Jim Cramer: The Saudis are in Control of Oil
The Saudis are in control of oil prices and they intend to keep pumping, says Jim Cramer.
The Saudis are in control of oil prices and they intend to keep pumping, says TheStreet's Jim Cramer. The International Energy Agency revised down its expectations for oil demand in 2017. The IEA today said it expects demand to fall to 1.2 million barrels a day next year from 1.4 million barrels a day in 2016. The fall in demand is expected to be led by China and the U.S. The 2017 outlook is 100,000 barrels a day lower than previous expectations. The decrease was due to a 'dimmer macroeconomic outlook.'
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.
