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Oil Prices, Energy Trends & What Comes Next

The one with the most oil at the end wins. Let Saudi pump out oil. We'll reap the benefits.

Say what you want about politics and voting. Let's move ND to a place where all residents benefit like in Alaska. That way when oil is profitable again in ND, we can benefit too.

 
I guess BP plans on cutting 1 billion from budget come next year, Conoco plans on cutting 20%.
 
I guess another oil company around here lets just call them "oble" said they will be cutting wages by 20% starting next year.
 
SAUDI OIL MINISTER: I Don't Care If Prices Crash To $20 ”” We're Not Budging

Saudi Arabia convinced its fellow OPEC members that it was not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES).OPEC met Nov. 27 and declined to cut production despite a slide in prices, marking a shift in strategy toward defending market share rather than supporting prices.
"As a policy for OPEC, and I convinced OPEC of this, even Mr al-Badri (the OPEC secretary general) is now convinced, it is not in the interest of OPEC producers to cut their production, whatever the price is," Naimi was quoted by MEES as saying.

"Whether it goes down to $20, $40, $50, $60, it is irrelevant," he said.

He said the world "may not" see oil back at $100 a barrel, formerly Saudi Arabia's preferred level for prices, again.

Market reaction

Oil fell towards $60 a barrel on Monday, reversing gains after Saudi Arabia indicated it could increase its output.

Monday's edition of the Saudi-owned al-Hayat newspaper quoted the kingdom's oil minister Naimi as saying Saudi Arabia is prepared to increase output and gain market share by meeting the demands of any new customers.

On Sunday he said lower crude prices would help demand by stimulating the economy.

Brent fell 72 cents to $60.66 by 1415 GMT. It is down more than 46 percent from the year's peak in June above $115 per barrel. U.S. crude was down 84 cents at $56.29 a barrel.

"We are going down because you have some OPEC ministers who come every day making statements trying to drive the market down, said Olivier Jakob, an oil analyst at Petromatrix Oil in Zug, Switzerland.

"They come every day to convey the message that they are not doing anything to restrict supplies and that they basically want oil prices to move lower to reduce production in the U.S."

OPEC's decision not to reduce production at a meeting in November sped up the decline in already falling oil prices. Prospects for a cut in the near future look remote.

While analysts said Brent would likely remain above $60 a barrel this year, they said further large jumps in price were unlikely.

Analysts said the price drop would have only a gradual impact on the outlook for production.

"Given the lead time in permit approval and rig construction ahead of oil production, a sizeable negative U.S. supply response given the price drop is unlikely to take place until late 2015, which places further downward pressure on oil prices in the first six months of next year," National Australia Bank said in a note.

It said it expected Brent and U.S. crude to average $68 and $64 per barrel respectively in 2015.

Analysts also said they expected relatively low price volatility for the rest of the year as traders begin to wind down their 2014 positions.
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Hmmm....is this like The Interview? Where the news seems real bad? Then turns out to be not that bad after all?

The stock market does seem to mind the drop. Waiting to see a change there.

If the oil industry hadn't worked so hard to dismiss peak oil, they could have road the wave of fracking a lot higher than ~$5 a gallon.

Maybe peak oil is bullshit. *shrug* I still say flooding the market with cheap oil is the only way OPEC can influence the world.

 
My Dad's sister is paying 1.82 in Ohio. Oh and look what some other people are paying in Pennsylvania.

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Is there an index somewhere that shows all of the different oil sources and how much they need to sell a barrel of oil for to remain profitable? I just read a link about Algeria requesting OPEC to reduce output. It would be nice to know how much they need for a barrel to be profitable.
 
Is there an index somewhere that shows all of the different oil sources and how much they need to sell a barrel of oil for to remain profitable? I just read a link about Algeria requesting OPEC to reduce output. It would be nice to know how much they need for a barrel to be profitable.
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Search "oil breakeven price by country". I didn't want to post one of the charts because they all seem higher for the lowest countries, so I don't understand it completely.
 
You'll want to trade that guzzler for a sipper when trucks bounce back to being popular.

On the radio, I heard a segment about how road deaths go up with cheap gas, or at least, go down as the price of gas increases, because drivers who are less expierenced are driving when gas is cheaper, because they can afford it.

 
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