MercoPress. South Atlantic News Agency
Crude price falls to a three year low, created by shale boom and Libya restart
West Texas Intermediate, WTI crude closed at a three-year low on Wednesday with prices under pressure from the growing oil glut created by the U.S. shale boom and the restart of Libya's largest operational oilfield. Read full article
Comments
Disclaimer & comment rulesNo matter what Opec does it won't matter in the long run. They've lost their largest client and their economies depend on high priced oil.
Nov 13th, 2014 - 01:38 pm - Link - Report abuse 0I said a couple years ago USA fracking will change world dynamics.
It will be interesting to watch this play out.
Eventually the mideast will go back to being what they've always have been barbaric tribes roaming around hacking each other heads off while their cities crumble around them.
I hope I am still alive to see it.
If that heavy crude price keeps dropping Venezuela will be in deeper trouble that it already is.
Nov 13th, 2014 - 02:19 pm - Link - Report abuse 0However, the pain will be worth it short-term if Maduro's regime collapses with it.
http://www.ft.com/fastft/236022/oil-slides-saudi-sits-still-venezuela-panics
Nov 13th, 2014 - 05:37 pm - Link - Report abuse 0What I am loving is the effect on Venezuela. They are so low in the shit the only thing left now is the big flush.
There is nothing left at these prices for foreign explorers to putter around at the dead cow. AT the worst case scenario these prices are projected throughout 2015.....and perhaps lower. The only dead cow left to talk about next was just released from the hospital.
While it may not concern many here, it does me. They are starting to pull visiting tourists to the side at customs and interrogate them about their visit. Where are they staying, checking into their money situation, hotels etc.....The Special Visitors Treatment.
@ 3 Capt.
Nov 13th, 2014 - 05:51 pm - Link - Report abuse 0You mean visitors are STILL going to TDC?
I can't believe it!
:o)
lol.....Well some, I am one of them. It's a family thing. I see myself getting in trouble next visit. I barely have tolerance with US Customs and was almost arrested on my last return.....and those guys are pros. When the RG's start harassing me I may see myself behind bars as I have little tolerance for stupidity.
Nov 13th, 2014 - 07:32 pm - Link - Report abuse 0The tanking oil price is hurting Russia, Iran and Veenzuela the most.
Nov 13th, 2014 - 08:36 pm - Link - Report abuse 0For the west, it's like winning the lottery twice.
I agree Anglotino. I always felt the reason Russia is pushing the war in the Ukraine and getting so aggressive with NATO and testing the US borders with LRB's has less to do with geo-politics and more to do with trying to hype the price of crude considering oil is to Russia what soy is to Argentina. But it is not working and those 3 states are in for a royal flush quite soon.
Nov 13th, 2014 - 09:00 pm - Link - Report abuse 0However, that being said. I believe Putin painted himself into a corner and his testosterone inflated pride refuses to allow him to alter the actions he put in place and something seriously regretful may come about from his lunacy. But regardless, the Russia people will continue to be the ultimate losers.
“Talk of a price war is a sign of misunderstanding, deliberate or otherwise, and has no basis in reality,'' Saudi Oil Minister Ali al-Naimi said during a visit to Mexico on Wednesday.“
Nov 13th, 2014 - 09:03 pm - Link - Report abuse 0Kingdom of Saudia Arabia Oil Minister Ali-Al-Naimi, I offer you a heartfelt ”Shukran ” (Thank you), for your excellent work and insightful efforts.
Ilsen, as always you are spot on target.
Once Odumbo gets out of office we should be able to start exporting LNG to Europe. Then price it less than Russia until the regime collapses.
Nov 14th, 2014 - 01:31 pm - Link - Report abuse 0All of these Oil Dictators in the world are going to get exactly what they deserve.
2.78 a gallon.........love it!!!!
Nov 15th, 2014 - 11:09 pm - Link - Report abuse 0Thank the Saudis and Kuwaitis for that wonderful gift !
Nov 16th, 2014 - 03:42 am - Link - Report abuse 0There's a bigger game going on than ALL of us simpletons here on MP.
Nov 16th, 2014 - 01:58 pm - Link - Report abuse 0Commenting for this story is now closed.
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