OPEC soap opera daily update

[Tom Kirkman + 8,860]

In today's episode of the long running soap opera called "OPEC and Frenemies", Saudi Arabia blurts out on behalf of the whole group, and oil siblings Iran and Iraq get peeved for being left out of the discussion.

Neighbor Russia tries to change the rules of their game with the OPEC club, and almost get caught.

Venezuela gets annoyed that none of the OPEC club lend them a hand after they fall down the stairs.

Be sure to tune in tomorrow's episode, when we secretly replace the USA's decaf coffee with double espresso, to see if they notice.

Is Russia Bailing On The OPEC Deal?

 

( *** Please feel free to add your own updates of the ongoing soap opera ...)

 

 

[DanilKa + 443]

as Mr. Putin likes to say - "language is given to a spy to mask his thoughts" (and he know thing or two about flipping on prior statements...). I'd see what OPEC does, not what they say

[Marina Schwarz + 1,576]

This just in: Neighbor Russia is nostalgic (very Russian and proper) and might offer OPEC to just go back to how things were in October 2016. This according to "a person familiar with the Russian thinking," which is in itself hilarious. This is my favourite soap opera.

[Tom Kirkman + 8,860]

11 hours ago, Tom Kirkman said:

Be sure to tune in tomorrow's episode, when we secretly replace the USA's decaf coffee with double espresso, to see if they notice.

In today's episode of the long running soap opera called "OPEC and Frenemies", we see that no has noticed yet that we secretly replaced the USA's decaf coffee with double espresso coffee.

Watch the hilarious banter between the USA and the OPEC siblings as the caffeine kicks in.

Trump Slams OPEC Again, Demands Lower Prices: "Oil Prices Are Too High, OPEC Is At It Again"

[Rodent + 1,424]

popping some corn, and settling in... 

[Tom Kirkman + 8,860]

In today's episode, the OPEC family start wondering about the new Resist! clubhouse getting built down the block.  Seems the new Resist! club opposes the OPEC family's values. 

Can OPEC and the new Resist! agree to disagree, or will a food fight free-for-all ensue?  A few curious neighbors like Oz, EU and Japan get together for a popcorn party, to see what happens.

Saudi Arabia frets that its Aramco yard sale might get cancelled, due to Resist!

USA has another cup of espresso, probably up late tonight from caffeine.

And surprisingly, Canada decides not to apologize.

 

 

[Guillaume Albasini + 851]

Opening match of the World OPECup today :  King Vladimir vs Stealth MBS

22 players trying to score goals on the field and 2 leaders trying to score barrels in the stands

https://www.cnbc.com/2018/06/13/leaders-of-russia-and-saudi-arabia-expected-to-talk-ahead-of-contentious-opec-meeting.html

[DanilKa + 443]

15 hours ago, Guillaume Albasini said:

Opening match of the World OPECup today :  King Vladimir vs Stealth MBS

22 players trying to score goals on the field and 2 leaders trying to score barrels in the stands

https://www.cnbc.com/2018/06/13/leaders-of-russia-and-saudi-arabia-expected-to-talk-ahead-of-contentious-opec-meeting.html

so, MBS is well and alive, after all... hope this game results won't kill him:)

https://www.newsru.com/sport/14jun2018/rus_sau.html

[Guillaume Albasini + 851]

 

Vlad and the resurrected Prince agreeing on the oil price

[Rodent + 1,424]

putin/mbs, novak/al-Khalid decide they will carry on managing the markets even if the opec deal falls apart. 

https://www.platts.com/latest-news/oil/london/saudi-arabia-russia-say-oil-market-cooperation-21086527

[Tom Kirkman + 8,860]

Trump showing the best way to communicate with OPEC:

 

[BeamMeUp + 11]

16 minutes ago, Rodent said:

putin/mbs, novak/al-Khalid decide they will carry on managing the markets even if the opec deal falls apart. 

https://www.platts.com/latest-news/oil/london/saudi-arabia-russia-say-oil-market-cooperation-21086527

Is this another way of saying that they think some of the OPEC members are going to pull out of the deal at the meeting? If so, I don't get it. With Russia and Saudi Arabia still willing to collaborate, what sway would the remaining members have?

[Tom Kirkman + 8,860]

20 minutes ago, BeamMeUp said:

Is this another way of saying that they think some of the OPEC members are going to pull out of the deal at the meeting? If so, I don't get it. With Russia and Saudi Arabia still willing to collaborate, what sway would the remaining members have?

OPEC's new motto will be up for a vote at the next meeting:

"All oil producers are equal but some oil producers are more equal than others."

Votes will be tabulated by Saudi Arabia and Russia, due to their extensive experience in vote counting.

[Marina Schwarz + 1,576]

Pokerface Novak has said they might bring back 1.5 million bpd in output. I'm sure he was laughing on the inside.

[Dennis Coyne + 82]

Seems doubtful they actually can increase by 1.5 Mb/d in the short term, they will struggle to reach 1 Mb/d, considering declines in both Venezuela and Iran, it might be more like 500 kb/d.  This fact combined with Permian pipeline capacity shortages are likely to keep the market in balance even with an increase from KSA and Russia.  Prices probably will stay in the $70-$80/b range for Brent crude.

In fact EIA has revised its price forecast for Brent to $71/b for 2018, though it expects prices to fall to $69/b in 2019.

I expect they will revise their forecast higher as OPEC lack of spare capacity becomes evident along with lack of increased output in the Permian basin due to lack of pipelines through June 2019.  After that oil prices may ease as pipeline capacity increases in West Texas allow the Permian to grow in the 2nd half of 2019 through 2022 (or until pipeline constraints again become an issue.

https://www.eia.gov/todayinenergy/detail.php?id=36493

Edited June 15, 2018 by Dennis Coyne

[Tom Kirkman + 8,860]

In today's episode of the long running soap opera, Saudi Arabia continues to flirt with Russia, and invites Russia to come over to the OPEC clubhouse to have a sleepover.

Will Russia and Saudi Arabia become more than just friends?  Will Russia decide to join the fun and games in the OPEC clubhouse? 

Tune in for tomorrow's episode, to check up on Saudi Arabia's progress on turning Qatar into an island.

 

[Rodent + 1,424]

19 hours ago, Tom Kirkman said:

Tune in for tomorrow's episode, to check up on Saudi Arabia's progress on turning Qatar into an island.

Then maybe Qatar can promote tourism like Saudi Arabia. I'm laughing on the inside along with @Marina Schwarz

 

[Rodent + 1,424]

Iran says there will be no production increase, and that the 600,000 barrel increase that people have been talking about was merely an interpretation of some OPEC members....

Libya falls down the stairs after Venezuela and will have to take some sick days.

https://uk.reuters.com/article/uk-oil-opec-iran/iran-says-opec-agreement-did-not-specify-oil-production-increase-idUKKBN1JM0NT?rpc=401&

https://www.reuters.com/article/us-libya-oil/east-libyan-forces-say-oil-ports-handed-to-eastern-based-noc-idUSKBN1JL2DQ

 

[John Foote + 1,135]

On 6/14/2018 at 7:56 PM, Tom Kirkman said:

Votes will be tabulated by Saudi Arabia and Russia, due to their extensive experience in vote counting.

Someone take me to ER. I just cracked a rib laughing.