Any predictions on the OPEC meeting?

Discussion in 'Energy' started by MarathonMike, Jun 21, 2018.

  1. MarathonMike
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    MarathonMike Platinum Member

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    It sounds like there isn't agreement among the top oil producers. The Saudis want to increase production but Venezuela, Iran and Iraq don't sound like they don't want that. I've also read that Venezuela is having difficulty maintaining production levels. It sounds like a no decision to me. Any thoughts?
     
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  2. Fort Fun Indiana
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    Fort Fun Indiana Gold Member

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    I don't speculate on oil prices, but I do care very much about the fed target rate. It needs to go up as quickly as is possible. And keeping gasoline prices low is very important to that. So, while I cannot predict what they will decide by consensus, I can say I hope that they do not lower production.

    Do you think we can affect the Saudi decisions with peripheral issues, like Yemen (support, verbally or implicitly)? I often wonder if this is the case. one would think so, given our cuddly relationship with them.
     
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  3. william the wie
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    william the wie Gold Member

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    Fracking in the ex-USSR, count? Putin is getting lobbied about it.
     
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  4. MarathonMike
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    MarathonMike Platinum Member

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    It sounds like it is unlikely they will vote to cut production. I have no idea how peripheral relationships and events influence them. I think I did read that Russia also wants to increase production.
     
  5. Moonglow
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    Moonglow Diamond Member

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    Russia and Opec have been trying to cut production for a couple of years but many other OPEC nations say no whey...The US shale producers are screwing wit der minds and pocketbooks by deflating the prices they want so badly...The problems with gas prices is the shutdown of a Nigerian refinery and increased demand... I see no significant increases in price unless hurricanes come a-knockin'.
     
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  6. Rambunctious
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    Rambunctious Gold Member

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    Supply and demand....over production is very expensive...OPEC knows that....
     
  7. william the wie
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    william the wie Gold Member

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    while true the different grades of oil have very different costs in terms of production, refining and transportation Canadian, Iranian and Venezuelan oil are all major outliers to the downside while Brazil and Russia are major outliers on the upside. overproduction levels varies by orders of magnitude
     
  8. Zorro!
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    Zorro! VIP Member

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  9. william the wie
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    william the wie Gold Member

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    The crud crude costs a lot more to refine whether you are talking Venezuela, Canada or Iran. Canada will make out like a bandit. By replacing the other crud crude fields Canadian investment and to a lesser extent Mexican investment to tie into the US pipeline network is going to work out nicely.
     
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