Menu
Sister Sites

  • Putin Says Russia Ready to Join OPEC Effort to Limit Oil Supply

    From bloomberg.com

    Russia, the world’s largest energy exporter, is ready to join OPEC in limiting oil production with either a freeze or a cut, said President Vladimir Putin. “Russia is ready to join in joint measures to limit output and calls on other oil exporters to do the same,” Putin said on Monday at the World Energy Congress in Istanbul. “In the current situation, we think that a freeze or even a cut in oil production is probably the only proper decision to preserve stability in the global energy market.” Ministers from some of the largest oil-producing nations are gathering in Turkey this week to discuss ways to end a ... (full story)

Putin is pumping more oil than at any time in history. He's smart to try to jawbone the price up, but limiting production would destroy his economy. He can't and wont. It's just empty talk designed to squeeze a few extra bucks out of every barrel he can produce.
Correct. + Bad enough trying to predict trends without the Russian/Arab bullshtters and the 'news' stories, I'm waiting for $58-60 late Oct then short.
Yeah. he is trying to pump oil price because i guess he already loaded his oil supply to sell
You cannot learn better without losing
Quoting UnBearybull
Correct. + Bad enough trying to predict trends without the Russian/Arab bullshtters and the 'news' stories, I'm waiting for $58-60 late Oct then short.
Frankly said, I think it can't even reach 55 per barrel till the end of year.
Quoting Graviton
Putin is pumping more oil than at any time in history. He's smart to try to jawbone the price up, but limiting production would destroy his economy. He can't and wont. It's just empty talk designed to squeeze a few extra bucks out of every barrel he can produce.
If they agree a 5% reduction and win a 20% price improvement that has to make economic sense.
Carbon-Dioxide: the gas of life!
The important phrase there is "If they agree". The Saudi's and Iranians haven't agreed on anything for decades. They despise each other. Iran is just coming out of sanctions and intends to rapidly increase production to fund better living for a restless public. Saudi is having to borrow to fund their government already. The Libyans are just now coming back on line, and major new discoveries have just been made in the U.S. which will produce anytime oil price is above $50 per bbl. OPEC only produces about 40% of the worlds oil and other producers will ramp up production with increasing prices much faster than OPEC can reduce the world supply. Worst case for oil price is no one can agree on anything. Best case is everyone in OPEC agrees and everyone cheats on the agreement.
Quote
Best case is everyone in OPEC agrees and everyone cheats on the agreement.
I think this is most likely. So we shall see a thrust higher, then a relapse as reality dawns.
Carbon-Dioxide: the gas of life!
  • New Comment
  •  Guest
  • | IP X.XXX.241.39
Join FF
  • Story Stats
  • Posted: Oct 10, 2016 9:50am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 7  /  Views: 2,376