time are they sending a message to other members of the cartel that the kingdom is tired of holding back on production while others profit by taking their market share. Early this morning the OPEC Secretary said in so many words.....Read the entire article.
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