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My downstairs neighbour works in the oil industry and I was having a chat with him yesterday. His insider opinion was we will see $150 this year and his reasons were that although opec says it can keep prices down, he said the oil industry is taking this opportunity of higher prices to renew and replace all their current equiptment. His company are scrapping all boats over 20 years old and replacing with new ones, boats at 10 years old are being closely looked at and replaced where they feel they can do.
He said, over the last few years they have kept things tight but are now making the most of the higher prices and increased revenue to spend spend spend and he felt this alone would keep prices going upwards.
Just a simple view of some other forces affecting the oil prices!!
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