November 27 should be a key date on your calendar. Yes, it’s Thanksgiving, and I’m sure you’re making plans and lining up trips already. It’s also the date of the next OPEC meeting, and this one will be BIG.
Here’s the quick version of why: Most OPEC, and many non-OPEC countries like Russia, (and even the US), have fixed their budgets on about a-hundred-dollars-a-barrel price of crude. The Saudi’s, our old nemeses love/hate friends abroad, have been pushing prices down.
On Thanksgiving, the Saudis will be faced with the choice to reduce production…or not. If they do, oil goes back up. If they don’t, it could whip-saw the other direction, just based on market reactions. Further reason, in my book, why we need to keep drilling and keep fracking.
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