Posted on 11/20/2015 2:13:25 PM PST by Lorianne
The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned.
Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called ‘cash cost’ that forces drillers to abandon production. “Risks of a sharp leg lower remain elevated,†it said.
Oil has fallen from $110 a barrel early last year and is hovering near $40 for US crude, and $44 for Brent in Europe.
The US investment bank said the overall glut in the commodity markets may take another twelve months to clear. It cited ‘red flag’ signals on the Shanghai Future Exchange over recent days. Copper contracts point to “imminent weakening†in China’s ‘old economy’ of heavy industry and construction, it said.
(Excerpt) Read more at telegraph.co.uk ...
I'm skeptical. Did Christianity implode because Muslims conquered most of the places in the Old and New Testaments? Did Judaism die out because "Next Year in Jerusalem" was nothing but a daydream, after the Roman conquest, until the re-establishment of the state of Israel in 1948?
I filled up yesterday. Gas was $1.97/gallon! OMG! But, you’re right. My FIRST thought was, ‘Well THIS will never stand!”
*Rolleyes*
I’m so tired of taking it in the shorts due to my CORRUPT, CLUELESS, ‘leaders.’
Yeah, they obligate themselves to projects based on current revenue and don’t see down the road for just this scenario.
His followers actually tried to say that he wasn’t bowing. Those who voted for him knew exactly what they were doing. That’s why I’ve cut off long term relationships and family members. They still love the guy. That proves to me there’s something wrong with them and I don’t want to be around them.
“I would love to see them rubble.”
Well bombing Mecca and Medina would be a start! The truth is, The OPEC countries and Russia have built economies on profligate spending counting on $100+ per barrel oil. Now the chickens have come home to roost for them. In the next century, we will see the ME return to a bunch of sand dunes and camels.
The Saudis are trying to kill our domestic oil industry. Looks like they’re succeeding on their end. Not sure how flexible we can be about closing up shop and restarting it later. It’s got to be hard to run a drilling business knowing that they could do this to the market any time within a couple years.
In the next century, we will see the ME return to a bunch of sand dunes and camels.
I want to be alive when their is no need for ME oil....I have said that for a long time.
The new rubble in Syria is good for the ruble.
Russia’s arms industry is second only to that of the U.S.A. I imagine order books, of Russian munitions makers, are filling up; given the live-fire demonstrations they’re putting on in Syria and Iraq.
Wait until someone in Yemen sinks a tanker in the Gulf. Or ISIS blows up a pipeline. Or Iran takes a shot at SA.
The price will be back up soon enough.
I like the way you think!
Judaism had a generational homesickness for a place that still exists to this day.
Christianity lives in the heart, islam REQUIRES a pilgrimage to mecca as one of the 5 pillars of islam.
Perhaps islam can survive mecca becoming a desolation like Damascus will, perhaps not.
I say let’s run the test.
Doing nothing certainly isn’t helping us any...
I read that recently. Putin is trying to take up some of the oil slack with munitions selling.
Good.
Though I dont see demand for oil going permanently down.
They might be around for longer than i would like.
Wouldn’t mind a stray Russian bomber dropping one there by accident.
Or is Saudi Arabia part of nato too now, like turkey? /s
you are right. and it’s disgusting.
$20 a barrel of oil should be what, a little over $1.00 a gallon. Think we will ever see that? I highly doubt it.
Did you read a post where I mentioned I was a Jets fan?
This means war you know. :)
I know nothing of nuclear weapons. As long as the radiation doesn’t affect Israel and all of out troops are far removed, well, then by all means :)
In two weeks, OPEC will be holding its big annual meeting in Vienna, and some experts are predicting an open revolt by its members against Saudi Arabia’s leadership.
If that happens, the oil situation could get volatile very quickly.
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