OPEC-No Cut In Production

[C130]

OPEC members failed to agree an oil production ceiling on Friday at a meeting that ended in acrimony, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.

A final statement was issued with no mention of a new production ceiling, apparently allowing member countries to continue pumping oil at current rates into a market that has been oversupplied.

OPEC's secretary general Abdullah al-Badri said the body could not agree on any figures because it could not predict how much oil Iran would add to the market next year, as sanctions are withdrawn under a deal reached six months ago with world powers over its nuclear program.


Read more at Reutershttp://OPEC fails to set production limits| Reuters



Oil prices and budgets:The OPEC countries most at risk


Venezuela,Algeria,Angola,Libya and others can't wait this out like the more wealthy OPEC members like Saudi Arabia,Kuwait,UAE,Qatar.


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

maybe this was the plan all along??


to bankrupt these countries while hurting Iran and Russia as well.

kill two birds with one stone.

 

[CekilinBenDoktorum]

Iran crippling their "ALLY" RUSSKOLAND

Haha only third worlders are that stupid.

Putin lost 25% voter base since world wittnessing his utter impotence.

Haha

 

[C130]

Iran crippling their "ALLY" RUSSKOLAND

Haha only third worlders are that stupid.

Putin lost 25% voter base since world wittnessing his utter impotence.

Haha

to be fair it isn't Iran who screwed Russia over.... yet.

OPEC has lost $500 billion this year and will lose another $500 billion in 2016

all in the effort to hurt U.S shale and Russia/Iran

 

[CekilinBenDoktorum]

to be fair it isn't Iran who screwed Russia over.... yet.

OPEC has lost $500 billion this year and will lose another $500 billion in 2016

all in the effort to hurt U.S shale and Russia/Iran

You contradict your own news source.

It says clearly IRAN refused production cap.

 

[C130]

You contradict your own news source.

It says clearly IRAN refused production cap.

I mean Iran has been under producing since they were hit by sanctions

that's why I said YET

U.S shale is what brought the huge increase in oil production and then OPEC over producing to kill shale.

not like OPEC was actually going to cut production even if Iran was on board.

 

[CekilinBenDoktorum]

I mean Iran has been under producing since they were hit by sanctions

that's why I said YET

U.S shale is what brought the huge increase in oil production and then OPEC over producing to kill shale.

not like OPEC was actually going to cut production even if Iran was on board.

OPEC will destroy shale, because shale is expensive. Not sustainable.

Beside that it is a geological disaster. You americans are the worst polluters in the world.

 

[The SiLent crY]

Iran crippling their "ALLY" RUSSKOLAND

Haha only third worlders are that stupid.

Putin lost 25% voter base since world wittnessing his utter impotence.

Haha

Not everyone is lucky to from the first world like Turks .

What a pity ...

 

[Serpentine]

You contradict your own news source.

It says clearly IRAN refused production cap.

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.

 

[C130]

OPEC will destroy shale, because shale is expensive. Not sustainable.

Beside that it is a geological disaster. You americans are the worst polluters in the world.

wrong.

shale is becoming more efficient. rig count is down and oil production is up
Is shale dead? Not by a long shot as efficiency improves | The Star-Telegram
no we are second worse polluters after China


fact is oil makes up a small percentage of the U.S economy. OPEC countries have to support their whole population from the revenue from oil sales.


it's a waiting game. who blinks first.

 

[CekilinBenDoktorum]

Now is the time to bankrupt russia.

 

[ultron]

There is so much oil to burn. Drill baby drill

 

[Madali]

Apparently, Saudi proposed to cut down on oil production if everyone agreed. Russia, Iran, and Iraq have all strongly refused.

Last year it was opposite. Everyone wanted to cut down but Saudi was refusing.

 

[ultron]

Apparently, Saudi proposed to cut down on oil production if everyone agreed. Russia, Iran, and Iraq have all strongly refused.

Last year it was opposite. Everyone wanted to cut down but Saudi was refusing.

Russia is not in OPEC. Oil reserves and oil supply have shot up tremendously. New oil extraction technologies like fracking is shooting up oil supply like crazy.

 

[KTOOOOM]

Apparently, Saudi proposed to cut down on oil production if everyone agreed. Russia, Iran, and Iraq have all strongly refused.

Last year it was opposite. Everyone wanted to cut down but Saudi was refusing.

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

 

[ultron]

Saudi Arabia can kill electric car and fracking and oil sands with low oil prices.