OPEC raises price of Oil for first time in 8 years - Printable Version
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OPEC raises price of Oil for first time in 8 years - nomadbrah - 09-28-2016
If you needed any more proof the low oil price was an Obama/Neocon manipulation against Venezuela, Russia and Iran, look no further.
Oil going up is great news for a number of reasons. One is it will make shale and other non-Saudi oil more profitable leading to jobs in US, Canada and elsewhere. Second it will benefit the Russian economy from its oil and natural gas reserves which will lessen the impact of sanctions.
OPEC is basically getting with the times and saying fukk you to Obama.
OPEC raises price of Oil for first time in 8 years - The Beast1 - 09-28-2016
It doesn't make sense why the Sauds flooded the oil market. They're tettering on a precarious financial situation, let alone they're ripe for a revolution of their own.
OPEC raises price of Oil for first time in 8 years - scotian - 09-28-2016
I'd love to see higher oil prices, $80+ would be great but I"m not so sure this OPEC move will do it, if Trump gets elected and starts bombing ISIS controlled refineries, that could see oil prices spike.
OPEC raises price of Oil for first time in 8 years - Foolsgo1d - 09-28-2016
Quote: (09-28-2016 04:25 PM)The Beast1 Wrote:
It doesn't make sense why the Sauds flooded the oil market. They're tettering on a precarious financial situation, let alone they're ripe for a revolution of their own.
Russia and Iran will suffer and suffer they did. The only problem Saudis have is they are stupid enough to cut off their nose to try and spite someone else.
OPEC raises price of Oil for first time in 8 years - WestIndianArchie - 09-28-2016
Saving up to pay those 9/11 claims
WIA
OPEC raises price of Oil for first time in 8 years - dispenser - 09-28-2016
I've heard it said that oil prices were dropped to punish Russia. How does that tally today?
OPEC raises price of Oil for first time in 8 years - TheFinalEpic - 09-28-2016
Won't have much on an effect, I don't see oil running past $55. Sure it's a million barrels, but there is already such a heavy supply glut. Either way, made a fucking killing on the spike.
OPEC raises price of Oil for first time in 8 years - NilNisiOptimum - 09-28-2016
Rising gas prices signal to low information voters that the economy isn't good. A bad economy favors the party not currently in the White House. I'll take it.
OPEC raises price of Oil for first time in 8 years - Laner - 09-28-2016
Does OPEC really have that much oil? Plus war is expensive, and Yemen does not seem to be going away just yet.
A Trump presidency, a cold NA and European winter and a crippled middle east and I hope to see oil at $65 by spring 2017.
OPEC raises price of Oil for first time in 8 years - 911 - 09-28-2016
Quote: (09-28-2016 05:10 PM)Foolsgo1d Wrote:
Quote: (09-28-2016 04:25 PM)The Beast1 Wrote:
It doesn't make sense why the Sauds flooded the oil market. They're tettering on a precarious financial situation, let alone they're ripe for a revolution of their own.
Russia and Iran will suffer and suffer they did. The only problem Saudis have is they are stupid enough to cut off their nose to try and spite someone else.
Russia, Iran, but also US fracking. US big oil doesn't mind though, they will be able to snap up small operators going belly up.
OPEC raises price of Oil for first time in 8 years - Vicious - 09-28-2016
I work in Oil & gas. The people in this thread that think low oil prices were somehow fortuitous to the Obama presidency are actively making the forum dumber. Please don't speak on subjects you are clearly ignorant on in order to try to wring some political points no one cares about.
Shale/upstream oil & gas was 10 years ago a very promising business in North America. For the first time in decades the US was entirely self-reliant on oil, mostly because the high oil prices made labor intensive production such as oil sands and shale profitable.
Over six figures in numbers of employees from the industry has since then lost or left their jobs. It has even been covered in the boomtown threads on this forum.
OPEC raises price of Oil for first time in 8 years - TheFinalEpic - 09-28-2016
The only countries that were making huge money on extraction during this downturn were the Saudis. It costs fuck all money to get a barrel out of the ground there, but here in Alberta it's closer to $40-50 a barrel.
They didn't need to cut production, and I am fairly certain it's lip service and nothing more. Afterall, OPEC is comprised of the most honest, trustworthy, and transparent countries in the world.
OPEC raises price of Oil for first time in 8 years - nomadbrah - 09-28-2016
Quote: (09-28-2016 07:01 PM)Vicious Wrote:
I work in Oil & gas. The people in this thread that think low oil prices were somehow fortuitous to the Obama presidency are actively making the forum dumber. Please don't speak on subjects you are clearly ignorant on in order to try to wring some political points no one cares about.
Shale/upstream oil & gas was 10 years ago a very promising business in North America. For the first time in decades the US was entirely self-reliant on oil, mostly because the high oil prices made labor intensive production such as oil sands and shale profitable.
Over six figures in numbers of employees from the industry has since then lost or left their jobs. It has even been covered in the boomtown threads on this forum.
I and we are not ignorant about it, you seem to be. The low oil prices were clearly a deliberate squeeze by American and Saudi efforts to hit Iran, Venezuela and Russia.
http://www.nytimes.com/interactive/2016/...rices.html
Quote:Quote:
Even some oil executives are quietly noting that the Saudis want to hurt Russia and Iran, and so does the United States — motivation enough for the two oil-producing nations to force down prices. Dropping oil prices in the 1980s did help bring down the Soviet Union, after all.
https://sputniknews.com/world/20160126/1...s-war.html
Quote:Quote:
By reducing oil prices, Saudi Arabia is waging a secret war against Russia and Iran, according to political analyst Bassam Tahhan.
https://www.theguardian.com/business/201...eria-libya
Quote:Quote:
“Basically, Riyadh’s message to Tehran is simple: we can endure low oil prices for a while; can you?”
http://www.globalresearch.ca/who-is-behi...15/5422544
Quote:Quote:
If the Saudis wanted to stabilize the price of oil, they could do that immediately by announcing a production cutback.
The fact that they have chosen not to do this says volumes.
In addition to wanting to harm U.S. shale producers, some believe that the Saudis are determined to crush Iran.
https://www.brookings.edu/wp-content/upl...nglish.pdf
Quote:Quote:http://www.japantimes.co.jp/opinion/2016...dis-blink/
According to this line of thought, Riyadh should have played the role of
“swing producer,” reducing its output as prices fell in order to try to put a floor under prices. It did not do so because falling prices hurt its geopolitical rival Iran, and Bashar al-Assad’s great power ally Russia, much more than they hurt Saudi Arabia. The primary responsibility
for the collapse of oil prices in 2014 can thus be attributed to Riyadh’s foreign policy agenda.
Quote:Quote:
It was a specific strategy that was conceived and promoted by particular powerful individuals, most notably high-ranking Saudi individuals. They would lose a great deal of face if they had to abandon it, so it will be with us for a while yet.
OPEC raises price of Oil for first time in 8 years - Laner - 09-28-2016
Quote: (09-28-2016 07:13 PM)TheFinalEpic Wrote:
The only countries that were making huge money on extraction during this downturn were the Saudis. It costs fuck all money to get a barrel out of the ground there, but here in Alberta it's closer to $40-50 a barrel.
They didn't need to cut production, and I am fairly certain it's lip service and nothing more. Afterall, OPEC is comprised of the most honest, trustworthy, and transparent countries in the world.
We just need a way to get our oil to market. SK and BC too, but Alberta mainly. Its just a political fuck over from what I can tell. Trucks and trains cannot get oil to market in enough quantity to make it profitable.
The No Pipelines crowd has been surprisingly good at lobbying the government, the First Nations see an opportunity for exploitation, the whole Carbon Tax fiasco.... Its no wonder the left feel so empowered right now.
And if Obama cared about NA energy independence he would not have fought the
XL pipeline, and Canada would not be importing oil from the middle east, africa and Venezuela.
OPEC raises price of Oil for first time in 8 years - TheFinalEpic - 09-28-2016
I think the Liberal/NDP governments have made it as hard as possible for Alberta to succeed, and the self loathing from our provincial government is sickening. I'm glad I'm sitting behind a computer trading the commodity instead of a roughneck, I really feel for everyone and have seen way too many friends laid off.
There is no fucking reason we should be importing from other countries, but there's no reason we should be making billions in transfer payments to our friends in Quebec either.
OPEC raises price of Oil for first time in 8 years - beta_plus - 09-28-2016
Fracking will probably provide a medium to long term cap to how high it can go.
Keep in mind, the USA is way ahead of the rest of the world on fracking. That doesn't mean the rest doesn't want to catch up.
OPEC raises price of Oil for first time in 8 years - Laner - 09-28-2016
Quote: (09-28-2016 10:03 PM)beta_plus Wrote:
Fracking will probably provide a medium to long term cap to how high it can go.
Keep in mind, the USA is way ahead of the rest of the world on fracking. That doesn't mean the rest doesn't want to catch up.
Between NA fracking tech and pipeline tech, we should have this continent wrapped up and pumping nicely. Good, clean, safe and secure gas and oil. But instead we are forced to use 50 yo pipes, trains and trucks. We can't get our oil to OUR OWN refineries, so bring in dirty foreign oil on tankers.
NA is a mess right now. It shouldn't be, but damn me if it isn't battling everyday to send itself back to the the 1930's.
OPEC raises price of Oil for first time in 8 years - Vicious - 09-29-2016
Nomadbrah, per your own source:
Quote:Quote:
In addition to wanting to harm U.S. shale producers, some believe that the Saudis are determined to crush Iran.
While you initially claimed:
Quote:Quote:
If you needed any more proof the low oil price was an Obama/Neocon manipulation against Venezuela, Russia and Iran, look no further.
So you're contradicting yourself with your own source. When I said you're making the forum dumber you really went out of your way to demonstrate it.
Personally I don't give a fig about Obama and it brings me no joy to defend him. However posters who insert their own political message with little regard to the facts might just as well sign off the forum and take up employment at CNN or The Guardian.
OPEC raises price of Oil for first time in 8 years - porscheguy - 09-29-2016
Someone tell me how paying higher prices at the pump is good for me.
OPEC raises price of Oil for first time in 8 years - SamuelBRoberts - 09-29-2016
It's not. But I guess it's good for Putin, so... yay?
OPEC raises price of Oil for first time in 8 years - Vicious - 09-29-2016
Regarding the challenges on transporting gas/oil intra-NA I can relate some personal experiences.
Few people realize how instrumental the oil industry was in keeping the US afloat after the Lehman crash. There was no immediate crash on the oil market following the crisis and the only dip that could be tied to it was fully recovered by 2008. So here we have one of the few working industries being stable post-credit crunch and providing a lot of job opportunities for those losing their place at the time.
Meanwhile I was let in on the plans for the Constitution pipeline as early as 2007 as our company consulted on the control/valve/level gauging end. We're ready to spring on this but have to sit on our hands for years while protesters are dragging the construction through courts and committees. I swear that these protesters would have been the most effective foreign agents in terms of what they achieved in pure economic damage but tragically enough they are just pure American hippies and soccer moms with too much time on their hands. By 2013 we estimated that the pipeline would have saved as much as $4.5/barrel in extraction. If any other industry could have produced that kind of saving in raw production they would have been up for a Nobel prize. Still this never came to be, the original plans had to be scrapped that by the time the pipeline was finally cleared for construction the drawn up tech specs were so old they now have to be completely remade further decreasing the profitability.
OPEC raises price of Oil for first time in 8 years - Laner - 09-29-2016
Quote: (09-29-2016 12:40 AM)Vicious Wrote:
Regarding the challenges on transporting gas/oil intra-NA I can relate some personal experiences.
Few people realize how instrumental the oil industry was in keeping the US afloat after the Lehman crash. There was no immediate crash on the oil market following the crisis and the only dip that could be tied to it was fully recovered by 2008. So here we have one of the few working industries being stable post-credit crunch and providing a lot of job opportunities for those losing their place at the time.
Meanwhile I was let in on the plans for the Constitution pipeline as early as 2007 as our company consulted on the control/valve/level gauging end. We're ready to spring on this but have to sit on our hands for years while protesters are dragging the construction through courts and committees. I swear that these protesters would have been the most effective foreign agents in terms of what they achieved in pure economic damage but tragically enough they are just pure American hippies and soccer moms with too much time on their hands. By 2013 we estimated that the pipeline would have saved as much as $4.5/barrel in extraction. If any other industry could have produced that kind of saving in raw production they would have been up for a Nobel prize. Still this never came to be, the original plans had to be scrapped that by the time the pipeline was finally cleared for construction the drawn up tech specs were so old they now have to be completely remade further decreasing the profitability.
Damn, that is no small change. It would be enough to make a lot of these smaller producers, produce again.
Some decent news here in BC, we seem to have some movement towards getting our gas to the compressors on the coast to get some LNG to market in Asia.
My thoughts tho, are that China is about to uncover a motherload of gas in the south China sea. Enough to sink Canada's dreams of free money. Bitch, moan and pander. Then when the 956 consultants finally are done, we go ahead. Just in time for Asia to say "no thanks".
Its the oil we need to get to market. Gas, by and large, is everywhere.
OPEC raises price of Oil for first time in 8 years - nomadbrah - 09-29-2016
Quote: (09-29-2016 12:06 AM)Vicious Wrote:
Nomadbrah, per your own source:
Quote:Quote:
In addition to wanting to harm U.S. shale producers, some believe that the Saudis are determined to crush Iran.
While you initially claimed:
Quote:Quote:
If you needed any more proof the low oil price was an Obama/Neocon manipulation against Venezuela, Russia and Iran, look no further.
So you're contradicting yourself with your own source. When I said you're making the forum dumber you really went out of your way to demonstrate it.
Personally I don't give a fig about Obama and it brings me no joy to defend him. However posters who insert their own political message with little regard to the facts might just as well sign off the forum and take up employment at CNN or The Guardian.
I see, you take offense at Obama. He was the president for the last 8 years, but I don't think it was implied in the OP he was the main culprit, which is Saudi Arabia and the Neocons.
OPEC raises price of Oil for first time in 8 years - Vicious - 09-29-2016
Laner, that's just the price difference for the local field though. Of course the Constitution pipeline was just a fairly small one, the others planned would have had similar effect on their fields.
Quote:Quote:
Someone tell me how paying higher prices at the pump is good for me
That's a rather self-centered view. While you might be mildly inconvenienced at the pump to pay $.25 extra per gallon it makes a world of difference that the oil price is higher for the overall US economy. Especially with it being such a security factor. You went to several wars in the middle east to protect these kind of assets. To be able to produce oil on home soil is immensely gainful.
OPEC raises price of Oil for first time in 8 years - SamuelBRoberts - 09-29-2016
"That's a rather self-centered view. While you might be mildly inconvenienced at the pump to pay $.25 extra per gallon it makes a world of difference that the oil price is higher for the overall US economy. Especially with it being such a security factor. You went to several wars in the middle east to protect these kind of assets."
I've always found the security argument unconvincing. The oil assets in the US aren't going anywhere. We're actually more secure when our wells our capped and nobody's mining them, because that means the oil is sitting down there for when we really need it.