OPEC is panicking

It sounded interesting until i reached the part where the future price increases were being predicted by CNBC.

I believe nothing i read in CNBC.

Isn't Venezuela the current rotating head of the OPEC council ?

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14 minutes ago, Illurion said:

It sounded interesting until i reached the part where the future price increases were being predicted by CNBC.

I believe nothing i read in CNBC.

Isn't Venezuela the current rotating head of the OPEC council ?

Yes i believe they are the president

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14 minutes ago, Illurion said:

It sounded interesting until i reached the part where the future price increases were being predicted by CNBC.

I believe nothing i read in CNBC.

Isn't Venezuela the current rotating head of the OPEC council ?

This price slump is almost reminiscent of the 1980s Oil Glut.

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I believe it's just a meeting to see if they want to extend the cuts length of time

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Probably so.

But did they actually make any real cuts ?

It was my understanding that 800,000 or so of the 1,200,000 to be cut were actually QATAR's share that was removed when they dropped out of OPEC.

So the cuts by the remaining OPEC members was really only 400,000 or so.

I could be wrong.

Does anyone on this site tracking ACTUAL NUMBERS have any data that any OPEC member actually did cut production ?

If so,  i would like to see it.

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6 hours ago, Illurion said:

Probably so.

But did they actually make any real cuts ?

It was my understanding that 800,000 or so of the 1,200,000 to be cut were actually QATAR's share that was removed when they dropped out of OPEC.

So the cuts by the remaining OPEC members was really only 400,000 or so.

I could be wrong.

Does anyone on this site tracking ACTUAL NUMBERS have any data that any OPEC member actually did cut production ?

If so,  i would like to see it.

the cuts are not supposed to start until Januay...

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what panicking guys ? Oil Price is going up Saudi is becoming  victorious by finishing Kashogi and trump  

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1 hour ago, Udara Hemachandra said:

Saudi is becoming  victorious

Have you bothered to notice their projected budgets, or capital flight?  To paraphrase AC/DC, they are on the highway to Hell.

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WTI is +3.13 today so far.

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Brent is so far 54.18 +3.41 +6.72% 

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Sounds like they are going to do whatever it takes to scare oil speculators to run price upward again. It doesn't take a lot for that.

 

 

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Two days ago,  WTI was $45.59,  and today it ended at $46.54.

So,  WTI went up by 95 cents.

In any case,  my local neighborhood gasoline dropped from $1.97 to $1.95 per gallon today.

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Might all be down to inexperienced Trump people scaring the financial markets.

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Panic?

Someone should let us know when the panic is over

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I have always wondered what would happen if they just shut the spigot off for a couple of months over there in SA. Some of y'all are too young to remember a couple of times they cut off the supply, not entirely, but cut us off. I remember the long lines, only being able to get 5 or 10 gallons at a time, odd even days where the first or last number on the license plate determined what day you could get gas, people fighting at the pump over gas, etc. It wasn't a great time in the US then. Yet we sallied up to their oil bar and kissed their butts afterwards. Hmmmmmmm, I wonder....

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6 hours ago, SERWIN said:

I have always wondered what would happen if they just shut the spigot off for a couple of months over there in SA. Some of y'all are too young to remember a couple of times they cut off the supply, not entirely, but cut us off. I remember the long lines, only being able to get 5 or 10 gallons at a time, odd even days where the first or last number on the license plate determined what day you could get gas, people fighting at the pump over gas, etc. It wasn't a great time in the US then. Yet we sallied up to their oil bar and kissed their butts afterwards. Hmmmmmmm, I wonder....

That is no longer an option for them. They would only harm themselves IMHO. We are oil independent. 

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On 12/26/2018 at 7:21 PM, Janet Alderton said:

Might all be down to inexperienced Trump people scaring the financial markets.

More like the FED scaring the markets.

But the markets always recover.

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The media always come up with a $ price of oil that Saudi needs to balance their budget.  That is applicable if they intend to balance their budget that year.  If they are short of money they could sell a few Man City footballers.

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10 hours ago, SERWIN said:

I have always wondered what would happen if they just shut the spigot off for a couple of months over there in SA. Some of y'all are too young to remember a couple of times they cut off the supply, not entirely, but cut us off. I remember the long lines, only being able to get 5 or 10 gallons at a time, odd even days where the first or last number on the license plate determined what day you could get gas, people fighting at the pump over gas, etc. It wasn't a great time in the US then. Yet we sallied up to their oil bar and kissed their butts afterwards. Hmmmmmmm, I wonder....

I remember.

I remember paying 17 cents per gallon.

I remember when all of the gasoline pumps had 2 digit gauges that could only show the gas price up to .99 cents per gallon,  and that during the embargo in the 70's,  that most all of the gas stations had to have clerks standing by the pumps with notepads and sometimes old mechanical adding machines to determine how much we owed for the gas because the pump gauges could not add it up correctly.

I remember it took several YEARS for all of the gas stations to upgrade to new pumps that could calculate a 3-digit gasoline price up to $9.99 per gallon.

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6 minutes ago, NWMan said:

The media always come up with a $ price of oil that Saudi needs to balance their budget.  That is applicable if they intend to balance their budget that year.  If they are short of money they could sell a few Man City footballers.

True.  Very funny.

They may actually do so eventually.

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As one Saudi Arabia expert I like to read noted recently, Saudi Arabia doesn't exactly need to balance its budget. There are countries living in chronic deficit and they are doing just fine if the U.S. is any example to go by. So, I guess they can afford another year of deficit or even a few. Maybe. Their problem is they're too used to a good lazy life and that's over.

So, who else has been having fun with the oil price seesaw this week?

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(edited)

4 hours ago, NWMan said:

The media always come up with a $ price of oil that Saudi needs to balance their budget.  That is applicable if they intend to balance their budget that year.  If they are short of money they could sell a few Man City footballers.

All the Saudi's need to balance their budget is to stop buying expensive military equipment and real estate abroad. Just learn to live within their means and they'll be fine.

Or maybe, they could start working.

Edited by Uduak
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