Today one of the greats in the business said the next big bull market is already underway.
The Next Big Bull Market Is Already Underway
March 4 (King World News) – Gerald Celente: On 1 March, OPEC+ agreed to add 206,000 barrels a day to the world’s oil supply, beginning next month, to offset the effective shutdown of the Strait of Hormuz, a 21-mile-wide throat of water that connects the Persian Gulf to the Red Sea off the Iranian coast.
About 20 percent of the world’s oil flows through the strait daily but Iran warned shippers on 28 February that the waterway is now closed. Hundreds of ships are anchored near the strait, and some have been attacked, Reuters reported.
The oil cartel’s increase is modest – equivalent to about 0.2 percent of global demand – largely because group members other than Saudi Arabia and the UAE have little ability to pump more oil than they do already, analysts told Reuters. Between them, the two Arab states can raise output by as much as 2.5 million barrels a day, analysts estimate.
Saudi Arabia has been producing and exporting about 500,000 barrels of oil daily in recent weeks as it anticipated an attack on Iran, Reuters’ sources said.
OPEC+’s relatively small bump in output is unlikely to calm markets, analyst Jorge Leon, a former OPEC official now with consulting firm Rystad Energy, said to Reuters. “Prices will respond to developments in the Gulf and the status of shipping flows, not to a relatively small increase in output,” he added.
The price of benchmark Brent crude rose from the mid-$60s to the low $70s last week. After Israel and the U.S. began the campaign in Iran, the price briefly surpassed $82, its highest price in 14 months. Brent was trading at $TK at 5 p.m. U.S. EST on 2 March.
“The latest move reflects uncertainty around the scale and duration of the current conflict and recognizes that Iran’s political future may have major implications for the stability of the Middle East,” analyst James Hosie at the Shore Capital brokerage told Reuters.
The emergency increase on Sunday was voted on by eight OPEC+ members attending a virtual meeting. The same eight members – Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates – have decided most changes in production levels in recent years.
Iran has been OPEC’s third-largest oil producer, delivering about 3.3 million barrels of oil daily and 1.3 million barrels of related liquids.
TREND FORECAST:
What a difference a week makes. Thanks to the U.S./Israel war against Iran, the widely forecast global oil glut is coming to an end.
Iran’s closure of the Strait of Hormuz the bombing of Saudi Arabia’s largest refinery (which Iran says was a false attack by Israel) and the bombing of tankers etc., has dramatically driven up energy prices.
Kurdistan has shut off its 200,000-barrel-a-day oil operation and Israel has closed several natural gas fields.
The mainstream media is selling the line that the suddenly higher price of oil is likely to cause China to throttle back its imports by as much as two million barrels a day which would help to moderate crude’s price hikes. So will the release of oil from nations’ strategic reserves, a move that will become more likely as the conflict continues.
The war and oil’s higher price open an opportunity for U.S. shale oil producers. Shale oil is relatively costly to produce, and some fields have been shut in while U.S. oil prices remained in the mid-$60s. With global prices nearing $80 and U.S. domestic oil pricing around $75, the U.S. oil industry will take advantage to hike output… and the plantation workers of Slavelandia will pay for it.
US Strike On Iran Will Lead To Global Depression
To listen to Gerald Celente discuss his prediction for a global collapse and what investors should be doing to protect themselves and their family CLICK HERE OR ON THE IMAGE BELOW.
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To listen to Alasdair Macleod discuss exactly what is happening in the gold, silver, commodity and currency markets CLICK HERE OR ON THE IMAGE BELOW.
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