OPEC, for some quiet moments..

[admin]

All these calls/prdictions here that oil would be at $70-$100 by now have poofed away. Citi is saying MAYBE oil will hit $70 later this year, but they and many or most others say it's not very likely. Better chances that oil stays under $60 and near term drops toward the $40s. Production caps are being observed for now but US production is ramping up and it won't be long before OPEC production observers say enough is enough; we are losing market share and the world has changed for a good while as shale has changed the game.

LOL. Here is what I wrote just after the OPEC agreement.

Finally there seem to be some OPEC supply freeze/cut agreement, a turnaround from a disastrous strategy. Even if it sticks, it isn't likely to achieve a great deal though. An increase in the oil price will simply be filled by increasing supply, mainly from US shale.

The OPEC Agreement Is Meaningless - The United States Oil ETF, LP (NYSEARCA:USO) | Seeking Alpha