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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: JimisJim who wrote (197221)

9/28/2016 3:27:52 PM

From: Sam

Respond to of 206093

supposedly they will cap production... will believe it when it is actually announced (though how many will cheat on quotas as usual if/when oil prices firm or rise???)....

How many times has this kind of thing happened? There has always been cheating in the past and that was when circumstances were more favorable to OPEC + Russia. Now, with horizontal drilling, circumstances are against them. If prices rise above $50, there will certainly be increased production from the US. Anyone who reduces production will just lose market share and prices won't rise appreciably to make up for that loss of share.

They can no longer even pretend to control supply. Any announcement will be hot air silliness.