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re: Saudis manipulating oil lower - ok with $80/barrel for next 2 years
Posted on 10/13/14 at 12:23 pm to BobBoucher
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.
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