... then I threatened to use some very bad words
Posted on 01/11/2015 3:44:58 PM PST by KingofZion
Venezuelan President Nicolas Maduro met Saudi Arabia's Crown Prince Salman in Riyadh on Sunday as part of a diplomatic tour of OPEC members to discuss falling oil prices, which have hit its economy hard.
The Saudi side in the meeting included Oil Minister Ali al-Naimi and several princes including Deputy Crown Prince Muqrin, intelligence chief Prince Khaled bin Bandar and three sons of King Abdullah, who is in hospital, state media reported.
No details of the meeting were given by the official Saudi Press Agency and there was no indication that the world's biggest oil exporter was any closer to taking action to stem the over 50 percent rout in oil prices.
The Venezuelan government said in a statement that "we agreed to work to recover the market and oil prices with state policies between the two energy powerhouses." It provided no details.
Despite growing concern from Venezuela and other OPEC members such as Iran, OPEC delegates have said as recently as last week that the group's core Gulf members remain committed to their decision not to curb output for now, choosing instead to defend market share and allow lower prices to slow output from growing rivals such as Canada's oil sands and U.S. shale.
On Saturday fellow OPEC price hawk Iran said it would help cash-strapped Venezuela stem the price fall.
Maduro' next stop will be in Qatar, followed by a visit to Algeria.
Venezuela's economy contracted in the first three quarters of 2014 and its international reserves have deteriorated sharply because of the slump in oil prices, which hit new lows last week at below $50 per barrel, around half their value in June 2014. ***
(Excerpt) Read more at reuters.com ...
The laughter in Saudi must be a sight to behold!
I think I just read that Saudi will let it drop to influence US production (fracking, etc.)
My thought as well.
Perhaps... or perhaps they can get something in return, like setting up a few madrassas?
Here is an interview with Saudi Prince Alwaleed bin Talal via Zerohedge (saudis wouldn’t lie, would they?/s):
Q: What about the theory of the pressure on the Russians? There’s a theory that the U.S. and the Saudis have agreed to keep prices low to pressure Russia because of what Putin has done in Ukraine.
A: Two words: baloney and rubbish. I’m telling you, there’s no way Saudis will do this. Because Saudi Arabia is hurting as much as Russia, period. Now, we don’t show it because of our big reserves. But I’ll tell you Saudi Arabia and Russia are in bed together here. And both are being hurt simultaneously. And there’s no political conspiracy whatsoever against Russia. Because we are shooting ourselves in the foot if we do that.
Q: You said the price of oil will dampen the shale revolution in America. How?
A: Shale oil and shale gas, these are new products in the market. And we see big ranges. no one knows for sure what price is the breaking point for shale. Wells have a higher production cost. And very clearly these will run out of business, or at least not be economical. At $50, will it still be economically feasible? Unclear. This is a very much developing story.
... then I threatened to use some very bad words
Venezuela’s proven reserves are larger than KSA.
Venezuela’s good pal Iran is not a pal of KSA.
Venezuela may have to wait for an answer from KSA.
On Saturday fellow OPEC price hawk Iran said it would help cash-strapped Venezuela stem the price fall.
Yes Obama, it’s plain to see that sanctions have hit
them hard...
Maduro needs to get on the cash flow from hussein like Saudi is to cut production.
One of my fears is that with Obama's record of helping America's enemes, he would find a way to support Maduro.
Every bill sent to the Whitehouse should have an attachment taking the fetters off of our energy production. Even the approval of appointments. He’ll have to sign it sooner or later.
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