Oil trader expects Saudis to keep production cuts in place until oil hits $110

November 2, 2023/in /by Rudolf Huber

110 USD? Let’s be honest but that’s not so far from where oil was just 5 years ago. It was a bit over 80 USD but over those last 5 years, inflation has taken a massive bite out of the value of the money we use. So what would 110 USD in 2024 correspond to in 2019? Certainly not a bit over 80. In a sense, the Saudis are just trying to compensate for what they lose due to inflation. This does not mean that I believe it will work. Oil prices do what they do and the long-term indicators worldwide point towards widespread economic depression. Not a good environment for high prices.

As inventories decline in the coming months, “the market will have to beg for more supply at some point,” the founder of Andurand Capital Management LLP said during a question-and-answer session at Saudi Arabia’s Future…

worldoil.com

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