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Thread: Saudi Arabia and OPEC are doomed.

  1. #331

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    Holy $#@!. We $#@!ed the Saudis.
    Truth is a social construct.



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  3. #332

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    Quote Originally Posted by timosman View Post
    Holy $#@!. We $#@!ed the Saudis.
    Yeah! I'm sure they will cry themselves to sleep at night.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  4. #333

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    Quote Originally Posted by devil21 View Post
    Yeah! I'm sure they will cry themselves to sleep at night.
    We can give them Hillary. They like her speeches.
    Truth is a social construct.

  5. #334

    Default

    Quote Originally Posted by devil21 View Post
    Yeah! I'm sure they will cry themselves to sleep at night.
    They're not happy these days.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #335

    Default

    Truth is a social construct.

  7. #336

    Default

    Quote Originally Posted by timosman View Post
    jidiy bani matar alriyad

    google translate sucks
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals



  8. Remove this section of ads by registering.
  9. #337

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    OPEC oil output has risen in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey found on Tuesday.

    More at: https://uk.reuters.com/article/uk-op...FK2IC?rpc=401&
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  10. #338

    Default

    The Oil Rig Count Rises Once Again

    The number of oil rigs in the United States rose this week, by 6

    U.S. crude oil production rose again, to 9.919 million bpd, from 9.878 million bpd the week before, setting another new high and getting dangerously close to that psychologically important 10.0 million bpd mark.
    Canada has added hundred of rigs in the last three weeks. This week, Canada added another 14 oil rigs

    More at: https://oilprice.com/Energy/Energy-G...nce-Again.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  11. #339

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    While Russia is sending its top-quality crude oil to China in its battle for market share on the prized Asian market, European refiners are left with lower-quality imports from Russia and are now reviewing how much Russian crude they would buy and at what price, Reuters reported on Monday, citing traders and sources close to European refiners.
    The quality of Russia’s Urals crude grade has deteriorated so much that some refiners are considering renegotiation of supplies and prices.
    The Urals grade exported to Europe is a blend of different oils, and that blending is taking place inside the pipeline system in Russia. According to data from industry sources obtained by Reuters, the quality of the Urals blend that is being exported to Europe in February is near the bottom of the standard range set by the Russian standards agency Rosstandart.
    “We can’t refine this (oil),” a trader at a European company told Reuters. “There is only one way out, which is to cut Urals purchases and get supplies of lighter grades for blending,” the trader added.

    More at: https://oilprice.com/Energy/Crude-Oi...ian-Crude.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  12. #340

    Default

    The Energy Information Administration rattled oil bulls by reporting a build of 1.9 million barrels in U.S. crude oil inventories for the week to February 2. The report comes a day after the release of the latest Short-Term Energy Outlook that saw the EIA projecting local oil production will hit the 11-million-bpd mark late this year, with the average for the year seen at 10.6 million bpd.
    Prices felt the blow of these revised projections and will likely continue to feel it for a few more days. At the time of writing, West Texas Intermediate traded at US$63.84 per barrel, with Brent at US$67.55 a barrel.
    The inventory report by the EIA is once again in conflict with figures from the American Petroleum Institute, which surprised analysts with a 1.05-million-barrel decline, versus expectations for 3.19 million barrels more. Analysts expected the EIA to report a decline of 480,000 barrels. During the first month of the year, the EIA reported a total draw of 6.1 million barrels, with three weeks of draws since January 1, and one week of a build.
    Gasoline stockpiles continued to increase last week, the EIA also said. The build was a hefty 3.4 million barrels, following three weekly builds since the start of 2018 and one weekly draw, of 2 million barrels, reported last week.

    More at: https://oilprice.com/Energy/Energy-G...ventories.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  13. #341

    Default

    U.S. Oil Production Is Rising Much Faster Than Expected

    https://oilprice.com/Energy/Crude-Oil/US-Oil-Production-Is-Rising-Much-Faster-Than-Expected.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  14. #342

    Default

    Iran Could Add 100,000 Bpd In “Five Or Six Days”

    https://oilprice.com/Energy/Crude-Oil/Iran-Could-Add-100000-bpd-In-Five-Or-Six-Days.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  15. #343

    Default

    Exxon To Produce All Of Its Oil Despite Peak Demand Fears

    https://oilprice.com/Energy/Crude-Oil/Exxon-To-Produce-All-Of-Its-Oil-Despite-Peak-Demand-Fears.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  16. #344

    Default

    U.S. Looks To Sell 15% Of Strategic Petroleum Reserve

    https://oilprice.com/Latest-Energy-News/World-News/US-Looks-To-Sell-15-Of-Strategic-Petroleum-Reserve.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  18. #345

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    As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year.
    The number of oil rigs in the United States rose this week by 26 with the number of gas rigs increasing by 3. The number of oil rigs now stands at 791 versus 591 a year ago. The number of gas rigs in the US now stands at 184, up from 149 a year ago.
    At 11:24 am EST, the price of a WTI barrel was trading down $1.35 (-2.21 percent) to $59.80—almost a staggering $5.00 under this same time last week. The Brent barrel trading down $1.39 (-2.14 percent) to $63.42, also almost $5 per barrel under last week, and a loss of 9 percent since the highs in late January.
    Pressing on prices are robust US production. US crude oil production rose again, to 10.251 million bpd, from 9.919 million bpd the week before, setting another new high and surpassing the psychological threshold of 10.0 million bpd.

    More at: https://oilprice.com/Energy/Oil-Pric...r-Of-Rigs.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  19. #346

    Default

    For yet another month, OPEC has revised up its expectations for non-OPEC crude oil supply growth this year, expecting—again—U.S. oil production to increase more than previously thought.
    In its closely watched Monthly Oil Market Report, OPEC said on Monday that it had revised higher its non-OPEC supply forecast for 2018 by 321,000 bpd from the previous month’s report, to average 59.26 million bpd. Non-OPEC supply is now expected to grow at a faster pace, and is expected to increase by 1.4 million bpd in 2018 compared with growth of 860,000 bpd in 2017. The growth has been revised upward by 250,000 bpd from OPEC’s previous report. Expectations for higher production in the U.S., the UK, and Brazil, as well as lesser declines in Mexico and China were the main reasons behind the upward revision, OPEC said.
    The key growth driver will be the United States, with growth now expected at 1.3 million bpd, revised up by 150,000 bpd compared to the last month’s assessment. Other growth drivers outside OPEC will be Canada, Brazil, and the UK, according to the cartel.

    More at: https://oilprice.com/Latest-Energy-N...ast-Again.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  20. #347

    Default

    Quote Originally Posted by Swordsmyth View Post
    U.S. Looks To Sell 15% Of Strategic Petroleum Reserve

    https://oilprice.com/Latest-Energy-N...m-Reserve.html
    The budget deal that the U.S. Congress passed and President Donald Trump signed into law last Friday calls for selling 100 million barrels of the Strategic Petroleum Reserve (SPR) by 2027 to help fund the government.
    The sale of 100 million barrels of crude oil in the next decade would represent the largest non-emergency sell-off of strategic oil reserves and would equate to some 15 percent of the current stockpiles in the SPR.

    https://oilprice.com/Energy/Crude-Oi...l-Selloff.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  21. #348

    Default

    The global oil market could slip into deeper oversupply on the back of non-OPEC production growth led by the United States, the International Energy Agency said in its latest Oil Market Report.

    “The main factor,” the IEA said, “is US oil production. In just three months to November, crude output increased by a colossal 846 kb/d, and will soon overtake that of Saudi Arabia. By the end of this year, it might also overtake Russia to become the global leader.

    Commenting on the recent reversal in oil prices, the authority attributed it to profit-taking and a market correction spanning all industries, adding that oil’s fundamentals supported a decline in prices.

    The situation in the United States suggests that history is repeating itself and what we are seeing now is indeed a second shale revolution that could bring petroleum liquids production on par with global demand growth.

    More at: https://www.zerohedge.com/news/2018-...s-new-oil-glut
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  22. #349

    Default

    Saudi Arabia will cut additional 100,000 bpd of its oil production next month and keep its exports below 7 million bpd in March in a bid to help clear the global oversupply and counteract the recent oil market volatility.
    Saudi Aramco, the state oil giant, will pump 100,000 bpd less crude oil in March compared to the February level, the Saudi energy ministry said on Wednesday.
    The Saudi oil exports will continue to be below 7 million bpd in March, despite the 400,000-bpd SAMREF refinery shutting down for planned maintenance, the ministry said.

    More at: https://oilprice.com/Energy/Crude-Oi...il-Market.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  23. #350
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  24. #351

    Default

    Oil Rig Count Rises

    https://oilprice.com/Energy/Energy-General/Oil-Rig-Count-Rises-As-Prices-Recover.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  25. #352

    Default

    Russia May Feel Pinch From Oil Cut Deal This Year

    https://oilprice.com/Finance/the-Economy/Russia-May-Feel-Pinch-From-Oil-Cut-Deal-This-Year.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  27. #353

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    The Louisiana Offshore Oil Port (LOOP) said on Sunday that it had successfully loaded the first Very Large Crude Carrier (VLCC) with U.S. oil bound for export in what could be a game-changer for U.S. crude oil sales overseas.
    The U.S. has already exported crude oil in supertankers, but because all U.S. ports except for LOOP are too shallow for the very large tankers, smaller tankers have had to make multiple short voyages to the supertankers to load them while they dock offshore.
    “There could not be a better time to offer this service as domestic production surpasses 10 million barrels per day in the ever-dynamic global crude oil market,” Tom Shaw, LOOP president, said in a statement.
    “The new onloading configuration was accomplished with only minor modifications to existing facilities and is scalable to meet the changing needs of the industry,” Shaw added.

    More at: https://oilprice.com/Latest-Energy-N...ertankers.html




    As OPEC allies push to restrict oil output in an international attempt to bolster crude prices, Nigerian producers are heading in the opposite direction, aspiring to increase output by 250,000 more barrels a day to reach their overall goal of 2.5 million per day by 2020. Look no further than Shoreline Group, Nigeria’s third-largest independent oil producer, which intends to double their output by the end of this year alone.
    Ironically, this is all happening at the same time that the Nigerian government has pledged to participate in a global pact lead by Saudi Arabia and Russia to restrict oil supply. This month the government made an official pledge to keep output under 1.8 million barrels a day in 2018. Meanwhile, as Nigerian oil minister Emmanuel Kachikwu makes his lofty promises to OPEC, the nation’s crude output is at its highest level in more than two years.
    In January, Nigeria produced an average of 1.93 million barrels per day, well above the promised 1.8 million. On top of this figure, the nation is set to start up production in a new large-scale oil field by the end of the year, their first in half a decade. The new offshore Egina oil field will has a production capacity of 200,000 bpd. Clearly, Nigerian producers show no sign of heeding their own oil minister’s calls.

    More at: https://oilprice.com/Energy/Energy-G...OPEC16524.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  28. #354

    Default

    Oil was found flowing naturally for the first time ever onshore in Jamaica at two locations in what could be a door opener in the Caribbean, companies said. Two companies, the Petroleum Corporation of Jamaica and CGG GeoConsulting, said oil was found flowing at two sites during petroleum field work.


    "This significant find marks the first documented occurrence of 'live', or flowing, oil from onshore Jamaica and will be of particular interest to oil explorationists focused on Central America and the Caribbean," they said in a joint statement.


    "The discovery of these seeps indicates the presence of working petroleum systems on the island that are generating and expelling liquid hydrocarbons to the surface," CGG GeoConsulting and the Petroleum Corporation of Jamaica announced.

    To the north in Cuba, authorities there issued the consent necessary for Australia's Melbana Energy to move forward with plans for oil drilling onshore. The company's Alameda-1 prospect near the northern coast of Cuba is targeting a reservoir with more than 2.5 billion barrels of oil in place.

    More at: https://www.upi.com/Energy-News/2018...7671519219038/
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  29. #355

    Default

    Shale drillers have squeezed more oil out of a given well over the past few years by becoming more efficient in their drilling operations. But the industry is still scaling up, and shale executives are now throwing around buzzwords such as “cube development” and “supersizing,” referring to the massive footprint of today’s wellpads.
    In the past, shale companies figured out a way to cut costs while expanding production: drilling more wells on a single wellpad. In essence, that lowered the average cost of a shale well, allowing drillers to do more with less. Other techniques were also scaled up, such as using more frac sand, more water, and drilling longer laterals. That allowed shale firms to survive during the downturn, and it has also led to surging production that is breaking new records with each passing week.
    But the process continues, and shale companies are using that same logic today to continue to scale up. For instance, as Bloomberg reports, Encana is pursuing a drilling approach called “cube development,” in which the company drills about 20 wells from a single wellpad, extending in every direction, with the aim of extracting oil and gas from the multiple layers of the Permian, rather than each well targeting an individual shale layer.
    The term refers to the notion that the driller is accessing the entire three-dimensional “cube” beneath the surface, rather than just the hydrocarbon resources immediately around the individual wells. “[T]he Permian is graduating," Gabriel Daoud, a JPMorgan Chase & Co. analyst told Bloomberg. “Now it’s all about entering manufacturing mode."
    More and more shale companies are following this approach, supersizing individual projects to pull more oil and gas out of the ground.

    More at: https://oilprice.com/Energy/Crude-Oi...-Fracking.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  30. #356

    Default

    Iraq’s oil production could begin to rise after a tentative deal was agreed to by the Kurdish Regional Government and the central government in Baghdad.
    The two sides reached an accord that is expected to lead to the restart of oil flows through a Kurdish pipeline to Turkey, which has been shut down since last summer. "It was agreed with the Kurdish side to start exporting oil from Kirkuk," Prime Minister Haider al-Abadi said on Tuesday.

    More at: https://oilprice.com/Energy/Energy-G...roduction.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  31. #357

    Default

    U.S. Gasoline Consumption Falls For The First Time In Five Years

    https://oilprice.com/Energy/Energy-General/US-Gasoline-Consumption-Falls-For-The-First-Time-In-Five-Years.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  32. #358

    Default

    Quote Originally Posted by Swordsmyth View Post
    The global oil market could slip into deeper oversupply on the back of non-OPEC production growth led by the United States, the International Energy Agency said in its latest Oil Market Report.

    “The main factor,” the IEA said, “is US oil production. In just three months to November, crude output increased by a colossal 846 kb/d, and will soon overtake that of Saudi Arabia. By the end of this year, it might also overtake Russia to become the global leader.

    Commenting on the recent reversal in oil prices, the authority attributed it to profit-taking and a market correction spanning all industries, adding that oil’s fundamentals supported a decline in prices.

    The situation in the United States suggests that history is repeating itself and what we are seeing now is indeed a second shale revolution that could bring petroleum liquids production on par with global demand growth.

    More at: https://www.zerohedge.com/news/2018-...s-new-oil-glut
    Won't it be funny when/if the US is the largest oil producer in the world yet we're all here riding around in little autonomous electric Ubers, while all that oil goes to the rest of the world?
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  33. #359

    Default

    Quote Originally Posted by devil21 View Post
    Won't it be funny when/if the US is the largest oil producer in the world yet we're all here riding around in little autonomous electric Ubers, while all that oil goes to the rest of the world?
    The Saudis won't be laughing.
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  34. #360

    Default

    Quote Originally Posted by Swordsmyth View Post
    The Saudis won't be laughing.
    See, the thing that never gets mentioned in these oil discussions (mostly because it's never been widely publicized) is that during the Saudi oil for dollars system, the Saudis were quietly dumping dollar assets for GOLD the whole time. Who knows how much gold the House of Saud has stashed off the books. Then there's the coming Aramco IPO that will attract a very large BRICS investment. The Saudis will start the process all over again with new customers. I've never really bought the 'peak oil' story as being anything more than long-term conditioning/preparation of Americans for the electric vehicle/reduced consumption life after the petrodollar is dead.

    eta: They're probably gonna have to change that name, Aramco. The 'am' part may be a problem going forward...
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