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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 12:00 pm to upgrayedd
quote:
Why is SA doing this?
Discourage the US from using alternative ways of extracting oil and gas by making it cost prohibitive?
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 12:05 pm to upgrayedd
Puts fracing below the economic feasibility line.
That's OK let's burn their oil first.
That's OK let's burn their oil first.
Posted on 10/13/14 at 12:09 pm to TK421
Reagan got the Saudis to do this in the 80s. Really put a dent in the Soviet's ability to finance their military.
Posted on 10/13/14 at 12:19 pm to redandright
quote:
Reagan got the Saudis to do this in the 80s.
So, if you give Reagan credit for that, don't you have to give Obama credit for this?
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 12:25 pm to BayouBlitz
Nobel prize winners don't need no stinking credit.
Posted on 10/13/14 at 12:27 pm to BayouBlitz
quote:
So, if you give Reagan credit for that, don't you have to give Obama credit for this?
I don't know. Has Obama lobbied the Saudis to do this? I mean this is on record as something Reagan did.
Then if he did, I give him credit for learning from Reagan.
And I'm sure the Saudis see the benefit of making it too expensive here in the States to continue with fracking.
This post was edited on 10/13/14 at 12:29 pm
Posted on 10/13/14 at 12:28 pm to goatmilker
I read somewhere a while back the Saudis base their economy on $75 bbl.
Posted on 10/13/14 at 12:30 pm to TrueTiger
quote:Agreed.
That's OK let's burn their oil first.
Posted on 10/13/14 at 12:31 pm to TrueTiger
quote:
That's OK let's burn their oil first.
If we didn't have to rely on Mid-East oil, that would certainly be beneficial to us. Anything we can do to distance ourselves from those maniacs over there would be great.
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 1:04 pm to LSUTigersVCURams
quote:Maybe it's my social circle biasing me, but most of the people I heard squawking about "peak oil" were of the crazy libertarian persuasion.
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 1:08 pm to Iosh
quote:
quote:
Let's take a quick moment to laugh at the liberal doofuses who were crying about "peak oil" a few years ago.
Maybe it's my social circle biasing me, but most of the people I heard squawking about "peak oil" were of the crazy libertarian persuasion.
It was all stripes but the crazies (many of the anarcho persuasion) were all over peak oil.
Posted on 10/13/14 at 1:16 pm to upgrayedd
quote:SA's regional rival is Iran. They get a lot of support from Russia.
Why is SA doing this?
SA also aren't big fans of Assad in Syria. Their major patron is Russia.
Long-term, SA sells most of its oil in Asia. That sweetheart deal Putin cut with China did not go unnoticed.
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