Permian Suicide

[James Regan + 1,776]

Shouldn't we be seeing the price of oil move higher?

OPEC cuts 1.2Million/day, and the price is plunging to dangerous levels for the US land market, however Trump want to see a lower price. Surely this is going to be hugely detrimental to the Permian Producers?

Is there some obvious logic that I cannot see, the US Oil Producers have the most to lose with Lower Prices.

Edited December 10, 2018 by James Regan

[Uduak + 22]

If America wants higher oil prices, they should consider cutting their own production. In my opinion OPEC members must be very daft to keep cutting production for America to gain.

[Tom Kirkman + 8,860]

47 minutes ago, Uduak said:

If America wants higher oil prices, they should consider cutting their own production. In my opinion OPEC members must be very daft to keep cutting production for America to gain.

 

MEES Interview with Ali Naimi in Dec 2014.pdf

[Uduak + 22]

2 hours ago, Tom Kirkman said:

 

MEES Interview with Ali Naimi in Dec 2014.pdf

This is exactly the issue I have with the actors in the oil space. OPEC produces 30 to 40% of global oil, yet every where you turn you keep hearing the same questions; 'Won't OPEC cut production?', 'when is OPEC cutting back production?', 'why hasn't OPEC cut back production?', 'how much production is OPEC cutting?'....... but no one bothers to ask anything of the other 60+% producers.

[Uduak + 22]

2 hours ago, Tom Kirkman said:

 

MEES Interview with Ali Naimi in Dec 2014.pdf

'it is not in the interest of OPEC producers to cut their production, whatever the price is' -Ali Al-Naimi