Saudis Cut Oil Deliveries to th US

[Billyd]

The US recovery seems to be putting a hurt on OPEC. The upcoming meeting should be interesting.

Saudi Arabia turns off the US oil tap

You old folks remember the Arab oil embargo. Funny how things have changed since it happened.

 

[zeroturbulence]

That just shows that they are desperate. The US used to be a hostage to OPEC and now thanks to the fracking industry we have surpassed OPEC's production and their precious oil is losing value as it piles up in their warehouses. Cutting off exports to the US will raise oil prices until they realize that they themselves need to sell more to stay afloat or until US production makes up for the loss. I think the former will come to pass much sooner because those arabs need to sell a lot of oil to pay for their mansions, private planes and fancy cars.

 

[Desdichado]

And wars. Don't forget wars.

That just shows that they are desperate. The US used to be a hostage to OPEC and now thanks to the fracking industry we have surpassed OPEC's production and their precious oil is losing value as it piles up in their warehouses. Cutting off exports to the US will raise oil prices until they realize that they themselves need to sell more to stay afloat or until US production makes up for the loss. I think the former will come to pass much sooner because those arabs need to sell a lot of oil to pay for their mansions, private planes and fancy cars.