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Russia, Saudis purposefully attacking US shale industry, oil tycoon Harold Hamm says
Posted on 3/11/20 at 2:57 pm
Posted on 3/11/20 at 2:57 pm
Interesting. He seems to think it’s a coordinated attack. Wouldn’t be surprised.
LINK
LINK
quote:
Oil tycoon Harold Hamm says Saudi Arabia and Russia are flooding the market in a “direct attack” on U.S. producers. “They’re taking advantage of this coronavirus pandemic that’s sweeping the world to focus in on this industry and devastate it,” Hamm, founder and executive chairman at Oklahoma City-based Continental Resources Inc., said during an interview on FOX Business’ “Cavuto Coast to Coast” on Wednesday. "That's not gonna happen. We're gonna take action on them. We're gonna investigate that." He said the Domestic Energy Producers Alliance has taken action to pass a resolution and start an anti-dumping investigation into Saudi Arabia, Russia and possibly other countries.
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Posted on 3/11/20 at 2:59 pm to RedRifle
Attacking us during a freak out over a virus is genius.
Posted on 3/11/20 at 3:00 pm to RedRifle
OPEC limits production to keep prices high. Domestic producers jump in and produce oil at a lower price. Yeah America!
OPEC and Russia say "nope" and open the flood gates to drop prices. Domestic producers complain.
Free Enterprise bitches. Make it cheaper than they do and we will buy it.
OPEC and Russia say "nope" and open the flood gates to drop prices. Domestic producers complain.
Free Enterprise bitches. Make it cheaper than they do and we will buy it.
Posted on 3/11/20 at 3:00 pm to RedRifle
We must be doing something right if they're that concerned about us
Posted on 3/11/20 at 3:01 pm to Oates Mustache
quote:
Attacking us during a Dem-media fueled freak out over a virus is genius.
Posted on 3/11/20 at 3:01 pm to RedRifle
Someone correct me if I am wrong, but doesn't the Russian budget require a substantially higher price of oil in order to be balanced? This move could make sense for the Saudis, but it seems to be to the detriment of the Russians more than anyone else.
I'm just a book-baw who reads shite online, though, and I defer to the expertise of the numerous O&G folks around here.
I'm just a book-baw who reads shite online, though, and I defer to the expertise of the numerous O&G folks around here.
Posted on 3/11/20 at 3:02 pm to RedRifle
I don’t know how all that works. But can we really stop them from selling as much of their own oil as they want to sell..... for whatever price they wish?
Posted on 3/11/20 at 3:02 pm to RedRifle
quote:
Oil tycoon Harold Hamm says Saudi Arabia and Russia are flooding the market in a “direct attack” on U.S. producers.
quote:
US Consumer Harry Caray says Saudi Arabia and Russia are flooding the market in a “direct aid” for US consumers.
Posted on 3/11/20 at 3:02 pm to HempHead
Other way around. Russia runs a tight budget. It’s Saudi that has high budget deficits.
Posted on 3/11/20 at 3:04 pm to RedRifle
Harold hamm has lost his mind. He might as well vote for sanders with that ridiculous take. These guys always want to get bailed out when the fault all lies within.
Posted on 3/11/20 at 3:04 pm to RedRifle
I'm just curious what the break-even point is for either one. Am I wrong in thinking that the Saudis have more easily accessible oil compared to Russia? Less capital intensive means of extraction and whatnot.
Posted on 3/11/20 at 3:07 pm to HempHead
Saudi is estimated to be $10-20 per barrel and the Russians range from estimated $20 in legacy giant fields to closer to $65 in their arctic plays. Saudi has the whole house of saud and payments to its subjects though.
Posted on 3/11/20 at 3:08 pm to RedRifle
So the same companies that have no problem making billions when market factors increase the price now want government to step in and take action when market factors cause a lower price ......interesting.
Posted on 3/11/20 at 3:08 pm to SelaTiger
Trump can use the anti dumping rules used for things like steel to block imports with massive tariffs if they rule the foreign countries are selling below cost or attempting to harm vital US industry
Since we are energy independent this is a likely reaction (we do need to import some heavy oil from places like Venezuela)
Saudis and Russians about to have a bunch of ships loaded with oil and no place to unload
Since we are energy independent this is a likely reaction (we do need to import some heavy oil from places like Venezuela)
Saudis and Russians about to have a bunch of ships loaded with oil and no place to unload
Posted on 3/11/20 at 3:13 pm to TigerDog83
It’s higher for the Saudis when you factor in their budget deficits. I’ve read that while they can use emergency $20 their real numbers are like $40-50 range.
Posted on 3/11/20 at 3:14 pm to RedRifle
So what's their end-game? Trying to crash the market in the short-term to cripple American companies, and come back with increased prices when the competition has been "eliminated"?
Posted on 3/11/20 at 3:23 pm to HempHead
Not so sure Putin isn’t playing a long game. The goal is American damage and increased russian control of Europe. He has had russia stockpiling treasuries, cash, and gold for the last several years and Russians are hardy people so they can endure some pain. Saudi is the wildcard.
Posted on 3/11/20 at 3:25 pm to TigerDog83
quote:
He has had russia stockpiling treasuries, cash, and gold for the last several years and Russians are hardy people so they can endure some pain.
As I understand, he/Duma are strongly considering using their rainy day fund of 300-400 billion to invest in infrastructure, healthcare, etc., over the next few years. fricking up the budget while releasing reserves seems like a risky move.
Posted on 3/11/20 at 3:27 pm to RedRifle
Hamm is acting like a moron along with any media outlets peddling that message. This is a dispute between OPEC, Saudi Arabia and Russia - and the US happens to be a indirect loser (I work in oil and gas fyi). The US economy is extremely diversified (unlike Saudi Arabia and Russia), and a long-term collapse in the US energy sector won't bring down the entire US economy (like it would in Saudi Arabia and Russia). I am hoping this dispute gets resolved quickly for the sake of the industry. But for Hamm to be stirring the "attack on the USA" pot and asking for government intervention really pisses me off.
This post was edited on 3/11/20 at 3:33 pm
Posted on 3/11/20 at 3:28 pm to HempHead
You never know with Putin. He’s old kgb and there’s no ex kgb in russia. He practically destroyed the last legs of an over leveraged american shale oil industry in 36 hours so I wouldn’t under estimate anything he may do.
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