OPEC Member Asks for Production to Be Cut



Comments (20)

  1. marinecorpsvet says:

    I am so sorry that the OPEC nations will not be able to afford another indoor ski slope or a city full of buildings and roads that is unoccupied. Poor babies. Join the rest of us folks.

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    JohnnWalker Reply:

    Yes, how sad that the funding of international terrorism, the proliferation of funding saudi style islamic schools and propaganda in non muslim countries may (hopefully will! ) be impacted. Not to mention all those expensive military maintenance and oil industry contracts they have to import. It can’t happen soon enough!

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    Pat Hickham Reply:

    this analogy of indoor ski slope is equivalent to saying that everyone in america lives like donald trump …. you are basing your judgement based on the 1%? wow … maybe you should learn and educate yourself about how the rest of 99% live

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  2. Mustosheer says:

    A Persian proverb says: They count the chicken at the end of the year. It is not about the oil, it is about the control, oil and Petro Dollars go side by side. Lower oil prices mean lower Petro Dollars that is not coming home to stimulate our immediate economy. United States is self sufficient on oil and natural gas. US does not need OPEC anymore, actually it has surplus to sell it to the outside world as well. Lower oil prices are devastating for domestic oil companies such as Chevron and Texaco that are dependent on extra cash to subsidize their monopolies.
    For example Iran, an OPEC member, has already cut production of its oil due to outmost severe sanctions by the West two to three years ago, probably around 700 to 800 thousands of barrel a day. Iran for many years has already localized its economy to no oil sales even extra cash from oil sales would benefit them very well.
    Saudis has a lot cash flows and investments everywhere.
    Russian still has positive cash flow and Chinese next door.
    Other OPEC members except a few still are good shape to continue for a long time.
    The question arouse whether or not all US oil companies can sustain the lower oil prices at home for a long time . From shale to rigs.

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    Ed Reply:

    Must, you a wealth of incorrect information. First, the US does not have a surplus of US oil to sell. It is surplus because the refineries do not have the capacity to refine all of our light oil that we produce, so we import for all the wrong reasons. At our most agressive forecasts for US oil, we will still need to import 30% of our needs, even if we retrofit to refine it all. We can’t sell the surplus, either, because Congress banned us exporting oil in the 70’s and it will take an act of Congress to allow it again. Lower prices are hurting the world far more than the US companies, large or small.
    Ed

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  3. N C says:

    I consider this as world conspiracy against the smaller producers, whose revenues depend essentially on oil and gas

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  4. Charles Rogers says:

    OPEC likes to flex its muscles, 1973 oil shortage,
    and other times since then. They are playing stud
    poker with only a pair of deuces, and no back up
    on the table, they can only bluff for so long, in the
    long run they will lose big time. What goes around
    will come around, to bite them in the rear!!

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  5. JohnH.HollidayD.D.S. says:

    What this means is that thousands of pounds of fresh Caspian Sea Russian Caviar will not be flown in by jet cargo planes on a daily basis to Riyadh Saudi Arabia and those Saudi Arab Shieks will be on the verge of starvation and famine for the first time in their lives. Perhaps those Saudi Arab Shieks can eat desert sand and wash it down with their own oil.

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  6. Fred Yde says:

    ain’t it so ironic? And the irony is delightful until one sees those who have benefitted for decades on the consumption of the west, become restless and rebellious in their own sovereigns. We will probably have to go back to the middle east and N Africa to settle down the uprisings that are sure to follow if a balance in production isn’t coming. We built the middle east infrastructure only to have them slap us in the face for being their best customer. I can hardly wait for the day when they drown in their own oil.

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  7. James Maxwell says:

    In the United States we will see a reduction in production from the wells and also a reduction in Fracking also. It just is not financial feasible to expends the capital in a down market today. We have proven reserves and when the need arises we can tap into those when drilling resumes. Those who have mineral leases will see a reduction in their monthly income for a period of time and possible a stoppage as the wells are shut in until the price rises again. The effect of this will be felt across the nation in all. Many Cities and States
    will feel the effect and that will reduce the amount
    of money that Washington has to splurge on
    frivolous projects but that has never stopped them
    in the past. Eventually the price of a barrel of oil
    will rise again but not in the immediate future.
    Like the rest of the people who have oil holdings
    I hope the prices goes up soon, but we will have to wait and see.

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  8. Eddie Grape says:

    “This is all about falling education levels, and too large government with over burdensome social/WELFARE PROGRAMS”! True there is a lot involved in this statement but society as a whole must accept responsibility for its actions. A real education that all must have and enforced at pre-school until retirement. Must be always up-dated constantly and readily accessible. This is a “snapshot”!

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  9. Ed_Rog says:

    Marinecorpsvet forgot to include the support they’ve been giving to HAMAS and its equivalents and supporting NGOs.

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  10. Steveafrikaner says:

    Venezuela – first on the chopping block. Their little communist inspired government will collapse, as will some of their bought and paid for “clients” like Cuba.

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  11. JPGETTYWASRIGHT says:

    Absolutely spot on analysis. No one knows the bottom for oil, but the geopolitical part of the equation suggests it is sooner rather than later. The present situation suggests a tremendous investment opportunity..using dollar cost averaging over a period of time might be a great approach.

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  12. jerrycollie says:

    I don’t expect the price of oil to recover for years. Take a look at the oil crash back in the early 1980’s. It took what? Over 20 years for the price of oil to recover enough for oil field workers in the US to find a job. By that time there were almost no experienced oil field workers available to go back to work. As for the oil companies, they survived on the wells and pipelines that were still pumping oil. They just quit drilling and quit laying pipelines. As for the OPEC countries, they will lay off all their workers; but keep making welfare payments. Someday, in the final disaster of an over-populated world, the workers will all starve to death, while the welfare recipients continue to live happily ever after, until the system runs dry; and they starve to death, also.

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  13. Nik Schumacher says:

    You cant eat sand

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  14. Glen says:

    What a naïve statement, full of jealousy and hatred.
    Malicious people control others lives all the time.
    OPEC are to the most our friends, and we should thank them for showing us what they can do.
    And what they can do is defund our enemies in the world, and this is good. Too bad Oil cant be cheap forever, then the dictators and killers would lose forever.
    My theory is the world is generating oil from the decay of the planet. I think the world will never run out of oil, and as the diamond industry is controlled so is the oil. Without this control the evil dictators would have to depend on a smaller budget , maybe then building bombs might be less important than feeding their people.
    But go MarineCorpsVet, so am I. We indeed have lived and seen the worst.

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  15. Scrennert says:

    OPEC nations will have less to supply the Islamist terrorist whom murder innocent people in the name of Islam. That just breaks my heart. The free world made OPEC rich and they only have their own interest as priority and will crap on us in a heartbeat.

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  16. Jim W. says:

    I do am shedding a tear, just think the oil companies won’t be posting a 10 Billon dollar profit for the latest quarter, OH HOW CAN WE afford the the upkeep on the 14 houses and 100’s of vintage vehicles and the planes, Dear me how will I survive this ?

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  17. ERWIN says:

    There is a huge problem with all of the corruption involving oil, at the 99% of populas expense. Another pseudo event the 6 companies that own the media in America use to get us to bicker if you ask me. Who’s honestly in charge and has been? The 1% of the 1%- Rothschild is one of them (hint, hint). We need to focus on renewable resources before it’s too late. The tyrannical governments are already trying to take away our right to natural resources- by making things like catching rain water illegal. Look at Colorado’s terrible government. The poverty goes up and the laws also go up to defeat a impoverished society. Look at what’s going on right now with the vaccinations??? Do we trust anything we hear? Most of the problem is the lack of questioning many citizens have as they drink their fluoride in their water… yet it’s the main ingredient in rat poisoning!!! People need to wake up in America. Most of my vet friends are well versed on what’s going on, but most citizens are tremendously stupid and indoctrinated to a lousy education system, debt, and lies they’re fed.

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