Last Thursday I wrote:
Saudi’s are saying, “Screw you Iran, Russia, and Venezuela. You are so dependent on oil revenue you need prices at $90/barrel. You don’t listen to us when we tell you to do something so we’re going to pump lots and lots of oil. We can live well on $50 oil. Can you? Oh so sorry.”
Prince Al Waleed of Saudia Arabia just confirmed it on a live CNBC interview. He said he has no problem with the current price of $54 and thinks the price should remain near the $60 level for years to come.
No support whatsoever for the OPEC countries that want a higher price. Not even lip service.
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