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post #1 of 16 (permalink) Old 12-07-2015, 08:28 AM Thread Starter
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OPEC

So OPEC met and members could not come to anything near a pumping and pricing consensus. They are sitting on a glut of oil but individually need money so rather than come to consensus on limiting production to set price. They are letting it flow.
It's at about $40 a barrel. It should drop to an astounding $20 a barrel.

Like most things in life there is a down side. While so many need this financial break. It is going to shut down virtually all smaller U.S. Company operations as even the larger of the small companies need to be @ $60 a barrel or better just to get out of the red.

This pricing drop will continue for sometime till it gets in that $20 a barrel mark, where it will live for a while.

Good luck to all
Nick
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post #2 of 16 (permalink) Old 12-11-2015, 04:18 PM Thread Starter
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Well it's on boys, right now $35 a barrel.
Russian finance minister said they are bracing for the next 7 years at least. They are going to hold at 40 for at least the next seven years in an attempt to crush Saudi Arabian market. Immediately the price started plummeting below that.
Now combine that with Iran's banking freed up and them opening the taps with Saudia Arabia saying they have a glut and if we (OPEC) can't agree on price we will not limit production.


$20 is right around the corner
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post #3 of 16 (permalink) Old 12-11-2015, 07:31 PM
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Well it's on boys, right now $35 a barrel.
Russian finance minister said they are bracing for the next 7 years at least. They are going to hold at 40 for at least the next seven years in an attempt to crush Saudi Arabian market. Immediately the price started plummeting below that.
Now combine that with Iran's banking freed up and them opening the taps with Saudia Arabia saying they have a glut and if we (OPEC) can't agree on price we will not limit production.


$20 is right around the corner

Russia is bluffing. Not only does it cost Russia more to get it out of the ground than the Saudis but the Russian economy can't afford even $40/bbl right now today. Let alone < $40 for years to come.

This is a great lesson in economics. It does no good for one country to limit their production if other countries keep going whole hog.

Fun times. Almost time to invest.


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post #4 of 16 (permalink) Old 12-11-2015, 07:37 PM Thread Starter
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Oh they'll do it, it's part of that plan to crush Saudi Arabia's market.
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post #5 of 16 (permalink) Old 12-11-2015, 07:38 PM Thread Starter
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Bugman, you getting that snow?
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post #6 of 16 (permalink) Old 12-11-2015, 08:17 PM
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Production cost:

Saudi Arabia $9.90/bbl

Russia $17.20/bbl

US $36.20/bbl


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post #7 of 16 (permalink) Old 12-11-2015, 08:23 PM Thread Starter
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Oh I don't doubt that is accurate.
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post #8 of 16 (permalink) Old 12-11-2015, 08:59 PM
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Oh I don't doubt that is accurate.
Ha...fortunately our economy is diversified otherwise we would be up the creek.

Canada is about $42/bbl IIRC.


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post #9 of 16 (permalink) Old 12-12-2015, 12:13 AM
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Bugman, you getting that snow?
I live in the banana belt at 6500'. Unless the storm backs up from the continental divide we don't get that much usually. But I am expecting 6" or so of the white stuff. I have my truck in the garage and the snow plow blade on the 4 wheeler and am ready for the stuff.

I may even just put another pot of coffee on the stove tomorrow and just do nothing until it stops.

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post #10 of 16 (permalink) Old 12-12-2015, 09:37 AM Thread Starter
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You like snowy days don't ya?
I have a plow for my Polaris 550 but have not used it yet.
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post #11 of 16 (permalink) Old 12-12-2015, 10:52 AM
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I have worked and played in the snow and cold for so long I should hate it. But it has never bothered me. Now that I am retired I can sit in my living room or kitchen and watch it snow all day long and it doesn't bother me a bit. If we get a storm that is going to last a couple of days I'll plow my driveway and the neighbors sidewalks and then forget about it until the next day. As long as I don't have anything pressing that I need to do i just enjoy it.

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post #12 of 16 (permalink) Old 12-12-2015, 11:45 AM
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I have worked and played in the snow and cold for so long I should hate it. But it has never bothered me. Now that I am retired I can sit in my living room or kitchen and watch it snow all day long and it doesn't bother me a bit. If we get a storm that is going to last a couple of days I'll plow my driveway and the neighbors sidewalks and then forget about it until the next day. As long as I don't have anything pressing that I need to do i just enjoy it.
You retired guys !

I have to say there is a big difference between a snowstorm in CO and one in AK. I never knew snow actually fell straight down from the sky, I always thought it fell sideways.

We are getting great powder up here at 8,300 near Ned.


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post #13 of 16 (permalink) Old 12-12-2015, 01:15 PM
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I highly recommend retirement.

You realize that there is always tomorrow and if tomorrow doesn't come it doesn't matter.

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post #14 of 16 (permalink) Old 12-12-2015, 01:41 PM
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I look at it this way, Saudi Arabia and OPEC are flooding the market to keep it too low for shale oil to be profitable. That's bad for our oil field workers but I'm enjoying the low prices. You know when they finally do let the price rise our guys will be right back in it. It's a waiting game, don't really know what they hope to accomplish in the long run but we are pretty resilient, we'll be there in the end.

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post #15 of 16 (permalink) Old 12-12-2015, 03:58 PM
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I look at it this way, Saudi Arabia and OPEC are flooding the market to keep it too low for shale oil to be profitable. That's bad for our oil field workers but I'm enjoying the low prices. You know when they finally do let the price rise our guys will be right back in it. It's a waiting game, don't really know what they hope to accomplish in the long run but we are pretty resilient, we'll be there in the end.
The Saudis are reminding the US that our relationship is a very important one and that we disrespected some decades long agreements when we started weening ourselves off their oil. One thing we do not want is for the Saudis to develop strong petro-relationships with other countries.

Whats bad for our oilfield workers is themselves

These knuckleheads never figure out they are in a boom/bust industry until it goes bust and they have loan commitments above what their now absent paychecks used to bring in each month.
The good news is there will be some good trucks, snowmachines, motorcycles, boats and guns available for cheap in the months ahead.

Enjoy the low pump prices while they are here because you can bet Big Oil is doing all they can to get them back up to $4/gallon as quickly as possible.


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