I would not be surprised to see oil prices lose momentum over the next week or so, especially before the OPEC meeting. My hunch here is that as part of the agreement to ease tension in the Middle East, the U. S. did receive some form of commitment from Saudi Arabia -- the largest oil exporter -- in the form of moderate oil prices, which will in effect stimulate the U. S. economy. I think Saudi Arabia will lead the pack OPEC to increase oil production, which will result in lower oil prices,
More Quotes from Fadel Gheit:
Everybody is trying to secure their own resources instead of being dependent on somebody else. All these government-owned companies or government agencies are emerging from the bureaucracy and the state's shadow.Fadel Gheit
The problem is not lack of oil supply. It's lack of oil refining capacity, ... You can give me all the oil you want, but our cars do not run on crude oil.
Fadel Gheit
Every producer around the world is producing the marginal barrel to take advantage of high prices. Right now, OPEC is not holding back. But OPEC wants to have its cake and eat it, too.
Fadel Gheit
My expectations were extremely high we missed big time.
Fadel Gheit
We created a panic situation by reading too much into the empty threats, and when these threats started moving prices higher in anticipation, then the U. S. put its foot down and said even if Iraq stops world export, we are prepared to take all the necessary measures to make sure there is plenty of supply.
Fadel Gheit
This is evidence that we really don't have to worry about shortages.
Fadel Gheit
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Based on Topics: Agreements QuotesBased on Keywords: exporter, hunch, opec
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