MercoPress. South Atlantic News Agency
OPEC member stands by group's decision not to cut output to tackle glut
Brent and US WTI crude oil prices fell to their lowest levels in almost six years on Tuesday as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market. Read full article
Comments
Disclaimer & comment rulesIt is obvious what they are doing.
Jan 14th, 2015 - 11:20 am - Link - Report abuse 0Drop the price way down and shake out all the oil producers with a high base cost.
Venezuela disappears, Canada and the US investment for shale drys up, then OPEC comes back and cuts production for a while and drives the price up again.
Rinse and repeat every few years to maintain oil prices.
Glut ? what glut,
Jan 14th, 2015 - 11:33 am - Link - Report abuse 0FREE oil for the poor seems a good idea to me...lol
1. That won't work. You can temporarily stop exploration, newly drilled wells but technology will be forced to find cheaper and quicker ways to extract the USA (worldwide to a lesser extent) so as they try to raise prices it will bring on more quick drillings. The price of oil will be low for a long time probably a decade or more.
Jan 14th, 2015 - 12:29 pm - Link - Report abuse 0I predicted this many years ago on this board.
The US Fracking has and will change the world dynamics and its not near done yet.
The next step is equipping our vehicles to use nat gas. We have a 300 yr supply on hand with more available. We're about 2 yrs away from exporting it and it will probably mostly go to the EU.
Bye bye Russia. Its already in junk bond status and going down.
The USA will become more insular as most of the high end mfg moves back on shore. We'll be an export nation again. Its about a decade away.
Just wait the cycle is just beginning
I don;t think they understand how the competition of capitalism works. It's like life....in the life will find a way to survive so it morphs. Shale extraction technology is already changing in the market based world and not all the shale drillers will be falling out. $100 a barrel of crude is over. It may rebound some but not to that level. If and when they cut production...prices will rise only to bring in the small drillers and the process repeats itself all over again.
Jan 14th, 2015 - 12:52 pm - Link - Report abuse 04. Argentina's oil provinces, oil producers, oil workers unions are beginning to squeal.
Jan 14th, 2015 - 03:01 pm - Link - Report abuse 0Looks like layoffs are coming
:)
Have they ever gone a month with some sort of national strike? Sure teachers, truckers, bus drivers may strike here now and then.....but not everyone in the entire national.
Jan 14th, 2015 - 03:22 pm - Link - Report abuse 0It's costly to layoff or fire people in Argentina.
6. The last time there were huge national strikes is when The Peronists were out of power.
Jan 14th, 2015 - 04:40 pm - Link - Report abuse 0Its a delicate balance, they need to keep the graft going so they really don't want to rock the boat too much.
January 14, 2015 3:57 pm
Jan 14th, 2015 - 05:54 pm - Link - Report abuse 0Premier Oil postpones development of Falklands field
http://www.ft.com/intl/cms/s/0/4f31d652-9bf7-11e4-a6b6-00144feabdc0.html?siteedition=intl#axzz3OoouH3Ag
lol
LOL
what did i tell you 4 months ago, you ignorant isleters?
eh??
Doesn't look like there is a Falklander posting her stevie. Happy to see your electricity is finally up and running,
Jan 14th, 2015 - 06:08 pm - Link - Report abuse 0PSSSSSSTT XOM for the long haul. If you're a plotter, make sure you know where to enter.
Paultry @ 8. Pity you didn't read the full picture...
Jan 14th, 2015 - 07:54 pm - Link - Report abuse 0http://www.premier-oil.com/premieroil/media/press/trading-and-operations-update-11
Which shows a good exploration year in 2015 for the Falklands.
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