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BREAKING: OPEC Reaches Production Cut Deal
Posted on 9/28/16 at 1:56 pm
Posted on 9/28/16 at 1:56 pm
I hope this is good news for us oil baws
This post was edited on 9/28/16 at 1:57 pm
10
Posted on 9/28/16 at 2:03 pm to b-rab2
Posted on 9/28/16 at 2:05 pm to b-rab2
I doubt this deal actually goes through. More trolling
Posted on 9/28/16 at 2:05 pm to b-rab2
Does this affect NG prices or do those prices change independently?
Posted on 9/28/16 at 2:06 pm to b-rab2
My XOM stock is up over 4% today
Posted on 9/28/16 at 2:07 pm to b-rab2
All I read was they agreed that there is discussion about it still. Nothing has been reached and discussions will continue in November as per WSJ.
Posted on 9/28/16 at 2:08 pm to b-rab2
quote:
I hope this is good news for us oil baws
Its not, because you know what that means? The US will just produce more. Its good for the US though, we are the new swing supplier. I can't believe they broke. Idiots.
Posted on 9/28/16 at 2:09 pm to barry
If this makes prices go up and I get to hold on to my job longer, I'm for it.
Posted on 9/28/16 at 2:12 pm to b-rab2
quote:
If this makes prices go up and I get to hold on to my job longer, I'm for it.
Amen to that. I'm continuing to ride the wave myself.
Posted on 9/28/16 at 2:14 pm to b-rab2
quote:
If this makes prices go up and I get to hold on to my job longer, I'm for it.
Feel like we just got a stay of execution.
Posted on 9/28/16 at 2:15 pm to WavinWilly
quote:
Feel like we just got a stay of execution.
I wouldn't feel too optimistic about this.
Posted on 9/28/16 at 2:21 pm to b-rab2
1) I don't know if 750k bpd is going to make a major difference
2) I have NO confidence that these countries will not try to cheat this.
3) Even if this is legit, and prices have a temp bump, non OPEC nations i.e the US will shortly ramp up production, which will eventually bring prices back down.
There are too many players these days to artificially manipulate the market. This ain't the 70s. You may get some short term bumps, which will be nice for those who invest in oil derivatives.
Even in 2008, demand way outstripped supply. 8 years later, we now know where we can turn to if we have that issue again. We have more proven reserves, we have more and better fracking, etc.
2) I have NO confidence that these countries will not try to cheat this.
3) Even if this is legit, and prices have a temp bump, non OPEC nations i.e the US will shortly ramp up production, which will eventually bring prices back down.
There are too many players these days to artificially manipulate the market. This ain't the 70s. You may get some short term bumps, which will be nice for those who invest in oil derivatives.
Even in 2008, demand way outstripped supply. 8 years later, we now know where we can turn to if we have that issue again. We have more proven reserves, we have more and better fracking, etc.
Posted on 9/28/16 at 2:23 pm to LSUFanHouston
Stop speaking all this truth!! Lets us celebrate for at least half a day before we come back to reality.
Posted on 9/28/16 at 2:25 pm to b-rab2
quote:
Stop speaking all this truth!! Lets us celebrate for at least half a day before we come back to reality.
yea guy
Posted on 9/28/16 at 2:27 pm to WavinWilly
I'm convinced these OPEC countries start rumors of production cuts just to make bank on oil/gas trading
This post was edited on 9/28/16 at 2:29 pm
Posted on 9/28/16 at 2:42 pm to barry
I agree with you. They still have time to cancel this "deal" though.
This post was edited on 9/28/16 at 2:44 pm
Posted on 9/28/16 at 3:03 pm to b-rab2
Leggo!
Posted on 9/28/16 at 4:31 pm to barry
Saudi Arabia ran a $98 billion dollar deficit last year and the 2016 budget predicts an $87 billion dollar deficit. They've had to cut public subsidies and government salaries. They were going to break at some point.
This post was edited on 9/28/16 at 4:32 pm
Posted on 9/28/16 at 5:15 pm to boosiebadazz
They've still got a ton in the bank but yes eventually they will. Dont get tricked though, they can still ride this out another couple of years.
Posted on 9/28/16 at 5:20 pm to barry
quote:
Its not, because you know what that means? The US will just produce more. Its good for the US though, we are the new swing supplier. I can't believe they broke. Idiots.
Theyre saying the same thing.
"I can't believe they believe us...for the 18th time this year"
I seriously doubt this changes anything.
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