It will be more of a political move on the part of OPEC to calm high oil prices.
More Quotes from Tony Nunan:
Last time, the market could handle uncertainty as there was a lot of slack but now because prices are so high, the market is not equipped to handle unplanned events.Tony Nunan
Though there seems to be a lot of crude around, the long-term view is bullish. The U.S. Northeast will get colder and people may be concerned with middle distillate supplies.
Tony Nunan
The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But 65-70 seems a very distinct possibility as we approach winter.
Tony Nunan
Iran's nuclear plans will continue to pose a threat. It may shun foreign investment in its oil facilities.
Tony Nunan
In the short and medium term, there's no crude oil problem because the U.S. government will release stocks and IEA will release stocks to cover that shortfall.
Tony Nunan
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