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Thread: Saudi Arabia and OPEC are doomed.

  1. #31
    Update:
    Congo Republic Plans 350,000 BPD Output In 2018

    http://oilprice.com/Latest-Energy-News/World-News/Congo-Republic-Plans-350000-BPD-Output-In-2018.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 mankind…it’s people I can’t 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. #32
    Update:
    U.S. Rig Count Continues Its Ascent Unabated

    http://oilprice.com/Energy/Energy-General/US-Rig-Count-Continues-Its-Ascent-Unabated.html


    Eni Begins Oil Production In Ghana Three Months Ahead Of Schedule

    http://oilprice.com/Latest-Energy-News/World-News/Eni-Begins-Oil-Production-In-Ghana-Three-Months-Ahead-Of-Schedule.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 mankind…it’s people I can’t 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. #33
    Update:

    Nigeria To Return 20% Of OPEC Cuts To The Market

    http://oilprice.com/Energy/Energy-General/Nigeria-To-Return-20-Of-OPEC-Cuts-To-The-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 mankind…it’s people I can’t 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. #34
    Iran Aims To Develop Its Largest Oil Field

    OPEC’s no.3 producer, Iran, which is currently pumping just below 3.8 million bpd of crude oil, wants to increase its production to 5 million bpd by 2021.

    http://oilprice.com/Latest-Energy-Ne...Oil-Field.html



    Iraq To Raise Oil Export Terminal Capacity To 1 Million Bpd

    Amaya’s current capacity is 250,000 bpd.

    http://oilprice.com/Latest-Energy-Ne...llion-Bpd.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 mankind…it’s people I can’t 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. #35
    Shale Production Will Hit An All Time High Next Month... And That's Just The Beginning

    http://www.zerohedge.com/news/2017-0...just-beginning
    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 mankind…it’s people I can’t 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. #36
    OPEC Crude Oil Basket Hit Lowest Price Of The Year In May

    http://oilprice.com/Latest-Energy-News/World-News/OPEC-Crude-Oil-Basket-Hit-Lowest-Price-Of-The-Year-In-May.html


    Oil Prices Retreat On Rising OPEC Output In May

    http://oilprice.com/Energy/Oil-Prices/Oil-Prices-Retreat-On-Rising-OPEC-Output-In-May.html


    Nigeria Oil Minister Warns OPEC Won’t Play Price Regulator Forever

    http://oilprice.com/Latest-Energy-News/World-News/Nigeria-Oil-Minister-Warns-OPEC-Wont-Play-Price-Regulator-Forever.html


    Kazakhstan Rejects Report About Further Oil Output Cut

    http://oilprice.com/Latest-Energy-News/World-News/Kazakhstan-Rejects-Report-About-Further-Oil-Output-Cut.html


    Refracking Extracts 200,000-250,000 Additional Barrels In Bakken

    http://oilprice.com/Latest-Energy-News/World-News/Refracking-Extracts-200000-250000-Additional-Barrels-In-Bakken.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 mankind…it’s people I can’t 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. #37
    Oil Prices Suffer First 'Death Cross' Since 2014 Collapse

    http://www.zerohedge.com/news/2017-06-13/oil-prices-suffer-first-death-cross-2014-collapse
    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 mankind…it’s people I can’t 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. #38
    Quote Originally Posted by Swordsmyth View Post
    Oil Prices Suffer First 'Death Cross' Since 2014 Collapse

    http://www.zerohedge.com/news/2017-06-13/oil-prices-suffer-first-death-cross-2014-collapse
    http://www.marketwatch.com/story/oil...oss-2017-05-23

    n other words, oil is on the brink of signaling either a very bullish uptrend or a bearish downtrend, according to chart watchers. The relationship between short- and long-term price patterns are typically watched by market technicians to help determine an asset’s upward or downward momentum.
    So this "significant indicator" could mean oil prices go up or go down. Hmm.

  11. #39
    Quote Originally Posted by Zippyjuan View Post
    http://www.marketwatch.com/story/oil...oss-2017-05-23



    So this "significant indicator" could mean oil prices go up or go down. Hmm.
    Read the rest of this thread.
    Oil is not going to go up.
    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 mankind…it’s people I can’t 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. #40
    It isn't crashing either. http://oilprice.com/Energy/Energy-Ge...ower-Pace.html

    Oil Flat As OPEC Sees Market Balancing At “Slower Pace”
    Proved reserves falling (note though that "proved reserves" are the amount of resources which can be economically extracted at current prices- at lower prices, some oil sources become not economically feasible, at higher prices more sources may be economically viable so simply changing prices can change proven reserve figures).




    http://www.cnbc.com/2017/06/12/oil-e...pply-cuts.html

    Oil settles at $46.46, up 38 cents, as traders anticipate drop in US stockpiles
    Saudi Arabia it is believed can still make money on oil even at $20 a barrel.
    Last edited by Zippyjuan; 06-13-2017 at 02:44 PM.



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  14. #41
    Quote Originally Posted by Zippyjuan View Post
    It isn't crashing. http://oilprice.com/Energy/Energy-Ge...ower-Pace.html



    Proved reserves falling (note though that "proved reserves" are the amount of resources which can be economically extracted at current prices- at lower prices, some oil sources become not economically feasible, at higher prices more sources may be economically viable so simply changing prices can change proven reserve figures).

    Consumption is going to fall and history tells us that more oil will be found or become available.
    The Saudis and their economic allies are doing their level best to "talk up" oil, they are failing, they can't live with oil at these prices, and oil is set to go lower as prodution keeps rising, soon OPEC will break and it's members will raise their outputs, then the price will really fall.
    The longer they keep oil in this range the healthier Shale gets for the long run.
    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 mankind…it’s people I can’t 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. #42
    Quote Originally Posted by Swordsmyth View Post
    Consumption is going to fall and history tells us that more oil will be found or become available.
    The Saudis and their economic allies are doing their level best to "talk up" oil, they are failing, they can't live with oil at these prices, and oil is set to go lower as prodution keeps rising, soon OPEC will break and it's members will raise their outputs, then the price will really fall.
    The longer they keep oil in this range the healthier Shale gets for the long run.
    Shale becomes a lot less profitable at sub-$40 a barrel prices (break-even is about $40 right now). OPEC can produce at much lower cost than oil shale can. One reason is the nature of the deposits. Drilling oil shale is more complicated and the deposits much smaller- an oil shale well can peak in output in as little as a year meaning you constantly need to drill new wells to maintain output. Saudi wells can run for years or even decades prior to peaking. Canadian tar sands are getting hurt the worst right now (it is our biggest source of imports) because they have the higher costs. India demand expected to rise as China demand drops.
    Last edited by Zippyjuan; 06-13-2017 at 02:58 PM.

  16. #43
    Quote Originally Posted by Zippyjuan View Post
    Shale becomes a lot less profitable at sub-$50 a barrel prices. OPEC can produce at much lower cost than oil shale can. Canadian tar sands are getting hurt the worst right now (it is our biggest source of imports) because they have the higher costs. India demand expected to rise as China demand drops.
    Shale's break even costs keep falling, and the Saudis can't rely on the simple cost to pump their oil at a profit, they NEED a large enough profit to fund their national budget, they can't survive at these prices.
    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 mankind…it’s people I can’t 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. #44
    Quote Originally Posted by Swordsmyth View Post
    Shale's break even costs keep falling, and the Saudis can't rely on the simple cost to pump their oil at a profit, they NEED a large enough profit to fund their national budget, they can't survive at these prices.
    That is an even bigger problem for Russia.

  18. #45
    Quote Originally Posted by Zippyjuan View Post
    That is an even bigger problem for Russia.
    Russia says they can live with 40$ a Bbl oil and that their budget is based on it, the Saudis can't.
    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 mankind…it’s people I can’t 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. #46
    http://tass.com/economy/942357

    Russia’s finance minister says 2018-2020 budget will be based on new budget rule

    MOSCOW, April 20. /TASS/. Russia’s Finance Ministry will base the budget for 2018-2020 on the new budget rule (mechanism of Russia’s budget formation, determines the maximum level of spending on the basis of oil prices), Minister Anton Siluanov said on Thursday.

    "Now we have a unique chance to get rid of the dependence on oil completely and thoroughly," he said, adding that the Finance Ministry asks to support its "proposals and draw up 2018-2020 draft budget based on new (budget) rules."

    The oil price required for bringing Russia’s budget into balance in 2017 amounts to $60 per barrel, he said.
    It is currently about $46 a barrel. If it stays there, that means about a 25% budget deficit.



    https://www.forbes.com/sites/johnmau.../#520408bd7367

    Low Oil Prices Will Make Russia More Aggressive In 2017


    Russia has had a hard time since the collapse of global oil prices which began in August 2014. This will continue in 2017. The Russian people are starting to feel the effects of prolonged low oil prices. This was bound to happen. And this will shape Moscow's foreign policy in the year to come.

    Russia’s money problems start with the economy’s structure. The country’s budget depends on income from oil exports. Low oil prices have had huge effects. And the country hasn’t even recovered from the 2008 decline.

    Little to no investment was made in industrial alternatives. And almost no money was used to increase efficiency or to add new technology.

    Low oil prices hurt

    Signs of bad times started being seen in late 2012. Russia’s 2016 budget had planned for oil prices at $50 per barrel, and the deficit target was set at 3 percent. The drop in oil prices means less income. And that means the budget will not be met.

    Russia can’t control the price of oil. So, it needs to find other ways to manage its budget. So far, this includes cuts in government spending (except in defense and social services). And there are plans to privatize some state-owned companies.

    Prolonged low oil prices have had an impact on Russia's economy. GDP per capita in Russia is down from an all-time high of $11,615 in 2013 to $11,038 in 2015. Wages fell by 9 percent in 2015. And more than 2 million people fell into poverty.

    In the first three months of 2016, inflation fell from 12.9 percent to 7.4 percent. That is the factor that worries Russia the most. Still, the central bank refused to cut the interest rate. At the same time, wages rose more than 5 percent. This is the first time since 2014 they have surpassed the rate of inflation.

    And the people are suffering

    The big danger for Russia, though, is how the oil price problem is affecting people. Wages over the last two years have had no real growth. The poverty level has increased. Now there are reports of food costing 50 percent or more of a person's income. People are starting to grow some of their own food so they can still eat some of what they can’t afford to buy in stores.

    As a result, Russians’ despair has grown. A rising number of small, local protests have occurred. These often relate to specific economic issues, particularly pensions. The number of protests in big cities has declined, but protests in small cities have increased by 40 percent in the last year—according to the FNPR, the country’s largest workers’ association.

    Making things worse are reports of wage arrears in different regions. These reports are becoming more common. Wage arrears in Russia totaled 3.8 billion rubles ($62 million) as of July 1, 2016. About a quarter of these delayed payments were the past month's pay for workers. About 30 percent, though, dated back to 2014 or 2013.

    Reports of bankruptcies are also on the rise. One of the most troubling cases thus far deals with UralVagonZavod (UVZ). This is a corporation that consists of 40 entities and is among the world’s top 100 largest military-industrial companies. Three entities—Alfa-Bank, Barnaul Forge and Press Plant, and Central Boiler and Turbine Institution—have filed bankruptcy petitions in court against UVZ in the last few months due to unpaid debts.
    Last edited by Zippyjuan; 06-13-2017 at 03:14 PM.

  20. #47
    Quote Originally Posted by Zippyjuan View Post
    http://tass.com/economy/942357



    It is currently about $46 a barrel. If it stays there, that means about a 25% budget deficit.



    https://www.forbes.com/sites/johnmau.../#520408bd7367
    IF this is true then they are doomed as well.
    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 mankind…it’s people I can’t 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. #48
    Oil Prices Plunge After API Reports Surprise Build In Crude Inventories

    http://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Plunge-After-API-Reports-Surprise-Build-In-Crude-Inventories.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 mankind…it’s people I can’t 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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  23. #49
    Hedging Rush In U.S. Shale Could Send Prices Tanking

    http://oilprice.com/Energy/Crude-Oil/Hedging-Rush-In-US-Shale-Could-Send-Prices-Tanking.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 mankind…it’s people I can’t 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. #50
    Libya’s National Oil Corporation (NOC) said on Tuesday that it had reached an interim deal with Germany’s Wintershall to immediately resume production in concession areas and related fields, which would unblock 160,000 bpd worth of production that has been shut-in for most of the past two years over a dispute between the companies.


    Total oil production in Libya as of today is 830,000 b/d, and we are targeting one million barrels by end of July, 2017 as a result of the resumption of production from the Wintershall and linked Abouatiffel fields, as well as from 103 A and Nafoora.”
    Libya reaching 1 million bpd of production by the end of next month would further complicate OPEC’s efforts to reduce collective output, given the fact that Libya is exempt from the production cut deal.


    http://oilprice.com/Latest-Energy-Ne...pd-Output.html


    The International Energy Agency had a nasty surprise for OPEC and its partners in the oil output cut agreement today. According to the authority, non-OPEC production in 2018 will increase by 1.5 million barrels daily – a rate that will surpass the growth of global demand.
    The figure is particularly impressive—or frightening, depending on perspective—compared with the IEA’s estimate of total non-OPEC oil production growth for this year: 700,000 bpd. Of this, the U.S. will contribute a daily rise of 430,000 bpd “and the year will end with production there 920 kb/d higher than at the end of 2016.”





    And that’s not all. The daily growth rate for U.S. oil production in 2018 is seen to average 780,000 bpd, but the IEA cautions that it may grow even faster than that.

    http://oilprice.com/Energy/Crude-Oil...re-Needed.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 mankind…it’s people I can’t 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. #51
    195,700 Acres In Nevada For Auctioned Oil Projects

    http://oilprice.com/Latest-Energy-News/World-News/195700-Acres-In-Nevada-For-Auctioned-Oil-Projects.html


    Iraq Could Boost Oil Output To 5 Million Bpd This Year

    http://oilprice.com/Latest-Energy-News/World-News/Iraq-Could-Boost-Oil-Output-To-5-Million-Bpd-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 mankind…it’s people I can’t 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

  26. #52
    Oil futures hit the dreaded death cross a few days ago.

    Slightly off topic but anyone think it's odd that even though SA has been pummeling Yemen and now attempting to starve out Qatar there hasn't been any incidents of terrorism inside their borders? It's like if an act of muslim terrorism (suicide bombers, eg) doesnt originate from the Kingdom then it simply doesn't happen.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  27. #53
    Russia’s Central Bank Sees Oil Prices Down To $40 In 2018-2019

    A week before that, Russia’s Economy Minister Maxim Oreshkin said that the current underlying key assumption of Russia’s economic policies—oil prices at US$40—can allow it to live forever at that price or below.
    “We are actually ready to live forever at oil prices $40 or below,” Oreshkin said.

    http://oilprice.com/Latest-Energy-Ne...2018-2019.html



    No Respite For Oil Prices As U.S. Rig Count Gains, Canada Adds 27 Rigs

    http://oilprice.com/Energy/Energy-General/No-Respite-For-Oil-Prices-As-US-Rig-Count-Gains-Canada-Adds-27-Rigs.html



    Medallion Midstream Expands Permian Pipeline Capacity

    http://oilprice.com/Latest-Energy-News/World-News/Medallion-Midstream-Expands-Permian-Pipeline-Capacity.html



    Exxon Proceeds With $4.4B Liza Oil Development Offshore Guyana

    Production is expected to begin by 2020, less than five years after discovery of the field. The U.S. major’s development plan has received regulatory approval from Guyana’s government, Exxon added.
    http://oilprice.com/Latest-Energy-Ne...re-Guyana.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 mankind…it’s people I can’t 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. #54
    Floating Storage For Oil Reaches 2017 High As Traders Employ Aging VLCCs

    http://oilprice.com/Latest-Energy-News/World-News/Floating-Storage-For-Oil-Reaches-2017-High-As-Traders-Employ-Aging-VLCCs.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 mankind…it’s people I can’t 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. #55
    Oil Sands Output Growth Second Only To Shale

    The dirt argument, which concerns the energy intensity of oil sands production compared to other oil extraction methods, has been partially refuted: some oil production in California is dirtier than oil sands. The price argument is also being refuted by the producers themselves: oil sands extraction is becoming cheaper, and it is rising.Oil sands production has historically had some of the highest production prices in the industry due to the complexity of the process that turns bitumen into fluid crude oil. Like their peers in the shale patch, however, oil sands miners were motivated to increase their efficiency during the recent price crash. The results from this boost are now becoming evident.

    http://oilprice.com/Energy/Crude-Oil...-To-Shale.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 mankind…it’s people I can’t 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. #56
    WTI Crude



    43.38
    -0.13
    -0.3%


    Brent Crude



    46.02
    -0.89
    -1.9%
    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 mankind…it’s people I can’t 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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  32. #57
    Saudis In A Tight Corner -- The Princes Make Clever Moves & Mistakes, Too

    The nub of the Kingdom’s problem centers on the fact that it is a giant socialist enterprise. According to the Saudi Ministry of Labor and Social Development, a whopping 67% of employed Saudis are on the Kingdom’s payroll. Many of these state employees do little more than collect a paycheck. Coupled with this is a tangled maze of juicy subsidies and handouts Saudis receive for doing nothing. Where do the funds come from? Oil, of course.
    With the collapse of oil prices in 2009, reality set in, and the Princes became squeezed tightly into an unfamiliar corner. In an attempt to move out of the corner, Mohammed Bin Salman, the Deputy Crown Prince, produced a bold plan, Vision 2030. His plan includes a massive privatization (the sale of a piece of the state-owned oil giant Aramco), a sharp cut in wages and benefits for civil servants and significant subsidy cuts. The wage and benefit cuts didn’t go down well. So, the Kingdom reversed course and cancelled many of the cuts. The Princes learned quickly that once a government gives away goodies (read: grants so-called “rights”), it’s hard to take them away.
    One change that was not rolled back was the switch from the lunar-based, religious Hijri calendar to the western Gregorian calendar. This occurred on October 1, 2016. The reason for this radical change was simple economics.
    The Gregorian calendar has 10.9 more days than the Hijri calendar, meaning that the public sector can cut costs through the dilution of wages—same pay spread over more working days. In another move that touches on sensitive religious matters, the Kingdom has announced that it will increase visa charges for people completing their religious pilgrimage, the Hajj. Even in the Kingdom of Saudi Arabia, economics has trumped religion.

    http://www.zerohedge.com/news/2017-0...ops+to+zero%29
    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 mankind…it’s people I can’t 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

  33. #58
    China Set To Slow Refinery Runs In Q3, Hurting Oil Demand Growth

    http://oilprice.com/Latest-Energy-News/World-News/China-Set-To-Slow-Refinery-Runs-In-Q3-Hurting-Oil-Demand-Growth.html


    Exxon’s Guyana Play Could Be As Price Competitive As The Permian

    http://oilprice.com/Latest-Energy-News/World-News/Exxons-Guyana-Play-Could-Be-As-Price-Competitive-As-The-Permian.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 mankind…it’s people I can’t 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

  34. #59
    Quote Originally Posted by devil21 View Post
    Oil futures hit the dreaded death cross a few days ago.

    Slightly off topic but anyone think it's odd that even though SA has been pummeling Yemen and now attempting to starve out Qatar there hasn't been any incidents of terrorism inside their borders? It's like if an act of muslim terrorism (suicide bombers, eg) doesnt originate from the Kingdom then it simply doesn't happen.
    Did the energy market prices collapse following that "Death Cross"?

  35. #60
    Quote Originally Posted by Zippyjuan View Post
    Did the energy market prices collapse following that "Death Cross"?
    Did they go up? or Down?
    The drop was dramatic, was it a "collapse"? Eye of the beholder.
    They may yet fall further, they will not go up.
    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 mankind…it’s people I can’t 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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