Posted on 02/10/2016 2:56:09 PM PST by bananaman22
An OPEC production cut is unlikely until U.S. production declines by about another million barrels per day (mmbpd). OPEC won’t cut because it would accomplish nothing beyond a short-term increase in price. Carefully placed comments by OPEC and Russian oil ministers about the possibility of production cuts achieve almost the same price increase as an actual cut.
Bad News About The Oil Over-Supply from IEA and EIA
The International Energy Agency (IEA) and U.S. Energy Information Administration (EIA) shook the markets yesterday with news that the world’s over-supply of oil has gotten worse rather than better in recent months. IEA data shows that the global liquids over-supply increased in the 4th quarter of 2015 to 2.24 million barrels per day (mmbpd) from 1.62 mmbpd in the 3rd quarter (Figure 1).
http://oilprice.com/Energy/Crude-Oil/OPEC-Will-Not-Blink-First.html
(Excerpt) Read more at oilprice.com ...
$1.54 GAS here...works for me. I understand Oklahoma has gas for a buck eleven lowest since 1999...
Freegards
LEX
—> ... $1.54 gas here ... <—
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A buck for the gas and 54 cents for the taxes.
The Saudis want to put American producers out of business. They have plenty of cash reserves, so they can afford to lose in the short term to achieve their goal.
Exactly right. Keystone had them on the ropes. They ranted and raved and 0bama/Hillary/Kerry caved. I sure hope the unions remember that.
I give it about 3 more years. Enjoy it. Then, LOOK OUT!
I’m sure those millions to the Clinton Foundation didn’t hurt either.
eggz zactly ^5
Well, what do you expect with 94,000,000 Americans out of the workforce and manufacturing declining. The biggest consumers can’t consume. . .
No, obummer is going to cause something to explode the middle east by this summer. Gas will be $3-4 by the end of summer 2016.
September RBOB is at $1.15/gal on the CME
So if you believe what you’re writing, time to start buying gasoline futures.
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