Posted on 03/09/2020 3:20:49 PM PDT by bananaman22
The oil price war that Saudi Arabia and Russia started will hurt the fiscal revenues of the oil producers in the Persian Gulf, including the Saudis, OPEC’s top producer and the world’s top oil exporter, according to credit rating agency Fitch.
“The collapse in oil prices will clearly be seen in fiscal numbers for the Gulf,” Jan Friedrich, the senior sovereign analyst for the Middle East and Africa, said on Monday, as carried by Reuters.
(Excerpt) Read more at oilprice.com ...
Sucks to have oil.
Oil revenue was going to dry up at some point in time.
We will soon see who were prudent in their planning and who were living from paycheck to paycheck.
The good news is that there will be less money for state sponsored terrorism. (Could this be Russia’s plan?)
Haven’t heard anything yet about Venezuela.
The timing of this is what is going to get em in the end. With the current flu hysteria there is going to be a slow down in demand. Then to flood the market with cheep oil on top of that is a recipe for the bottom falling out of the oil price. They think they can control it, but they can’t. They may not like what rises out of the ashes.
Blast from the past...
“The biggest losers would be the Arab oil states grouped in the Gulf Cooperation Council, most of which are monarchies kept in power by a combination oil dollars and American military power. Despite their oil revenues, none of these countries except Saudi Arabia has the wherewithal to defend itself against military pressure from Iran if America leaves the stage — or for that matter from Iraq, which has repeatedly laid claim to oil fields in Kuwait and other nearby states. The vacuum created by an American departure would force nations like Bahrain and Qatar to seek new military protectors, either by submitting to the influence of bigger regional powers or by reaching out to China.”
Cheap oil.....#ORANGEMANBAD!!!
WTH???
US producers have positioned themselves for this. We have some of the lowest extraction costs in the world and will do just fine against everyone else.
WTH???
You need to be more specific
MBS better start arresting more cousins.
... Sucks to have oil.
Yup, glad I (finally) sold my XOM stocks last month, tanking badly
Saudi Arabia is doing this to get the other members to cut there out put..
The Saudis need the money..from higher prices..
And the bad news is?
Venezuela can’t make a profit at $2.00 a liter much less a dollar gallon.
Even in the Permian it’s hard to make money at $30 a barrel. Mid-40s seems to be the break even out there.
I see that the FDIC is hiring folks at the lower grade levels (not to exceed one year) to do bank closing work....
Dallas isn’t a bad location.
You’re suggesting Russia started a price war to fight terrorism?
Remembering the great Dan Jenkins from one of his novels, ‘Better learn to pan fry them cobras’.
How does this impact the U.S.?
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