By Micah HalpernI've Been Thinking:
Knew it would happen. It did!!!
Oil hit $50 a barrel. The Saudis are elated. So are the Iranians. And everyone else in OPEC, too.
To give some perspective: In January oil was below $30 a barrel. In February it fell even more, to $26. And now - oil is expected to hit $60 a barrel by year's end.
The changes are due to several factors.
The two most important factors involve Venezuela and Russia.
During the first week of October Iran and Venezuela agreed to freeze production in an effort to stabilize the market, i.e. to increase the price of oil. Then during the 3rd week of October, OPEC and
Russia agreed to a production reduction.
There is great distrust of Russia, and yet, the price of oil is rising.
This is good news for Iran and Saudi Arabia and of course for Russia.
It is bad news for us.
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