The oil industry analysts are not impressed. Much like the McCain "let's drill offshore" the Saudi talk about expanding production is years away from being reality. The meeting was exactly the kind of fraudulent PR spin that many predicted.
"The only thing that's been achieved from this meeting is that we have a clear path to $150 and beyond," Stephen Schork, editor of energy publication The Schork Report, told "Squawk Box Europe."
"Why did we even have this quote-unquote oil price summit?" Schork said. "The Saudis didn’t tell us anything we didn't already know."
"My fear is now that OPEC, or specifically the Saudis, has not given this market a reason to sell, and with the amount of speculation in this market we now have every reason to go back in and start buying this market now," he said.
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