MercoPress. South Atlantic News Agency
Oil prices hit new lows with prospects of further slide; excess supply, weak demand
Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99. Read full article
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Oct 15th, 2014 - 10:00 am - Link - Report abuse 0Couldn't happen to a nicer bunch of losers in the Venezuelan and Russian governments.
As the tap turns off the middle east reverts back to the barren wasteland it alwways was.
Oct 15th, 2014 - 10:18 am - Link - Report abuse 0I've heard that it is a strategy employed by OPEC to deal with the onslaught of shale production. Shale had a point somewhere around 70 a barrel for it to be worthwild to drill. OPEC is hoping to push oil to that level to push the shalers out. The only problem with that is as they continue to drill shale, the technology improves thus lowering that level. OPEC will always be chasing a new low. Of course Veneztina is the only OPEC country not on board with this strategy so their oil be be higher than most leaving them selling high pricing shit crude in a world selling lower priced oil.
Oct 15th, 2014 - 12:43 pm - Link - Report abuse 0I've seen gas as low as 3.07 a gallon and almost choked when I saw it at 1.19 a liter in Canada.
3. V needs $120/b oil to meet their budget numbers. snicker
Oct 15th, 2014 - 01:49 pm - Link - Report abuse 0Russia is falling apart. U$20 chicken when you can find it.
Its pretty hard to have an OPEC when their largest former client now produces more oil than they do.
As I've been saying for a very long time, USA Shale Oil/Gas will change the world dynamics and make us an economic powerhouse. If only we could get Obama to step down and Biden...
Vaca Muerte is certainly muerte until oil gets over $100 again.
The last and only hope Arg had to survive just died.
:)
...and in India Arg is trying to sell wine, beef and soy to teetotal vegetarians who's staple is rice! “Boloudos”...to quote Big Balls Paul..!
Oct 15th, 2014 - 02:53 pm - Link - Report abuse 0@5 Nope it is an all expenses paid vaction for La Campora at our expense.
Oct 15th, 2014 - 05:10 pm - Link - Report abuse 03 captain Poppy
Oct 15th, 2014 - 07:00 pm - Link - Report abuse 0I heard that same story on the radio yesterday.
OPEC producing at regular levels, but reduced prices - a deliberate strategy to reduce investment in US domestic shake oil production, designed to affect the higher cost producers.
“ Venezuela needs to maintain a $120 / barrel price, to be viable.”
I gather that is due to the high sulphur content of their crude, and related higher refining costs - relying on foreign (US) refiners.
No matter how far the price of crude drops, here in Uruguay we will NEVER see a price drop because of the stupid over staffing of the governments monopoly fuel company ANCAP and the government ‘taking profits’ instead of giving the citizens a rest from ever increasing prices brought about by government waste, incompetence, corruption and paying lazy bastards NOT to work.
Oct 15th, 2014 - 07:14 pm - Link - Report abuse 0I can imagine “No Money Pepe” being bucolic at the increase in revenue just at the time he is LEAVING.
Apart from he is not, he is going to be a Senator because the Broad Fraud realises they are maxing out at 41% when they need 51% to 'rule' us.
Hmmm, wasn't a certain 'prospective' independent country very recently basing all of its future wealth and spending on high oil prices??? 86 dollars a barrel and falling, that would have been entertaining to watch, without a reserve currency to dip into to pay it's bills.
Oct 15th, 2014 - 07:22 pm - Link - Report abuse 0The US is fast becoming self-sufficient in fuel and what it produces it also sells to Canada, so oil prices are likely to keep falling. Also a likely shale gas bonanza in England around the corner.
3
Oct 15th, 2014 - 07:52 pm - Link - Report abuse 0If you choke at that Pops...best not visit the UK....£1.27 a litre....and thats pounds not dollars...
If prices stay this low then I expect a Venezuelan default during 2015.
Oct 15th, 2014 - 09:01 pm - Link - Report abuse 0And Russia can choke on its deeper recession as payment for its actions in Ukraine.
These countries think they are world players because they had several years of high prices for one commodity.
The other big change just around the corner is Australia's natural gas. We are track to export more than Qatar and it will become our largest export.
11. Oh that's great for Australia. I wish our idiotic Gov't would fast track the LNG terminals. We're going to miss out!
Oct 15th, 2014 - 09:28 pm - Link - Report abuse 0Yeah the Brics are done, they had their chance but they decided to blow the only opportunity they had to make it out of the Muck in a generation.
Too bad
snicker
3 Poppy
Oct 15th, 2014 - 09:30 pm - Link - Report abuse 0$1.28 litre in BC yesterday.
Thats down from $1.50, a month ago - Vancouver, BC is the highest in Canada. Perhaps more in northern BC.
A significant drop though, and falling.
It will continue to drop as well. You just have a higher tax but the price itself will continue it's drop.
Oct 16th, 2014 - 09:13 am - Link - Report abuse 0These prices pretty much fucks Vaca Muerta and pushes Veneztina over the edge into default sooner. Russia is barely treading water, which is why they moved their troops from the Ukraine border in hopes sanctions will be lifted.
Gas $1.20 today
Oct 16th, 2014 - 02:46 pm - Link - Report abuse 0It drooped like .08 cents overnight. It's like a race to the bottom. I would hate to be nation who depends on high oil prices........like Russia
Oct 16th, 2014 - 03:03 pm - Link - Report abuse 02 days, but yes it's dropping pretty fast
Oct 16th, 2014 - 06:50 pm - Link - Report abuse 0I expected under 3 by year end and now it looks like by month end.
Oct 16th, 2014 - 07:48 pm - Link - Report abuse 0High Municipal taxes in Vancouver GVRD - prices still around $1.24 $1.26.
Oct 16th, 2014 - 10:31 pm - Link - Report abuse 0Good news: Russia, Venezuela, and other oppressive/illiberal oil producing nations suffer. Low oil prices should help drive growth in the world economy, keep inflation down.
Oct 17th, 2014 - 08:00 am - Link - Report abuse 0Bad news: Responsible oil producing nations suffer. Investment in renewables (and alternative sources) declines -> anthropogenic global warming continues.
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