12 Mar '17, 6pm

Saudi Arabia Won’t Let Oil Head Back To $20s Again: Peak Oil https://t.co/lLgMYtdXfP

rockman on Sun, 12th Mar 2017 4:26 pm “Saudi Arabia has kept its promise…helping oil stabilize above $50 per barrel.” BS: Brent stabilized above $50/bbl 1 Dec 2016. And from 23 Feb to 10 March it fell from $57/bbl to %51/bbl. IOW there appears to be little correlation between what the KSA CLAIMS to have done and the price oil movements. “Apparently…have flooded the market with oil…as evidenced by the rise in oilrigs…” It takes 3 to 6 months from the day a rig move on to a well for it to begin producing. Which is supported by the fact that from the lowest rate of 2016 (8.578 mm bopd) to the lattest rate from the EIA (Dec 2016: 8.783). IOW US production increased 152,000 bopd. Which represents a 0.16%increase in global oil production. Thus what SIGNIFICANT effect the increased rig count will have on US oil production remains to be seen. And since it has yet to materialize it...

Full article: http://peakoil.com/consumption/saudi-arabia-wont-let-oil-...

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