Posted on 11/22/2018 9:59:51 AM PST by Monrose72
ABU DHABI, United Arab Emirates — OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps as much as 1 million barrels of oil a day, to rebalance the market after proposed U.S. sanctions on Iran failed to cut Tehran's output, Saudi Arabia's energy minister said Monday.
(Excerpt) Read more at ibtimes.co.uk ...
California! Ha haaaaa! Sometimes I say the craziest things.
OH NOES!!!! We’ll have to sell even more of our oil at a higher price!
Where’s Obama when you need him! (them not me)
The price of crude oil is taking an absolute beating since sanctions on Iran were announced. This cannot make the Saudis very happy but frankly the happiness of the Saudis is about my 973rd concern in life
It’s too bad governments control a heavy majority of oil reserves worldwide, which leads to more price volatility.
The largest private multi-nationals combined control 7% of the market. Over 100 countries produce oil. But Russia, Saudi Arabia, Iran and Iraq combined produce 36% of the world’s oil.
The US produces 12% but our government doesn’t own the production, though it does sell leasing rights for income.
Who gives a crap about the goddamn mongoloid saudis.
Didn’t President Trump approve the pipeline and aren’t we fracking the heck out of North Dakota making the USA the top oil producer? Good luck with that Saudi Arabia.
JoMa
Drill, baby, drill!
Crude went up when the Iranian sanctions were announced.
The sanctions aren’t hindering the Iranians as hoped, which is why prices are dropping.
The Saudis (and for that matter the Texans and North Dakotans) are hoping that Saudi production cuts will boost the price somewhat.
Hey OPEC!
You cut we drill.
Problem solved.
.
Go ahead and cut off your nose to spite your face!
Sell less oil, spend less earned wealth.
typical that a leftist judge blocks the pipeline. Liberals are truly regressive and certainly not progressive.
JoMa
"Yeah, it looked as if you were in a real conversation over there."
And the Oscar for best supporting role goes to...
OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004
...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
2001
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
How much of this is posturing to quiet the screeches about the spy who died...
110%
Eff them. So be it. I say we unleash our Oil Industry in the name of national security. We have plenty of vacant space on current and former military bases. Give tax incentives and waive federal regs on oil production to allow for full production. Set our companies free to build our own reserves and supply our allies. This would allow for the creation of a lot of high paid jobs in decrease our dependence on foreign oil Reserves
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