Oil Prices

Russia says It's satisfies with $70 per barrel . so it will go for $70

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3 minutes ago, Udara Hemachandra said:

Russia says It's satisfies with $70 per barrel . so it will go for $70

Russia's going to have to cut it's spending then.

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Why does this sound so oddly familiar?

 

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but I thought to bring this again due to last week announcement of President Putin in Singapore.  He  said that he discussed with Trump 

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2 minutes ago, Udara Hemachandra said:

but I thought to bring this again due to last week announcement of President Putin in Singapore.  He  said that he discussed with Trump 

No problem, it's good to refresh this again.  Russia seems to have a more level-headed view about oil prices than many countries. 

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2 hours ago, Tom Kirkman said:

Why does this sound so oddly familiar?

 

Russia has said for some time (years?) that they budget on $40 oil.

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3 hours ago, Dan Warnick said:

Russia has said for some time (years?) that they budget on $40 oil.

Yeah and apart from a few at the top for the rest it's been down hill recently. Health, education and so on have been cut back massively and even the armed forces are seeing cuts. They may say $40 but the reality is something else.

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1 minute ago, DA? said:

Yeah and apart from a few at the top for the rest it's been down hill recently. Health, education and so on have been cut back massively and even the armed forces are seeing cuts. They may say $40 but the reality is something else.

Well, it would be interesting to see what's in the $40 budget.  Point taken.

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2 hours ago, Udara Hemachandra said:

Seems perfectly rational to me that Putin and Trump had a discussion about oil prices.  Both are leaders of significant oil and gas producing countries.

Nov 15 (Reuters) - Russian President Vladimir Putin said on Thursday he had discussed the world oil market with U.S. President Donald Trump when both men were in Paris to mark the anniversary of the end of World War One.

Putin, speaking to reporters on the sidelines of a regional conference in Singapore, also said that an oil price of around $70 per barrel would suit Russia, and that Moscow would continue cooperating with OPEC on global crude production levels. 

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now we have to observe will the Saudi Royal family crisis affect to oil prices going down or up?

 

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5 minutes ago, Udara Hemachandra said:

now we have to observe will the Saudi Royal family crisis affect to oil prices going down or up?

 

I'd say that will depend on what their reaction to sanctions and other miscellaneous negativity is.  Could go either way at the moment.  Have to wait and see if they make threats or take positive actions.

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We all know that 40 a barrel is not a lucrative position for oil, no one can get it out of the ground at that price and make a decent profit. But the Russians have a long history of saying stupid things like that to look tough. I wonder if the Saudis really understand what would happen if the US left the ME and the Russians moved in to "safeguard" them and their interests. The Russians do what the Russians want....

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what is happening really  Brent price gone to 63. 64 $? 

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3 hours ago, Udara Hemachandra said:

what is happening really  Brent price gone to 63. 64 $? 

Now 62.21

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4 hours ago, Udara Hemachandra said:

what is happening really  Brent price gone to 63. 64 $? 

They have too much oil production right now is why the prices are dropping and OPEC wants to cut production to keep the prices higher.

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