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Thread: Saudi Arabia and OPEC are doomed.

  1. #211

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    Europe’s Largest Refinery To Shutter For Two Months

    http://oilprice.com/Latest-Energy-News/World-News/Europes-Largest-Refinery-To-Shutter-For-Two-Months.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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  3. #212

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    Putin says oil cuts with OPEC could last to end of 2018

    https://finance.yahoo.com/news/opec-looking-deepening-extending-oil-supply-cut-112844833--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

  4. #213

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    Russia to raise hard-to-recover oil output by 5.4 percent in 2017

    https://www.reuters.com/article/us-russia-oil/russia-to-raise-hard-to-recover-oil-output-by-5-4-percent-in-2017-idUSKCN1C91BN
    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

  5. #214

    Default

    Record U.S. Oil Exports Weigh On Oil Prices

    http://oilprice.com/Energy/Energy-General/Record-US-Oil-Exports-Weighs-On-Oil-Prices.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. #215

    Default

    WTI and RBOB are plunging following comments from the Saudi minister that "he doesn't know" if November meeting will agree on a production cut deal extension, and Russia's Novak confirmed that there is "no clarity" on a deal extension.
    Saudi Arabia will work with Russia to reach a consensus in the next few weeks before the Nov. 30 OPEC/non-OPEC meeting in Vienna, Saudi Energy Minister Khalid Al-Falih says at a meeting with Russian counterpart Alexander Novak in Moscow.

    OPEC and non-OPEC producers will discuss “what to do beyond March” at that meeting: Al-Falih

    Both ministers say it’s too early to say whether or not the November meeting will yield an agreement to extend the production cuts
    Amid higher OPEC production and the prompt return of supplies from Libya, futures prices are under pressure.


    More at: http://www.zerohedge.com/news/2017-1...esumes-decline
    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. #216

    Default

    Rosneft Looks To Boost Crude Oil Exports To China

    http://oilprice.com/Latest-Energy-News/World-News/Rosneft-Looks-To-Boost-Crude-Oil-Exports-To-China.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

  8. #217

    Default

    OPEC Chief Suggests ‘’Extraordinary Measures’’

    OPEC’s Secretary General, Mohammed Barkindo, said the cartel may have to take some “extraordinary measures” to restore the oil market stability.

    “There is a growing consensus that, number one, the re-balancing process is underway. Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward,” the top OPEC man said without elaborating on what these measures might include, although he mentioned that OPEC would welcome more participants in the production cut deal. Barkindo was speaking at the India Energy Forum in New Delhi yesterday.

    http://oilprice.com/Energy/Oil-Price...-Measures.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. #218

    Default

    Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market.State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, the Saudi energy ministry said in a statement. Aramco plans to supply 7.15 million barrels a day “despite very strong demand” that exceeds 7.7 million barrels a day, it said.

    More at: https://www.bloomberg.com/news/artic...-strong-demand
    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. #219

    Default

    Saudis Lose Market Share To OPEC Rivals

    http://oilprice.com/Geopolitics/International/Saudis-Lose-Market-Share-To-OPEC-Rivals.html


    OPEC Chief Urges U.S. Shale To Curb Oil Output

    http://oilprice.com/Energy/Crude-Oil/OPEC-Chief-Urges-US-Shale-To-Curb-Oil-Output.html


    Saudi Arabia Ups November Oil Exports To 7-Million Bpd

    http://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Ups-November-Oil-Exports-To-7-Million-Bpd.html


    Record U.S. Crude Exports Squeeze North Sea Oil

    http://oilprice.com/Latest-Energy-News/World-News/Record-US-Crude-Exports-Squeeze-North-Sea-Oil.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. #220

    Default

    After a brief respite in August, OPEC oil production rose once again in September, to 32.75 million bpd, up 88,500 bpd from the previous month, the cartel reported in its latest Monthly Oil Market Report. August was the first month in five when OPEC production declined.
    Under the production agreement, OPEC committed to 32.5 million bpd.
    Libya led the September increase, with a 53,900-bpd monthly rise in its crude oil production, to 923,000 bpd.
    It was followed by Nigeria, which pumped 50,800 bpd more last month, to an average daily of 1.855 million bpd. This secondary-source figure is higher than the 1.8-million-bpd mark Nigeria had set for itself as the level at which it would stop raising production and join its co-members in OPEC in their global supply cutting efforts. Nigeria has not yet provided its own production calculations.
    The third largest contributor to the monthly increase in OPEC’s production was Iraq, which pumped 31,600 bpd more in September compared to August. Gabon, Equatorial Guinea, Qatar, and Iran also produced more crude last month, while Venezuela’s production fell the most, by 51,900 bpd.
    The news of OPEC’s production increase is bad news for those hoping for a longer oil price recovery, as it confirms several OPEC production estimates from cargo-tracking service providers, and is in contrast to OPEC reports heralding its excellent compliance to the November 2016 oil production cut pact.

    http://oilprice.com/Energy/Crude-Oil...il-Prices.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. #221

    Default

    WTI/RBOB Slide After Surprise Crude Build

    http://www.zerohedge.com/news/2017-10-11/wtirbob-slide-after-surprise-crude-build
    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. #222

    Default

    Looks like your thread title is correct.
    Everybody needs the $$$...
    nobody's cutting production cept SA & Rus.
    Is that about right?

  14. #223

    Default

    Quote Originally Posted by goldenequity View Post
    Looks like your thread title is correct.
    Everybody needs the $$$...
    nobody's cutting production cept SA & Rus.
    Is that about right?
    Yup, and every time they cut they are gifting money to the competition, they cut their throats when they let the price stay over three digits, their only hope was when they tried flooding the market to kill the competition but either their internal calculations told them they couldn't ride it out or they chickened out.

    Quote Originally Posted by Swordsmyth View Post
    Everything they do to save themselves only helps shale to kill them more surely, if more slowly.
    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. #224

    Default

    Iraq Cannibalizes Saudi Market Share

    http://oilprice.com/Energy/Energy-General/Footloose-Iraq-Cannibalizes-Saudi-Market-Share.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. #225

    Default

    Saudi Arabia Looks To Shelve Aramco IPO

    http://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-Looks-To-Shelve-Aramco-IPO.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

  17. #226

    Default

    Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

    http://oilprice.com/Energy/Crude-Oil/Kuwaiti-Minister-OPEC-Deal-Extension-May-Be-Unnecessary.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

  18. #227

    Default

    Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal

    Russia’s oil producer Gazprom Neft is ‘holding its nose’ to the OPEC/non-OPEC production cut deal because it has made the company cut its production growth targets, Gazprom Neft’s first deputy CEO Vadim Yakovlev told Reuters in an interview published on Monday.
    “The companies involved in this deal are paying a different price. The effect is equal for everyone, but the contribution of the companies to the deal is different,” Yakovlev said.
    “This is related to the market players’ ability to increase their output - we have such a possibility and have to ‘hold our noses’. Gazprom Neft makes a big contribution to the deal. For us, this is a very sensitive issue as it is holding up the development of our fields,” said the manager who noted that the company sees the deal as a short-term one.

    Gazprom Neft plans to lift its oil production next year, Yakovlev told Reuters in today’s interview.


    For the first half of this year, the company reported a 23.1-percent annual increase in net income, while oil and gas production, including such from joint ventures, rose 5.3 percent year-on-year, driven by production ramp-up at the new Novoportovskoye, Prirazlomnoye, and Messoyakha fields, as well as in Iraq.
    Gazprom Neft’s Middle East operations are of “strategic importance”, Yakovlev told Reuters, adding that the company plans to increase its presence there. At the Badra field in Iraq, production is expected at between 85,000 bpd and 90,000 bpd in 2018, to reach 110,000 bpd in the future. Iraq has not asked Gazprom Neft to cut production in the country, Yakovlev told Reuters. At the end of March, Gazprom Neft’s production at Badra was 80,000 bpd, with further developments planned.
    In Iran, Gazprom Neft has filed plans to develop two oil fields— Changouleh and Cheshmeh Khosh.

    More at: http://oilprice.com/Latest-Energy-Ne...-Cut-Deal.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. #228

    Default

    Deputy Finance Minister Vanessa Rubio said Mexico completed its 2018 annual oil hedge, which will secure an average export price of $46 per barrel of crude, Bloomberg reported Oct. 17. Every year since 2000, Mexico has bought put options from investment banks in Wall Street's largest annual oil hedge.

    https://worldview.stratfor.com/situa...hedge-complete
    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. #229

    Default

    OPEC Oil Deal Compliance Falls To 86%

    http://oilprice.com/Latest-Energy-News/World-News/OPEC-Oil-Deal-Compliance-Falls-To-86.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. #230

    Default

    UK portfolio managers with $6.9 trillion resist rule bending by regulator to achieve Aramco London listing

    http://www.zerohedge.com/news/2017-1...udi-aramco-ipo
    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. #231

    Default

    OPEC Favors 9-Month Extension Of Production Cut Agreement

    http://oilprice.com/Energy/Oil-Prices/OPEC-Favors-9-Month-Extension-Of-Production-Cut-Agreement.html


    US shale producers have hedged a third of 2018’s oil production at roughly $52 per barrel, according to investment bank Tudor, Pickering, Holt & Co (TPH).

    http://oilprice.com/Energy/Oil-Prices/The-Worlds-Top-Crude-Trade-Sees-Brent-Crashing-To-45.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. #232

    Default

    Russia, Saudis Team Up To Boost Fracking Tech

    http://oilprice.com/Latest-Energy-News/World-News/Russia-Saudis-Team-Up-To-Boost-Fracking-Tech.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

  24. #233

    Default

    OPEC Looks To Permanently Expand The Cartel

    https://oilprice.com/Energy/Crude-Oil/OPEC-Looks-To-Permanently-Expand-The-Cartel.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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