go ahead, domestic production will come online as fast as they slow theirs down
Posted on 11/30/2016 3:07:44 PM PST by bananaman22
Oil prices surged more than 8 percent on Wednesday as OPEC shocked the world and reached an agreement to cut production. If OPEC members succeed in implementing the deal, set to take effect in January, it could erase the global surplus in an instant.
“The sentiment generally is optimistic and positive," Saudi Arabia’s Oil Minister Khalid al-Falih said before the final meeting on Wednesday. “Any production-restraint agreement has to be distributed in an equitable way. We are getting close.” Oil prices skyrocketed on his comments and on the news that a deal was within reach.
Still, there was a lot of confusion right down to the last minute, with some news outlets reporting a deal had been reached while others said that the details had not actually been agreed to, just the broader outline. Iraq in particular was a question mark, with reports saying that Iraqi officials were still disputing the “secondary sources” data well into the afternoon on Wednesday, even as oil prices were posting huge gains. Negotiations dragged on through the day, with only snippets of details emerging from reporters in Vienna.
(Excerpt) Read more at oilprice.com ...
I predict every OPEC country will be cheating.
Completely untrue. At the levels they set, it would take at least six months.
If we were to boycott OPEC, what would the ramifications be?
It would probably have a bad impact on our economy, as prices shoot up.
Drill, baby, drill!
A big step in the price of oil would cause non-OPEC oil to spurt in volume.
This deal is contigent on non-OPECers making cuts, so it’s even more fragile than normal OPEC deals. It won’t last.
Pretty soon the reason they will be cutting production will be different......no one will be needing any of their stinking oil.
Screw OPEC. We need to crush them.
Just in time to hand Trump a crisis. Tell me this wasn’t planned by the Rats.
So, higher prices/less supply will make higher risk/cost oil patches feasible once again, adding supply and ....yes, lower prices. As long as world wide demand stays soft, the paradigm/ supply demand curve and elasticity of oil won’t change in a meaningful way.....
OPEC has never behaved like a cartel and it won’t this time either. They will all cheat. They always have and they always will.
go ahead, domestic production will come online as fast as they slow theirs down
Trump needs to announce his new “drill baby drill” policy which includes protecting fracking, drilling in Alaska and in the areas closed by Obama...GO DONALD GO
OPEC may not be able to really restrain production - it may all fall to Saudi Arabia again.
This will also be a test of how fast US fracking can ramp production back up, in response to price increases.
Good chance that things are different now, and OPEC will no longer be able to throttle supply.
Demand could be poised for a big upturn next year however, as the US economy throws off the chains of Obamunism, and the Trump boom begins.
OPEC may not be able to really restrain production - it may all fall to Saudi Arabia again.
This will also be a test of how fast US fracking can ramp production back up, in response to price increases.
Good chance that things are different now, and OPEC will no longer be able to throttle supply.
Demand could be poised for a big upturn next year however, as the US economy throws off the chains of Obamunism, and the Trump boom begins.
It would certainly be good for Alaska.
Let them. It goes above 55 a barrel and they will start production back up in N Dakota, as well as the big one in Texas they just announced. That and Trump WILL release vast amounts of federal lands to production.
OPEC is effd, they just cant come to realize it yet. We have more oil and NG than all them bastards combined.
Watch Russia, they will increase as well.
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