The new anthem in Saudi Arabia is Lil Wayne singing, “Turn down for what?”
The only good thing about the Great Recession in 2009 is it reset everything we knew about oil since 2001. That was a significant time when WTI went from $20 to $147 and the world’s oil supply and demand was pushed to the brink. The oil trade was revolutionized with hedge funds, banks and private equity flush with oil traders.
OPEC was at the peak of its importance and every meeting was hotter than a Madonna concert. All the players in the oil game were of such great importance and in such high regard, the industry never had it so good. Then we wiped the chalkboard clean and have not even come close to even resemble what once was in oil.
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