Making Money Minute with Ron Hiebert

Oil Surplusses

Unless we have a war or other major disruption to oil production, it looks like prices aren’t headed higher anytime soon. Russia is in peace talks with Ukraine, and the US, is pursuing a nuclear weapons treaty with Iran. If one or both are successful, it will lead to sanctions being lifted, giving both of these large producing nations, access to global markets once again. OPEC alone, has 5.3 million barrels per day of spare production capacity, available to bring on stream. Currently the world is drowning in oil, and until that changes, prices will remain weak.

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