Saudi Arabia and Russia: Oil Freeze!

As we’ve mentioned previously, THE OIL GAME BE CRAY RIGHT NOW

The price of oil/barrel has dropped approximately 70% over the past 18 months. The reason your gas has been cheap as fuck is that global demand for oil has fallen relative to the increased supply of oil globally. The major producers/exporters of oil (Saudi Arabia, Russia, Venezuela) have yet to slow down while other 2nd and 3rd-tier exporters have ramped up production.

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After basically no fucks being given for an extended period of time, Saudi Arabia, Russia, and Venezuela have decided to freeze production of oil at January levels going forward. This is at least a sign of progress. Countries around the globe that are dependent on the exportation of oil have been absolutely crushed economically. It seems that the domino-effect just might be starting to hurt the oil big boys as well, despite their historic price insensitivity.

Then again, it’s basically the biggest oil power-players saying that we will keep our historic high levels of production as is, for now. You ain’t fooling us homies

Russia's President Putin toasts with Saudi Arabia's Ambassador to Russia Al-Rassi after receiving a diplomatic credential from him during a ceremony at the Kremlin in Moscow

Russia’s President Vladimir Putin (R) toasts with Saudi Arabia’s Ambassador to Russia Abdulrahman Al-Rassi after receiving a diplomatic credential from him during a ceremony at the Kremlin in Moscow, Russia, May 28, 2015. REUTERS/Sergei Karpukhin

 

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One thought on “Saudi Arabia and Russia: Oil Freeze!

  1. Pingback: Iran and Iraq Ain’t About That Life, Son | NO FILTER NETWORK

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