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Thread: Saudi Arabia and OPEC are doomed.

  1. #631
    US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.Trump's comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output.
    "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump said on Twitter.

    More at: https://www.yahoo.com/news/trump-ask...151252467.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

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  3. #632
    Saudi Arabia’s Energy Minister Khalid al-Falih met with the U.S. Special Representative for Iran, Brian Hook, on Wednesday, a day before OPEC is meeting to discuss new production cuts to rebalance the market, Reuters reported, quoting sources familiar with the meeting.
    While the topic of the Saudi-U.S. meeting was not immediately clear, it’s probably safe to assume that the energy minister of OPEC’s de facto leader and the U.S. official for Iran discussed the current and future impact of the U.S. sanctions on Iran on the global oil market.
    According to S&P Global Platts, the meeting between al-Falih and Hook, which neither side confirmed or agreed to comment, may have been held to exchange views on Saudi Arabia’s position at Thursday’s OPEC meeting and what level of production the cartel and allies might need to keep in order to factor in more losses of Iranian oil supply.

    More at: https://oilprice.com/Latest-Energy-N...EC-Summit.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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  5. #633
    After six hours of discussions, OPEC didn’t agree on Thursday on any specific oil production cut agreement as members are quarrelling on how to divvy up the production cuts and who will be exempt from reducing output, while all signs point to the cartel waiting to see how much Russia will agree to cut before announcing a possible deal.
    OPEC canceled its scheduled after-meeting press conference on Thursday and Saudi Arabia’s Energy Minister Khalid al-Falih said the cartel was still “deliberating” an agreement, after the meeting ended. The main proposal that was discussed was a cut of around 1 million bpd.
    “I am not confident of an agreement,” al-Falih said, adding that “Russia is not ready for a substantial cut.”
    Russia’s Energy Minister Alexander Novak will be joining the talks with non-OPEC on Friday, after having received instructions from President Vladimir Putin on Russia’s position on joining the cuts.
    Even without having to wait for Russia’s consent, the OPEC meeting was more contentious than usual, with the main “sticking point” being getting agreement from all producers, according to the Saudi minister.
    Another sticking point was who could be exempt from the cuts.


    Apart from counting barrels and looking at demand forecasts, OPEC was dealing today with discontent from some members who blame Saudi Arabia for creating the oversupply by pumping at records, and for giving non-OPEC Russia a very big say in the cartel’s oil production policy.
    The deal-or-no-deal saga continues on Friday, while the oil market was left hanging, with prices down 3% at 1:16 p.m. EDT.

    More at: https://oilprice.com/Latest-Energy-N...The-Table.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

  6. #634
    Update: It would appear OPEC+ talks are over... Russian Energy Minister Alexander Novak won’t make it back to Vienna Thursday to discuss cutting oil output with the OPEC+ group of crude producing countries, RIA Novosti reports, citing the ministry.

    More at: https://www.zerohedge.com/news/2018-...ement-tomorrow

    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

  7. #635
    Qatar quits OPEC
    "Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
    "War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.

  8. #636
    The U.S.’s fastest growing oil field may have even more to give.The Permian’s Delaware Basin, the less drilled part of the giant West Texas and New Mexico oil field, holds more than twice the amount of crude as its sister, the Midland Basin, the U.S. Geological Service said Thursday.
    The Wolfcamp Shale and Bone Spring rock formations in the Delaware hold an estimated 46.3 billion barrels, the scientists said in their first assessment of the area. In addition, it holds about 281 trillion cubic feet of natural gas, about 18 times the amount in the Midland Basin, which is more heavily drilled and better known.
    The Midland and Delaware estimates are the USGS’s “largest continuous oil and gas assessments ever released,” Dr. Jim Reilly, the organization’s director, said in a statement. The amount consists of “undiscovered, technically recoverable resources,” the USGS said.
    The study only looked at the two rock formations, which are both well known to operators including Exxon Mobil Corp., Royal Dutch Shell Plc, EOG Resources Inc. and Occidental Petroleum Corp. Industry experts say there are as many as a dozen so-called ‘pay zones’ in the area.


    https://finance.yahoo.com/news/meet-...100000276.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

  9. #637
    OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude.The producer club will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April.
    Oil prices jumped about 5 percent to more than $63 a barrel as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected.


    The OPEC deal had hung in the balance for two days - first on fears that Russia would cut too little, and later on concerns that Iran, whose crude exports have been depleted by U.S. sanctions, would receive no exemption and block the agreement.
    But after hours of talks, Iran gave OPEC the green light and Russia said it was ready to cut more.
    Russia gave a commitment to reduce output by 228,000 bpd from October levels of 11.4 million bpd, though it said the cuts would be gradual and take place over several months.
    The country's energy minister, Alexander Novak, said Russian President Vladimir Putin had discussed an output decrease with Saudi Prince Mohammed.
    Iraq, OPEC's second-largest producer, pledged to cut 140,000 bpd. Falih said Saudi production had dropped to 10.7 million bpd in December from 11.1 million in November and was set to decline to 10.2 million bpd in January.
    Iran, Libya and Venezuela were effectively given exemptions. Nigeria, which has been exempt since the previous round of cuts from January 2017, agreed to participate.

    Bob McNally, president of U.S.-based Rapidan Energy Group, said the details of the cut were "fuzzy" and would likely result in a lesser reduction than the headline figure.
    "President Trump will not be happy to see today’s headlines, but how strongly he reacts depends mainly on whether crude prices rise strongly as a result in coming days and weeks."

    More at: https://finance.yahoo.com/news/opec-...--finance.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

  10. #638
    After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it would take Russia “months” to get down to its requested level.
    While there were no specific figures or targets released to the public for each individual member of the OPEC and non-OPEC groups to hit, non-OPEC was saddled with a 400,000 bpd burden, while OPEC itself agreed to cut 800,000 bpd. Unofficial sources, according to Tass, has Russia’s portion of the cuts pegged at 228,000 bpd, which is 2% of its October levels.
    Shortly after the meeting concluded on Friday, Alexander Novak dampened high spirits among the oil bulls. “The oil production will be reduced, just as two years ago, as quickly as possible in terms of technology. I think it will take several months,” Novak said at the after-meeting press conference.

    More at: https://oilprice.com/Latest-Energy-N...Implement.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. #639
    Saudi Arabia could reduce its daily crude oil shipments abroad by as much as 1 million barrels next month, Reuters reports, quoting unnamed sources close to Riyadh. According to them, the move would be motivated by weaker demand due to seasonal patterns in consumption and Saudi Arabia’s commitment to the new production cut agreed last week in Vienna.
    In total, the sources said, Riyadh will likely export an average 7.3 million bpd in January. This compares with less than 8 million bpd this month, also a decline from November, when the Kingdom exported 8.3 million bpd.
    Saudi Arabia will once again shoulder the greatest burden of the OPEC-wide cuts, cutting 500,000 bpd from its December production levels, which stand at an average 10.7 million bpd, the same as in October. The cartel and its partners agreed to cut production from October levels, by 2.5 percent for every OPEC member besides Libya, Iran, and Venezuela.

    More at: https://oilprice.com/Energy/Crude-Oi...ext-Month.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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