Posted on 07/31/2015 9:19:50 AM PDT by rickmichaels
Oil prices fell on Friday as concern over global oversupply intensified after oil producers’ cartel OPEC indicated there would be no cuts in production despite a huge global oversupply.
The fall mirrored a general sell-off in commodities on persistent worries about demand in China, the world’s biggest user of energy and many key materials such as copper.
China’s state planner said on Friday a slowing economy must not be allowed to morph into social risks as the volatile Chinese stock market fell again.
“All commodities are down,” said Abhishek Deshpande, oil analyst at Natixis. “Commodities face weak demand, excess supplies and weakness in China. More weakness is ahead of us.”
Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries.
Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would have little impact on the market.
(Excerpt) Read more at theglobeandmail.com ...
If the aU S were smart, we’d be opening some public land for immediate drilling. Palin was right all along.
They are driving the frackers out of business, like a global game of RISK....................
Oil price falls when it becomes apparent that Iranian oil will be back on the open market.
That makes Obama, the environutters and global warming believers in the US oh so happy.
They are causing the frackers to speed up development and deployment of cheaper ways to do it. New Iranian oil is going to push the market down. Our response should be to open up to pretty much unrestricted exploration and development.
Saudi’s have already said they are going to cut back on production in September. They are the big dog.
And yet gas in Nevada is still way over 3 bucks
In early June my wife and I went on a 4,000 plus road trip. By far the cheapest gas was in Arlington, SD, at $2.47 a gallon.
Gas where I live went down yesterday 10 cents a gallon. But that was only for ethanol blends. Regular gas stayed the same as did super.
The Saudis primarily want to reduce the value of oil in the ground in Iran and Russia, two countries they believe (quite correctly, IMHO) are destabilizing influences in the Middle East.
So, the frackers are just unintended victims?...............
Big Oil has overplayed their hand. In the “old” days they would NOT let gas prices stay this high for so long. I don’t trust them anymore. I would by a V8 powered vehicle but I can’t trust them now, even if prices fall. The auto companies are indeed victims.
The investor/news media panic (including FAUX) when oil prices drop is sickening.
Iran’s oil return a game changer for OPEC, but not for now
http://www.reuters.com/article/2015/07/15/iran-nuclear-opec-idUSL6N0WI2UM20150715
Saudi Arabia to Cut Oil Production After Summer
By Dow Jones Business News, July 29, 2015
http://www.nasdaq.com/article/saudi-arabia-to-cut-oil-production-after-summer-20150729-01040
Global oil demand to slow in 2016: IEA
Holly Ellyatt | @HollyEllyatt
Friday, 10 Jul 2015 | 9:00 AM ETCNBC.com
http://www.cnbc.com/2015/07/10/global-oil-demand-to-slow-in-2016-iea.html
Will Saudi Arabia’s Crude Oil Production Hit 11 MMbpd in 2016?
By Gordon Kristopher
Jul 15, 2015
http://marketrealist.com/2015/07/will-saudi-arabias-crude-oil-production-hit-11-mmbpd-2016/
Anyone remember ‘peak oil’?
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