I had predicted that the price of oil will eventually level of at the $80 mark. This I felt is what the producers would ultimately seek. Today Saudi Arabia the largest producer of oil has cut it’s production of it’s own accord. Their target is to increase the price of crude to a $70-75 level. 

OPEC may trim supplies more, ignore low price calls

They should arrive at this price by mid to later part of this year.

Filed under: Opinion