wallstreetexaminer.com / by Craig Wilson • November 22, 2016
The latest reports are that oil is hitting a three-week high ahead of an OPEC (Organization of the Petroleum Exporting Countries) decision on output due out this month. While the news on rising oil might be only temporary, here are 7 reasons that oil very well could drop further.
As the Daily Reckoning reported back in September, OPEC’s head of state meeting is set to happen days from now – and its credibility is overblown. Following the September 28th meeting, many speculated that OPEC would halt its global oil production. Don’t hold your breath.
The chance of Iran, Saudi Arabia and Iraq all agreeing on the reduction of money into their economy at this point in time is highly unlikely. Reducing production is bad for business. It is also bad for waning government stability.