Saudi Oil Minister Reiterates No-Cut Pledge

SAYIT

Diamond Member
Feb 26, 2012
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Hmm. Evidently the Saudis know the value of an efficient market and are pressing ahead with their high-production strategy. That means lower prices for everyone! WooHoo.

"Naimi also said the Saudis might boost output instead to grow their market share and that oil "may not" trade at $100 again. "The best thing for everybody is to let the most efficient producers produce," he told a conference in Abu Dhabi at the weekend."

Oil slides as Saudi Naimi tells market to forget OPEC cuts - Yahoo Finance
 
Too bad US when frackers can't compete

There will indeed come a moment when fracking will not be competitive and those producers will cap their wells until the price rebounds. That is life in a capitalist market. Of course, we could decide that keeping the downward pressure on oil's price in is America's best interest and subsidize our frackers. In any event I am not accepting the message that we must keep oil prices artificially high as has been the case for most of the last 42 years.
 
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It has always been China consuming less and the US producing more. Shit happens.

Saudi oil minister says crude price falls are temporary

http://www.ft.com/cms/s/0/b6e5ac64-86a4-11e4-8a51-00144feabdc0.html#axzz3MgPANJYH

"Mr Naimi blamed the sharp falls on an increase in non-Opec supply at a time when demand was slowing amid weaker global economic growth. But he said the market “must not forget the negative role of speculators” in causing volatility."



.
 
So. I never understood "economics"---but it seems to me
that the Saudis are under cutting the competition-----even when the competition includes members of the UMMAH
 
So. I never understood "economics"---but it seems to me
that the Saudis are under cutting the competition-----even when the competition includes members of the UMMAH

Under pressure it's every man for himself and the Saudis have deep pockets and good reason to damage Iran's ability to export Islamism.
 
So. I never understood "economics"---but it seems to me
that the Saudis are under cutting the competition-----even when the competition includes members of the UMMAH

Yup. They can either defend market share by dropping the price they will sell at, or they can defend the price by producing less and restricting supply. Non-cooperation is the weakness of any economic cartel.

The US airline industry has the same issues. They can either cooperate, and restrict the number of seats, or they can fight it out with a price war and lower the price of each seat. The airline cartel is holding fast, but the oil cartel is not.
 
So. I never understood "economics"---but it seems to me
that the Saudis are under cutting the competition-----even when the competition includes members of the UMMAH

Yup. They can either defend market share by dropping the price they will sell at, or they can defend the price by producing less and restricting supply. Non-cooperation is the weakness of any economic cartel.

The US airline industry has the same issues. They can either cooperate, and restrict the number of seats, or they can fight it out with a price war and lower the price of each seat. The airline cartel is holding fast, but the oil cartel is not.

thanks -----not that I fully understood------but I got a vague notion. ------is this right?>>>> I do not feel threatened---
in any way
 
So. I never understood "economics"---but it seems to me
that the Saudis are under cutting the competition-----even when the competition includes members of the UMMAH

Under pressure it's every man for himself and the Saudis have deep pockets and good reason to damage Iran's ability to export Islamism.

yes-----long ago----the daughter of some guy named Muhummad married some guy named ALI HUSSEIN (something like that) Mrs Hussein was an ambitious
girl------her name was fartimah-----she was a mossad agent.
She said "ali-----you should inherit my dad's throne"-----ali said----"ok" (he was a mossad agent too) When dad died---
there was a big fight between ali and some guy named
??? bakri<<< or something like that.------the Iranians have been in the HUSSAIN party and most others in the Bakri
party----------and that is how the Zionists screwed the meccaists and why the bakrist Saudis are undercutting the
Hussainist-----oil men
 
Too bad US when frackers can't compete

There will indeed come a moment when fracking will not be competitive and those producers will cap their wells until the price rebounds. That is life in a capitalist market. Of course, we could decide that keeping the downward pressure on oil's price in is America's best interest and subsidize our frackers. In any event I am not accepting the message that we must keep oil prices artificially high as has been the case for most of the last 42 years.
Why would anyone spend millions of dollars drilling a fucking hole in the ground just to "cap" it?

Wells aren't simply "capped". They are either plugged (another very expensive project), or they are re-permitted to what is called "Temporarily Abandon" or "Future Use" (idle) status.

There are over 700,000 "marginal" wells in the U.S. Marginal is defined as making 10 or less barrels of oil per day. They are most often older wells and make 90 barrels of salt water for every one barrel of oil produced. For this reason, they are very expensive to operate and maintain. Most of these marginal wells are owned and operated by small companies, often family owned proprietorships.

"Subsidize frackers"? :lol: :slap:
That'll be the day. No one gives a flying fuck.

Crude prices will soon reach the point where foreign countries are dumping their product on our market at below cost (if they aren't already). This is against trade laws. It's happened with steel and other goods. In those cases the U.S. government did step in and provide trade protections. Not so with oil or natural gas.

Clinton sat idly by and allowed $10 oil into this country and the result was devastating. Thousands of companies went down the shitter and tens of thousands lost their jobs. Domestic production plummeted and imports rose.

Obama will do exactly the same. Because he, like everyone else, does not give a FUCK.
 
Too bad US when frackers can't compete

There will indeed come a moment when fracking will not be competitive and those producers will cap their wells until the price rebounds. That is life in a capitalist market. Of course, we could decide that keeping the downward pressure on oil's price in is America's best interest and subsidize our frackers. In any event I am not accepting the message that we must keep oil prices artificially high as has been the case for most of the last 42 years.
Why would anyone spend millions of dollars drilling a fucking hole in the ground just to "cap" it?

Wells aren't simply "capped". They are either plugged (another very expensive project), or they are re-permitted to what is called "Temporarily Abandon" or "Future Use" (idle) status.

There are over 700,000 "marginal" wells in the U.S. Marginal is defined as making 10 or less barrels of oil per day. They are most often older wells and make 90 barrels of salt water for every one barrel of oil produced. For this reason, they are very expensive to operate and maintain. Most of these marginal wells are owned and operated by small companies, often family owned proprietorships.

"Subsidize frackers"? :lol: :slap:
That'll be the day. No one gives a flying fuck.

Crude prices will soon reach the point where foreign countries are dumping their product on our market at below cost (if they aren't already). This is against trade laws. It's happened with steel and other goods. In those cases the U.S. government did step in and provide trade protections. Not so with oil or natural gas.

Clinton sat idly by and allowed $10 oil into this country and the result was devastating. Thousands of companies went down the shitter and tens of thousands lost their jobs. Domestic production plummeted and imports rose.

Obama will do exactly the same. Because he, like everyone else, does not give a FUCK.

WTF? I can't believe how many MORONS are actually whining about lower oil prices. Back into your tree you idiot!
 
Too bad US when frackers can't compete

There will indeed come a moment when fracking will not be competitive and those producers will cap their wells until the price rebounds. That is life in a capitalist market. Of course, we could decide that keeping the downward pressure on oil's price in is America's best interest and subsidize our frackers. In any event I am not accepting the message that we must keep oil prices artificially high as has been the case for most of the last 42 years.
Why would anyone spend millions of dollars drilling a fucking hole in the ground just to "cap" it?

Wells aren't simply "capped". They are either plugged (another very expensive project), or they are re-permitted to what is called "Temporarily Abandon" or "Future Use" (idle) status.

There are over 700,000 "marginal" wells in the U.S. Marginal is defined as making 10 or less barrels of oil per day. They are most often older wells and make 90 barrels of salt water for every one barrel of oil produced. For this reason, they are very expensive to operate and maintain. Most of these marginal wells are owned and operated by small companies, often family owned proprietorships.

"Subsidize frackers"? :lol: :slap:
That'll be the day. No one gives a flying fuck.

Crude prices will soon reach the point where foreign countries are dumping their product on our market at below cost (if they aren't already). This is against trade laws. It's happened with steel and other goods. In those cases the U.S. government did step in and provide trade protections. Not so with oil or natural gas.

Clinton sat idly by and allowed $10 oil into this country and the result was devastating. Thousands of companies went down the shitter and tens of thousands lost their jobs. Domestic production plummeted and imports rose.

Obama will do exactly the same. Because he, like everyone else, does not give a FUCK.

WTF? I can't believe how many MORONS are actually whining about lower oil prices. Back into your tree you idiot!
You clueless fuck. :slap:
 
Too bad US when frackers can't compete

There will indeed come a moment when fracking will not be competitive and those producers will cap their wells until the price rebounds. That is life in a capitalist market. Of course, we could decide that keeping the downward pressure on oil's price in is America's best interest and subsidize our frackers. In any event I am not accepting the message that we must keep oil prices artificially high as has been the case for most of the last 42 years.
Why would anyone spend millions of dollars drilling a fucking hole in the ground just to "cap" it?

Wells aren't simply "capped". They are either plugged (another very expensive project), or they are re-permitted to what is called "Temporarily Abandon" or "Future Use" (idle) status.

There are over 700,000 "marginal" wells in the U.S. Marginal is defined as making 10 or less barrels of oil per day. They are most often older wells and make 90 barrels of salt water for every one barrel of oil produced. For this reason, they are very expensive to operate and maintain. Most of these marginal wells are owned and operated by small companies, often family owned proprietorships.

"Subsidize frackers"? :lol: :slap:
That'll be the day. No one gives a flying fuck.

Crude prices will soon reach the point where foreign countries are dumping their product on our market at below cost (if they aren't already). This is against trade laws. It's happened with steel and other goods. In those cases the U.S. government did step in and provide trade protections. Not so with oil or natural gas.

Clinton sat idly by and allowed $10 oil into this country and the result was devastating. Thousands of companies went down the shitter and tens of thousands lost their jobs. Domestic production plummeted and imports rose.

Obama will do exactly the same. Because he, like everyone else, does not give a FUCK.

WTF? I can't believe how many MORONS are actually whining about lower oil prices. Back into your tree you idiot!

I love the prices but they may be coming at the expense of American energy producers. OPEC still has us over a barrel.
 
Too bad US when frackers can't compete

There will indeed come a moment when fracking will not be competitive and those producers will cap their wells until the price rebounds. That is life in a capitalist market. Of course, we could decide that keeping the downward pressure on oil's price in is America's best interest and subsidize our frackers. In any event I am not accepting the message that we must keep oil prices artificially high as has been the case for most of the last 42 years.
Why would anyone spend millions of dollars drilling a fucking hole in the ground just to "cap" it?

Wells aren't simply "capped". They are either plugged (another very expensive project), or they are re-permitted to what is called "Temporarily Abandon" or "Future Use" (idle) status.

There are over 700,000 "marginal" wells in the U.S. Marginal is defined as making 10 or less barrels of oil per day. They are most often older wells and make 90 barrels of salt water for every one barrel of oil produced. For this reason, they are very expensive to operate and maintain. Most of these marginal wells are owned and operated by small companies, often family owned proprietorships.

"Subsidize frackers"? :lol: :slap:
That'll be the day. No one gives a flying fuck.

Crude prices will soon reach the point where foreign countries are dumping their product on our market at below cost (if they aren't already). This is against trade laws. It's happened with steel and other goods. In those cases the U.S. government did step in and provide trade protections. Not so with oil or natural gas.

Clinton sat idly by and allowed $10 oil into this country and the result was devastating. Thousands of companies went down the shitter and tens of thousands lost their jobs. Domestic production plummeted and imports rose.

Obama will do exactly the same. Because he, like everyone else, does not give a FUCK.

WTF? I can't believe how many MORONS are actually whining about lower oil prices. Back into your tree you idiot!

I love the prices but they may be coming at the expense of American energy producers. OPEC still has us over a barrel.

Not necessarily and low oil prices are a boom to America's economy (if not to all our energy producers). Most OPEC members have neither the cash reserves nor the economic diversity to survive a prolonged price war. At some point they will either sell some drilling rights for the cash their economies require or starve. Venezuela, for instance, was in deep do-do even before oil's price retreat. Other OPEC countries will soon hit the wall. Cuba hasn't the capital or the expertise to develop its newfound oil fields.
We live in suddenly very interesting times. Enjoy them. :2up:

http://www.google.com/url?sa=t&rct=...y4KoBQ&usg=AFQjCNFbNDPeclCKMaKlTuvyhMFVVvzn0w
 
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There will be plenty of companies with capital and the expertise to help Cuba develop it's oil. What a coincidence that we are normalizing relationships with them.
 
Not necessarily and low oil prices are a boom to America's economy (if not to all our energy producers). Most OPEC members have neither the cash reserves nor the economic diversity to survive a prolonged price war. At some point they will either sell some drilling rights for the cash their economies require or starve. Venezuela, for instance, was in deep do-do even before oil's price retreat. Other OPEC countries will soon hit the wall. Cuba hasn't the capital or the expertise to develop its newfound oil fields.
We live in suddenly very interesting times. Enjoy them.

There will be plenty of companies with capital and the expertise to help Cuba develop it's oil. What a coincidence that we are normalizing relationships with them.

You sound disappointed. I suspect Cuba is acting in its perceived best interests. I have absolutely no prob with America doing the same. You're not one of those "America is the Great Satan" types, are you?
BTW, Cuba will pay for developing and producing their new oil resources and American companies may (and should) benefit. Agree?
 

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