OPEC Thanksgiving 2024 Ruh Roh

Last Sunday, we highlighted the risk to OPEC Thanksgiving meetings, with a look back to the 2014 Thanksgiving OPEC meeting oil market massacre. In that market share war, oil prices fell hard from June 2014 from $120/bbl to $75/bbl at Thanksgiving, and bottomed at $46/bbl by January 2015, with a lower low in February of 2016 at $28/bbl. That is the path we are on if there is a market share war in OPEC, Saudi …

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