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Message
Saudis manipulating oil lower - ok with $80/barrel for next 2 years
Posted on 10/13/14 at 11:55 am
Posted on 10/13/14 at 11:55 am
Russia complaining about manipulation. Good. Screw 'em.
LINK
My guess is we won't see it low for two years - just long enough to bring Putin to his knees.
Does anyone want to give Obama props here? Being Muslim obviously has advantages.
quote:
The news comes as Reuters reports Saudi officials have been privately admitting to oil market participants that they are comfortable with lower oil prices. According to the news service, the Organization of the Petroleum Exporting Countries (OPEC) is willing to accept prices as low as $80 a barrel for as much as the next two years.
LINK
My guess is we won't see it low for two years - just long enough to bring Putin to his knees.
Does anyone want to give Obama props here? Being Muslim obviously has advantages.
This post was edited on 10/13/14 at 12:17 pm
10
Posted on 10/13/14 at 11:57 am to BobBoucher
Why is SA doing this?
Posted on 10/13/14 at 12:01 pm to BobBoucher
So where does it say SA is manipulating the price?
Posted on 10/13/14 at 12:02 pm to BobBoucher
quote:
Does anyone want to give Obama props here?
For what?
Posted on 10/13/14 at 12:23 pm to BobBoucher
I think this hurts a lot of oil providers, but this is good for the consumer. No one can produce massive amounts of oil at a lower price that the Saudis. So lowering the price will have two effects:
1. higher priced producers will have to cut back on exploration and developments (oils sands, fracking, artic, ultra deep-water, etc)
2. Highly oil dependent economies will have to scale back their budgets (UAE, Iran, Venezuela, Russia).
NG prices are still very localized without LNG terminals so Russia will likely still have good leverage against the EU.
1. higher priced producers will have to cut back on exploration and developments (oils sands, fracking, artic, ultra deep-water, etc)
2. Highly oil dependent economies will have to scale back their budgets (UAE, Iran, Venezuela, Russia).
NG prices are still very localized without LNG terminals so Russia will likely still have good leverage against the EU.
Posted on 10/13/14 at 12:31 pm to BobBoucher
Honestly I know Saudi-Aramco is still getting the cutbacks/discounts from 3rd parties they were getting when oil tanked in the late 2000s. So they are still drilling cheap
Posted on 10/13/14 at 12:54 pm to BobBoucher
That article is just intimating that they are with the evidence being that they've said they're comfortable with $80 prices. I just don't believe they are because I don't believe at this time they're capable of putting that much downward pressure on oil prices. I think this price decline is due to worldwide excess supply caused more by falling demand due to stagnating economies.
Posted on 10/13/14 at 1:01 pm to BobBoucher
Let's take a quick moment to laugh at the liberal doofuses who were crying about "peak oil" a few years ago. 
Posted on 10/13/14 at 2:25 pm to BobBoucher
So gas will be $2.50 a gallon again?
Posted on 10/13/14 at 5:08 pm to BobBoucher
Aimed at Russia, Yeeea
Posted on 10/13/14 at 5:23 pm to BobBoucher
quote:
My guess is we won't see it low for two years - just long enough to bring Putin to his knees.
Putin has been watching too much Fox News if he thought the U.S. wouldn't work behind the scenes to chop Russia's legs off.
Im guessing Putin is counting on misinformation and nationalism to keep the people behind him. Probably playing the victim card..
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