Posted on 12/04/2019 9:33:00 AM PST by Olog-hai
The world may be heading for an even greater oversupply of oil, and that possibility — which could drive down fuel and energy prices — is hanging over members of the OPEC cartel as they head into negotiations Thursday.
The oil-producing nations will decide whether to stick with production cuts they’ve endured for the past three years, relax them or deepen them in the hopes of propping up prices. […]
Brent crude oil hovered around $61 per barrel Wednesday afternoon. Prices have fluctuated throughout the year, reaching nearly $75 per barrel in April after U.S. sanctions on Iran and Venezuela limited world supply, but lingering trade tensions between the U.S. and China dampened economic expectations, pushing prices back down.
West Texas Intermediate, the U.S. benchmark crude, was trading at around $56 Wednesday afternoon, and its price followed a similar trajectory throughout the year.
As it stands, OPEC nations have agreed to cut production by 1.2 million barrels per day through March 2020, and most analysts expect OPEC nations to extend those production cuts until at least summer. …
(Excerpt) Read more at apnews.com ...
OPEC nations are facing the same challenge much of small town America is facing: Finding relevance in the 21st century.
Some will make it and some won’t. It will be very ugly, though.
Ping.
Just do an old fashioned BOGO sale. Everything MUST GO!
Gee, I wonder why the world is oversupplied with oil during the midst of a large economic upturn in the US? /s
Maybe they can pour some oil on their cornflakes in Iran.
The cartel is having problems controlling world oil markets. What a shame.
Sarcasm.
I thought we were going to run out of oil. That’s what they said back in 1978. I’m still waiting for the flying cars and the coastline to be under 30ft of water.
[[I thought we were going to run out of oil. That’s what they said back in 1978.]]
The iceage we went through in the 70’s in the US made drilling impossible, so we gots enough oil now- (Remember when we were all gonna die because of impending iceage because of man’s CO2? That never happened either-)
Been waiting forty years for this payback. Sweet!
Yeah, the Associated Press is all concerned about it.
Oil is EVERYWHERE ,it’s probably a byproduct from the Earth’s Core
Patiently waiting for that $2/gal. gas.
They should definitely do more production cuts so the price of oil stays relatively high. Because you know nobody in the U.S. or Russia would do anything as mean as ramping up production in response and making even more money.
The U.S. has no current sanctions directly targeting oil production in Venezuela. HERE is a list of current sanctions - note that even the ones on CITGO endpoint sales and the like have exceptions. The issue in Venezuela is a self-inflicted wound so deep that not even the Russians have been able to patch it. In one instance alone no less than $700 million simply disappeared from the balance sheet, never to be seen again. That's a little more than petty theft. Big corruption, big problem.
Me too why hasn’t the gas dropped?
Wow the overpopulation fear mongers were so absolutely wrong. And if electric cars take off won’t that also put price pressure on oil?
I hope the OPECerheads drown in it.
Peak Oil!!!!!
(or maybe not)
That’s a bit over simplified, but that is the case. It’s a renewable resource.
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