OPEC-No Cut In Production

[KTOOOOM]

You better don't comment on something you have little info about. Because of sanctions, Iran's oil production reduced (from more than 4 million barrels to 2 millions), and Saudis along with some other countries took our share, now they refuse to cut production and expect Iran not to increase production, well, in their wet dreams.

It's the GCC that is losing tens of times more money than Iran anyway, as we are only exporting about 1 million barrels daily and we are used to this situation now. We will increase our production even if the oil hist 20$ and we will see who will get screwed first.

Stupid GCC thought it can bring Iran or Russia on their knees while also kicking U.S shale oil out of market, look what they have achieved till now: neither, only losing hundreds of billions of dollars each year themselves.

we can hold for 170 years can you
lol Saudi Arabia is the world’s largest producer and exporter of oil, and has one quarter of the world’s known oil reserves more than 260 billion barrels. keep your 3 million

 

[ultron]

we can hold for 170 years can you
lol Saudi Arabia is the world’s largest producer and exporter of oil, and has one quarter of the world’s known oil reserves more than 260 billion barrels. keep your 3 million

List of countries by proven oil reserves - Wikipedia, the free encyclopedia

 

[KTOOOOM]

List of countries by proven oil reserves - Wikipedia, the free encyclopedia

Saudi reserves are about one-fifth of the world's total conventional oil reserves, a large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves.
Oil reserves in Saudi Arabia - Wikipedia, the free encyclopedia
and
Saudi Arabia’s oil is the world’s cheapest to extract.

 

[Madali]

lol Russia is not OPEC.get more knowledge before posting.

Proposal was made to both OPEC and non-opec as per what I read.

 

[DRDO KALI 10000]

Due to low Price Saudi's are in market to take debt to sustain . Already $9 billion taken.

 

[Full Moon]

Why does it have to be OPEC that cuts production? Why not the U.S or Canadian Shale, let alone Russia? So why does it seem logical for some people for OPEC alone to cut both production and reduce its market share for another party to enjoy the high price with bigger market share? It was the U.S shale that caused the "over-supply", not OPEC.

 

[Levina]

Stupid GCC thought it can bring Iran or Russia on their knees while also kicking U.S shale oil out of market,

Their arrogance is gonna cost them dearly.
Afaik oil and gas companies here have stopped recruiting for next 6 months. Recession has hit the market albeit silently this time.

 

[Madali]

Why does it have to be OPEC that cuts production? Why not the U.S or Canadian Shale, let alone Russia? So why does it seem logical for some people for OPEC alone to cut both production and reduce its market share for another party to enjoy the high price with bigger market share? It was the U.S shale that caused the "over-supply", not OPEC.

I don't think anyone should cut production. It should be a complete competition between providers. Countries shouldn't rely so much on oil, this also includes my own country. If several big companies join together in a country to fix prices, this is illegal, because it harms the consumers. OPEC itself is unethical. Joining hands to cut down production to raise prices is the laziest thing OPEC countries can do. Screw them. I have no sympathy or respect for any of the oil ministers in any country.

 

[Archie]

Good job

I guess people in major oil Importing markets like India and the EU, would love this fight to go on and on and for oil prices to slide further down to 25 USD level

I would also encourage Nawaz to start investment in shale in Pakistan, coz that will not only benefit you but will further reduce oil prices in global market

 

[Ceylal]

expect to see Venezuela default and Arab springs in Algeria and Libya again

The US is $20 Trillion in debt, Algeria and Lybia are in the red...Guess where the "spring" will take place? There isn't one day that goes by that there isn't a mass shooting...We may pay $1.60 a gallon now but at what price? the price that Americans who's lifelihood is dependant on oil.

I don't think anyone should cut production. It should be a complete competition between providers. Countries shouldn't rely so much on oil, this also includes my own country. If several big companies join together in a country to fix prices, this is illegal, because it harms the consumers. OPEC itself is unethical. Joining hands to cut down production to raise prices is the laziest thing OPEC countries can do. Screw them. I have no sympathy or respect for any of the oil ministers in any country.

I do not agree with your assessement...Western countries protect their industry imputs and impose outrageous prices. Oil producers, mineral producers should do the same. It is sad that OPEC is marred by internal conflicts between vassals to the West who outnumbers the rest of the OPEC's members.

 

[C130]

The US is $20 Trillion in debt, Algeria and Lybia are in the red...Guess where the "spring" will take place? There isn't one day that goes by that there isn't a mass shooting...We may pay $1.60 a gallon now but at what price? the price that Americans who's lifelihood is dependant on oil.


I do not agree with your assessement...Western countries protect their industry imputs and impose outrageous prices. Oil producers, mineral producers should do the same. It is sad that OPEC is marred by internal conflicts between vassals to the West who outnumbers the rest of the OPEC's members.

this has nothing do with U.S debt and you are just throwing out insults like "mass shooting"


Arab spring in Algeria is a very real possibility

 

[Ceylal]

this has nothing do with U.S debt

It is a reality, I see my neighbors who lost their jobs, business closing..I don't know where you live in the US, but in the South, they are feeling the bite of cheap all prices. When the US is doing great, you see it everywhere.

you are just throwing out insults like "mass shooting"

I am not. Hard time is a factor. You mentioned "Algeria", in the 10 years of the black decade [as called by the locals] arab spring by the West, even though Algeria and North Africa are anything but ARABS, 200, 000 citizens were killed and in the same period , approximately the same number of Americans lost their life to gun violence

Arab spring in Algeria is a very real possibility

For you, Algeria is just a name, for me it is a country, I know well, I was born there, educated partly there, I know my fellow countrymen , like I know my adoptive countrymen...Algeria is not going to live an ARAB spring , autumn , or winter . We were the first to live it like Syria is living it now , dealing with the same actors that Syria is facing topped by an embargo and a complete world imposed isolation. Algeria survived that...And it will survive anything that will be thrown at her. Just as a reminder, Algeria seven unstable borders, it is the first time since her independance that her army was deployed in all seven for a long time, and none of her borders was molested...

 

[C130]

It is a reality, I see my neighbors who lost their jobs, business closing..I don't know where you live in the US, but in the South, they are feeling the bite of cheap all prices. When the US is doing great, you see it everywhere.


I am not. Hard time is a factor. You mentioned "Algeria", in the 10 years of the black decade [as called by the locals] arab spring by the West, even though Algeria and North Africa are anything but ARABS, 200, 000 citizens were killed and in the same period , approximately the same number of Americans lost their life to gun violence

For you, Algeria is just a name, for me it is a country, I know well, I was born there, educated partly there, I know my fellow countrymen , like I know my adoptive countrymen...Algeria is not going to live an ARAB spring , autumn , or winter . We were the first to live it like Syria is living it now , dealing with the same actors that Syria is facing topped by an embargo and a complete world imposed isolation. Algeria survived that...And it will survive anything that will be thrown at her. Just as a reminder, Algeria seven unstable borders, it is the first time since her independance that her army was deployed in all seven for a long time, and none of her borders was molested...

https://en.wikipedia.org/wiki/2010–12_Algerian_protests

Arab spring can and will happen in Algeria if oil doesn't rise in the next 3 years!!

 

[Ceylal]

https://en.wikipedia.org/wiki/2010–12_Algerian_protests

Arab spring can and will happen in Algeria if oil doesn't rise in the next 3 years!!

Yep, wikipedia, a great source of info..You deceive me there...

 

[Vassnti]

we can hold for 170 years can you
lol Saudi Arabia is the world’s largest producer and exporter of oil, and has one quarter of the world’s known oil reserves more than 260 billion barrels. keep your 3 million

Thats the thing we were fooled for years that oil is some how rare and valuable, as you can see its not. Lots of countries have billion plus reserves. The 100+ a barrel dream time is gone for good no matter what OPEC does.