The price war in crude oil is over if you want it to be! At least that is the talk in the energy complex where Saudi Arabia declared a price war against the shale producers at the November OPEC meeting.
Crude oil is rocking again as the ultra-bearish arguments are falling to the wayside. Better than expected data out of Europe, a crude draw reported by the American Petroleum Institute and Saudi oil selling prices are reflecting better-than-expected demand and lower U.S production.
Saudi-led aircraft pounded Iran-allied Houthi militiamen and rebel army units in central Yemen and the capital Sanaa on Monday, residents said, reporting that food and medical supplies were running low.
Ten years ago almost to the day Matthew Simmons wrote his iconic peak oil best seller "Twilight in the Desert" with the premise that that Saudi oil and crude oil production globally could soon approach a serious, irreversible decline.
A 10.95-million-barrel surge in WTI crude stockpiles to an all-time high of 482.4 million last week (the biggest gain in 14 years) and Saudi oil production of 10.3 million barrels a day (bpd) in March battered crude on Wednesday.