It’s Official, OPEC Has Declared An Oil Price War
http://etfdailynews.com/2014/12/02/...-has-declared-an-oil-price-war/
Kent Moors: My meetings here in Dubai are at the Burj Al Arab, the fabled “seven-star hotel” built like a huge ship’s sail on its own man-made island.
At center stage are some of the region’s top oil policy makers, including a rather impressive forty-one year old, His Excellency Suhail Mohamed Faraj Al Mazrouei.
As the Minister of Energy here in the United Arab Emirates (UAE), His Excellency occupies a key place in the center of OPEC’s oil war.
Together, these are some of the very people involved in OPEC’s recent decision to maintain current production levels.
What I’ve learned at these meetings is setting up one of the best opportunities in decades…
It’s Official, OPEC Has Declared an Oil Price War
The truth is nobody is really certain what comes next in the Persian Gulf. But a symbolic omen of sorts did hit this week.
Here in Dubai, where the desert meets the water, something very unusual occurred. It rained.
The accompanying clouds have appeared figuratively in my meetings over the past several days as well.
Given the big time difference in the weekly schedule in this part of the world, the Dubai Stock Exchange (DSE) was open on Sunday and today in advance of a two-day national holiday. That gave my meetings much more focus.
As felt elsewhere throughout the world, stocks on the DSE were hammered in the aftermath of OPEC’s decision to maintain current production levels in the face of falling oil prices.
But Dubai isn’t just focused on oil. The country is now a center for real estate, finance, and trade. The other six emirates, however, led by Abu Dhabi, are still dependent on global oil price swings. |
