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OPEC+ on brink of failure as Russia resists push for deeper cuts

HumblePi

HumblePi

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[h=1]OPEC+ on brink of failure as Russia resists push for deeper cuts[/h]OPEC+ on brink of failure as Russia resists push for deeper cuts - BNN BloombergRussia resisted pressure from his OPEC allies to make deeper production cuts, pushing the cartel’s high-stakes diplomatic gamble to the brink of failure and sending prices plunging.

Energy Minister Alexander Novak arrived from Moscow on Friday morning and told fellow ministers that he favored maintaining the group’s supply reduction at current levels until June, when they could again consider deeper cuts, according to a person familiar with the matter.

Ministers from the Organization of Petroleum Exporting Countries told Russia on Thursday that if it doesn’t join them in cutting oil output by another 1.5 million barrels a day to offset the impact of the coronavirus, then the cartel could abandon its reductions altogether. Hours later, the group raised pressure on Moscow again, emerging from an informal meeting at the Saudi delegation’s hotel with a proposal to extend the curbs for even longer than initially suggested.

Unless Moscow cuts output, “there will be no deal,” his Iranian counterpart Bijan Namdar Zanganeh said on Thursday.

“Panic is worsening, demand forecasts are falling, this is a no-kidding emergency and they’ve got to get Russia to ‘Yes’,” Bob McNally, president of consultant Rapidan Energy Group, said in a Bloomberg Television interview. “If they commit an epic policy failure by not cutting production, I think we can easily see a re-visitation of old lows, in and around $26.”

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(Aww), OPEC members want to stave off the losses in oil revenues due to the coronavirus epidemic so they want Russia to agree to cut oil production, which Putin refuses to do. OPEC is more than a little upset (aww) We're all going to see some very attractive prices at the pumps on our future fill-ups.

Does anyone else remember that epic moment when Mohammad bin Salman and Vladimir Putin met at the G20 and shared a celebratory 'high-five' style handshake? Anyone else wonder why Putin had that "we got it all over on them" sort of look on his face? Perhaps they had a deal, control of the oil in the world and now Putin is backstabbing OPEC by not going along.

ea8ae8abb0d1b93147f8b08dbdf258c8.gif



 
Look how short Putin is.

The KGB/FSB spent an enormous amount of time and money trying to make everyone think Putin is a giant.

America is the number 1 producer of oil. America isn't a member of OPEC and will do what America wants.
 
more than likely Putin understands that if he cuts production the USA will up it's shale production like last time and stole Russian market share ... Putin won't make the same mistake again
 
HumblePi said:
[h=1]OPEC+ on brink of failure as Russia resists push for deeper cuts[/h]OPEC+ on brink of failure as Russia resists push for deeper cuts - BNN BloombergRussia resisted pressure from his OPEC allies to make deeper production cuts, pushing the cartel’s high-stakes diplomatic gamble to the brink of failure and sending prices plunging.

Energy Minister Alexander Novak arrived from Moscow on Friday morning and told fellow ministers that he favored maintaining the group’s supply reduction at current levels until June, when they could again consider deeper cuts, according to a person familiar with the matter.

Ministers from the Organization of Petroleum Exporting Countries told Russia on Thursday that if it doesn’t join them in cutting oil output by another 1.5 million barrels a day to offset the impact of the coronavirus, then the cartel could abandon its reductions altogether. Hours later, the group raised pressure on Moscow again, emerging from an informal meeting at the Saudi delegation’s hotel with a proposal to extend the curbs for even longer than initially suggested.

Unless Moscow cuts output, “there will be no deal,” his Iranian counterpart Bijan Namdar Zanganeh said on Thursday.

“Panic is worsening, demand forecasts are falling, this is a no-kidding emergency and they’ve got to get Russia to ‘Yes’,” Bob McNally, president of consultant Rapidan Energy Group, said in a Bloomberg Television interview. “If they commit an epic policy failure by not cutting production, I think we can easily see a re-visitation of old lows, in and around $26.”

---------------------------------------------------------------------------------------
(Aww), OPEC members want to stave off the losses in oil revenues due to the coronavirus epidemic so they want Russia to agree to cut oil production, which Putin refuses to do. OPEC is more than a little upset (aww) We're all going to see some very attractive prices at the pumps on our future fill-ups.

Does anyone else remember that epic moment when Mohammad bin Salman and Vladimir Putin met at the G20 and shared a celebratory 'high-five' style handshake? Anyone else wonder why Putin had that "we got it all over on them" sort of look on his face? Perhaps they had a deal, control of the oil in the world and now Putin is backstabbing OPEC by not going along.

ea8ae8abb0d1b93147f8b08dbdf258c8.gif



Click to expand...

It is most fortunate then that the USA has a president who can be expected to continue the policies that have driven the worldwide price of oil and gas down, and caused such frustration for OPEC and Mr. Putin.
No doubt
 
Athanasius68 said:
It is most fortunate then that the USA has a president who can be expected to continue the policies that have driven the worldwide price of oil and gas down, and caused such frustration for OPEC and Mr. Putin.
No doubt
Click to expand...

Thanks to President Obama you mean. In 2008, under George Bush, the U.S. was producing five million barrels of oil per day. By 2017, that total had surged to over nine million barrels per day. The growth was so significant that President Obama lifted the ban on crude exports in 2015. We now have weeks when our country exports more than we import. And the Energy Information Administration projects that domestic oil production is on pace to crack 13 million barrels per day by 2020.
 
HumblePi said:
Thanks to President Obama you mean. In 2008, under George Bush, the U.S. was producing five million barrels of oil per day. By 2017, that total had surged to over nine million barrels per day. The growth was so significant that President Obama lifted the ban on crude exports in 2015. We now have weeks when our country exports more than we import. And the Energy Information Administration projects that domestic oil production is on pace to crack 13 million barrels per day by 2020.
Click to expand...

Obama! Bah humbug to that. He spent most of his admin trying to stop oil leases. The ones that came on line during his admin were generally approved by the Bush Admin.
Moreover, its more than reasonable to suppose that Biden Admin would be much tougher on such leases as well as with fracking, if anything to satisfy his political base.
And of course it would all end under a Sanders Admin.
 
Athanasius68 said:
Obama! Bah humbug to that. He spent most of his admin trying to stop oil leases. The ones that came on line during his admin were generally approved by the Bush Admin.
Moreover, its more than reasonable to suppose that Biden Admin would be much tougher on such leases as well as with fracking, if anything to satisfy his political base.
And of course it would all end under a Sanders Admin.
Click to expand...

Some have apparently already forgotten the $4/Gal (or even higher) pump prices under the Obama admin, him doing whatever he could to keep the that price high.

I'm liking how it is now far better.
 
eohrnberger said:
Some have apparently already forgotten the $4/Gal (or even higher) pump prices under the Obama admin, him doing whatever he could to keep the that price high.

I'm liking how it is now far better.
Click to expand...

Yep-- and candidate Obama said high gas prices were good for the country.

This OP is an an example that tends to refute the longstanding theory that Trump is but a puppet of Putin.
 
eohrnberger said:
Some have apparently already forgotten the $4/Gal (or even higher) pump prices under the Obama admin, him doing whatever he could to keep the that price high.

I'm liking how it is now far better.
Click to expand...

I haven't forgotten it.
In CA., unleaded fuel was almost $5.00 a gallon during the Obama years 2012-2014.
 
Athanasius68 said:
Yep-- and candidate Obama said high gas prices were good for the country.

This OP is an an example that tends to refute the longstanding theory that Trump is but a puppet of Putin.
Click to expand...

That and the Russia! Russia! Russia! were/are little more than dishonest hoaxes perpetrated by the lying Democrats and their media sycophants.
Much of their own credibility they've destroyed with it, and their other hoaxes.
 
trixare4kids said:
I haven't forgotten it.
In CA., unleaded fuel was almost $5.00 a gallon during the Obama years 2012-2014.
Click to expand...

I pulled into the pumps the other day and was surprised by a $2.29/Gal price. Is anyone counting this as an economic gain, one of many in the last 3 years, by the vast majority of people?

I also heard that in CA the price for gas is still at $5/Gal, not due to supply / demand, or federal policies, but by CA state policies and taxes. Is that were it's at now in CA?

If so, shouldn't this also be considered as an economic loss to the middle class and below of CA?
 
A world run by oil.

Bet a young John Wayne wouldn't have guessed that one.
 
JustHanging said:
Trump sides with Russia against FBI at Helsinki summit - BBC News

Don't trust your own eyes folks!!! Join the cult and Only Trust Trump!!!
Click to expand...

Actually it's 'Don't trust what the leftist media made out of it'.

Wasn't this the same FBI leadership which has been, and will continue to be, called to account for their questionably justified sources, reasoning, predication of spying on the Trump campaign? Before so many of them left their office or were justly fired? The ones that were deeply involved in the attempted coup?

Yeah, those guys.

And as I said, in the most ham-fisted way possible.
 
Athanasius68 said:
Obama! Bah humbug to that. He spent most of his admin trying to stop oil leases. The ones that came on line during his admin were generally approved by the Bush Admin.
Moreover, its more than reasonable to suppose that Biden Admin would be much tougher on such leases as well as with fracking, if anything to satisfy his political base.
And of course it would all end under a Sanders Admin.
Click to expand...

That's a bunch of horse manure. There were 23,000 hydraulically fractured wells operating in the US in the year 2000. In 2007 - 2009 the introduction of new treatment fluids and additives led to increased shale gas production and a rapid increase in the number of hydraulically fractured wells. By the year 2015 there were nearly 300,000 hydraulically fractured wells operating in the US, accounting for 51% of all active wells. There's no reason to think that Biden's approach will be all that much different from Obama's
 
Athanasius68 said:
It is most fortunate then that the USA has a president who can be expected to continue the policies that have driven the worldwide price of oil and gas down, and caused such frustration for OPEC and Mr. Putin.
No doubt
Click to expand...

You have no understanding apparently how this has actually been working. There's 3 things shoring up US shale production. The ability to legally export oil, ongoing license to to build pipelines and conduct fracking operations, and the OPEC+ deal to limit oil exports by other oil producing nations. Allowing for crude prices to remain healthy enough to make the drilling of new hydraulically fractured wells fairly profitable. I say 'fairly' because as it stands now shale companies aren't really making as much money as they would like and many of 'easier' fields have already been largely exploited. So the cost of newer wells in what is already a resource intensive industry is going to climb with lower returns on investment. If Russia is thinking that it can shutdown US shale oil production by increasing supply and lowering crude prices it had better be ready to stay in it for the long haul and endure some considerable pain themselves as at this point US shale oil companies are pretty well hedged. But things might get a little bumpy.
 
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trixare4kids said:
Makes my point.
Now you have to figure in CA. gas taxes to arrive at the almost $5.00 a gallon in CA., but it's all relevant.
Gas prices under Obama, years I mentioned above, were higher than they are under Trump.
Click to expand...

That's not a true statement however because there were Obama years where prices were lower than they were under Trump. That oil and gas prices rose dramatically at the advent of the Great Recession shouldn't be no surprise to anyone given the fears of a worldwide collapse of financial markets. But as the recovery started coming around those fears subsided, and with US oil production soaring from 5 million barrels to 9 million, prices came down precipitately by 2015. In fact gas prices under Obama in 2015 and in 2016 were nearly the same or lower than under Trump in 2019 and under Obama in Jan 2017 gas prices were lower than under Trump in 2018.
 
Atomic Kid said:
That's not a true statement however because there were Obama years where prices were lower than they were under Trump. That oil and gas prices rose dramatically at the advent of the Great Recession shouldn't be no surprise to anyone given the fears of a worldwide collapse of financial markets. But as the recovery started coming around those fears subsided, and with US oil production soaring from 5 million barrels to 9 million, prices came down precipitately by 2015. In fact gas prices under Obama in 2015 and in 2016 were nearly the same or lower than under Trump in 2019 and under Obama in Jan 2017 gas prices were lower than under Trump in 2018.
Click to expand...

The chart proves what I wrote.
 
HumblePi said:
Thanks to President Obama you mean. In 2008, under George Bush, the U.S. was producing five million barrels of oil per day. By 2017, that total had surged to over nine million barrels per day. The growth was so significant that President Obama lifted the ban on crude exports in 2015. We now have weeks when our country exports more than we import. And the Energy Information Administration projects that domestic oil production is on pace to crack 13 million barrels per day by 2020.
Click to expand...

So in 4 years Trump will have raised domestic oil production by the same number of bpd as Obama did in 8? Interesting.
 
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