damirUSBiH + 327 DD February 27, 2018 According by EIA U.S. will overtake Russia as the world’s biggest oil producer by 2019 at the late. U.S. oil is also increasingly being exported, including to the world’s biggest and fastest growing markets in Asia. " The United States will become the No.1 oil producer sometime very soon" - said Fatih Birol, IEA Executive Director 1 Quote Share this post Link to post Share on other sites
Harsh vardhan singh + 36 February 27, 2018 (edited) This may work against OPEC cut deal...But for now we can only hope for the best... Edited February 27, 2018 by Harsh vardhan singh 1 Quote Share this post Link to post Share on other sites
franco + 96 FM February 27, 2018 Saudi Arabia last year produced just 10 million barrels a day. U.S. will vie with Russia, with output of 11 million barrels a day, to become the world’s top oil producer. Quote Share this post Link to post Share on other sites
damirUSBiH + 327 DD February 27, 2018 The race's starting... Quote Share this post Link to post Share on other sites
Pavel + 384 PP February 27, 2018 Wealth from that oil, forget not, some of it ought to be dedicated towards healthcare, education, and social services... Quote Share this post Link to post Share on other sites
Petar + 76 PP February 27, 2018 How will OPEC respond? Quote Share this post Link to post Share on other sites
Pavel + 384 PP February 27, 2018 If the U.S. is now or could be a top producer of oil, why are gasoline prices (just few days ago) edging up to $3.00 a gallon? Something's wrong... Quote Share this post Link to post Share on other sites
damirUSBiH + 327 DD February 27, 2018 4 minutes ago, Pavel said: If the U.S. is now or could be a top producer of oil, why are gasoline prices (just few days ago) edging up to $3.00 a gallon? Something's wrong... Taxes. It's roughly $2.40-$2.50 per gallon....And, I agree. It's not cheap Quote Share this post Link to post Share on other sites
franco + 96 FM February 27, 2018 19 minutes ago, Petar said: How will OPEC respond? They already has a answer. Few days ago, OPEC said the 14-member producers’ group is working on a plan for a formal alliance with ten other "petrostates", including Russia, aimed at propping up oil prices for the foreseeable future. It could be their way for total control of market and oil. “Supergroup”! Quote Share this post Link to post Share on other sites
Etooluwa Atere 0 EA February 28, 2018 The big question remains would the US be willing to form an alliance with other oil states. What's the incentive for them? Better oil prices and a part of a super state which would dilute the power the US aims to have in influencing oil markets, help countries like Russia and Saudi Arabia fund their own agendas which may not be palatable to the US, or hold sway in the market, albeit lower oil prices but continue to stifle revenues to Russia and the others through low prices. Quote Share this post Link to post Share on other sites
Rodent + 1,424 February 28, 2018 There is no way for the US to form an alliance with other oil states. Private entities cannot collude with other entities to fix prices here in the United States. And there are shareholders to think about. There is no way this could happen here. Free market. They would be sued, plain and simple. US companies are prohibited by law from manipulating the market. For some reason, in the wake of OPEC colluding with a huge chunk of the oil world, which includes Russia, prices have been somewhat stabilized and brought out of the doldrums. This type of manipulation used to be frowned on in general. But now the world has mostly become desensitized to this type of price fixing, and now all of a sudden the oil cartel is suddenly not only tolerated, but praised for its compliance to the manipulation, and even chastised for not adhering to it (like Iraq). This is actually a bit crazy. OPEC is a cartel that is colluding with others to manipulate the market, which has demanded lower prices. With this manipulation, the market cannot right itself--i.e., high cost producers will be pushed out as they should be, and lower-cost producers will flourish and get lower-costier (I made up that word and I like it). The US is not going to do anything but fill the gap left by OPEC. 1 Quote Share this post Link to post Share on other sites
TomTom + 183 February 28, 2018 If the Ruble remains cheap and Russia gets out of the OPEC deal, the country should be able to increase its oil production significantly Quote Share this post Link to post Share on other sites
TraderTate + 186 TS February 28, 2018 It could, indeed. So why isn't it? Quote Share this post Link to post Share on other sites
Rodent + 1,424 February 28, 2018 They aren't being hurt by the production cut anyway. They "cut" production from November 2016 highs, so the cut isn't actually a cut. I'm sure they are getting something out of the production cut deal. Allies with Saudi Arabia--many new deals signed--which I'm sure wouldn't have happened if Russia would have backed out of the deal. Quote Share this post Link to post Share on other sites
franco + 96 FM March 6, 2018 American light crude shipments to Asia will reach almost 1.3 million barrels a day in the next five years from almost nothing in 2016. Quote Share this post Link to post Share on other sites
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