OPEC meeting aiming to cap output fails

tay

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May 20, 2012
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After hours of talks in Qatar, the country's energy minister Mohammed bin Saleh al-Sada said that the oil producers needed "more time"

Most members of the Opec producers' group, plus other oil exporters including Russia, attended the talks.

They wanted a deal that would freeze output and help stem the plunge in crude prices over the past 18 months.

"The general conclusion was that we need more time to consult among ourselves in Opec and non-Opec producers," Mr Sada said.

Talks hit difficulties earlier on Sunday as reports emerged of tensions between Iran and Saudi Arabia. Iran did not attend the meeting
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Saudi Arabia, the world's largest oil exporter, appeared willing to only freeze output if all Opec members agreed, including Iran.

But Iran maintained it would continue the increase in oil production it has followed since economic sanctions were lifted earlier this year.

The price of oil has risen in recent weeks largely due to traders considering the possibility that some major exporters will limit supply.

The next scheduled OPEC meeting is in June.

Oil meeting aiming to cap output ends without agreement - BBC News
 

lone wolf

Grossly Underrated
Nov 25, 2006
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Now would be a great time for someone to develop an engine that runs on bullschit. I wonder how clean they'd keep those sheets if the stuff in the ground is, all of a sudden-like, worthless?
 

Durry

House Member
May 18, 2010
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The meeting in June is not going to happen, no need for it.

Here comes $30/bbl Oil, ride starts tomorrow morning!!
 

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
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It's been at least two solid years where oil has not been profitable.

I don't think it's going back up guys.

Time to bail out.
 

Durry

House Member
May 18, 2010
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Big problem for Venezuela, not sure they can survive much longer.

Russia is probably good for awhile tho.
 

MHz

Time Out
Mar 16, 2007
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'Bail out' as in stop using the product when it just became affordable?? There is a flaw in that ointment.

Big problem for Venezuela, not sure they can survive much longer.
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They could always legalize the coco leaf and green tobacco for local consumption. Tourism would take care of the lost oil revenue.
 

taxslave

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Nov 25, 2008
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'Bail out' as in stop using the product when it just became affordable?? There is a flaw in that ointment.


They could always legalize the coco leaf and green tobacco for local consumption. Tourism would take care of the lost oil revenue.

OR they could just vote in a responsible government instead of more corrupt communists.
 

MHz

Time Out
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Apparently the CIA has objections to that happening. Notice how much smoother things are running after the election???
 

captain morgan

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Mar 28, 2009
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It's been at least two solid years where oil has not been profitable.


Oil remains profitable, just not for those that have a bunch of bank debt.

All the same tho, I say let the Ruskies and Saudis burn out their inventory at bargain basement prices... This is nothing less than money in the bank for the West.

..... Don't feel bad Flossy, you'll always have Solyndra
 

EagleSmack

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Feb 16, 2005
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Oil remains profitable, just not for those that have a bunch of bank debt.

All the same tho, I say let the Ruskies and Saudis burn out their inventory at bargain basement prices... This is nothing less than money in the bank for the West.

..... Don't feel bad Flossy, you'll always have Solyndra

Oil divestment... the new rage for the alarmists.

You have to love all the college kids in the US screaming for oil divestment in university endowments. I bet they aren't telling their parents to divest their portfolios. That's THEIR money yo!

Where is oil not profitable? Certainly not Canada. Too bad for you.

Flossy is just a poor investor if he does it at all.

It's been at least two solid years where oil has not been profitable.

I don't think it's going back up guys.

Time to bail out.

Living hand to mouth Flossy? Poor you. :)
 

captain morgan

Hall of Fame Member
Mar 28, 2009
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Oil divestment... the new rage for the alarmists.

You have to love all the college kids in the US screaming for oil divestment in university endowments. I bet they aren't telling their parents to divest their portfolios. That's THEIR money yo!


Same chest-thumping up here too.

Students at the University of British Columbia, Canada's ecotard University, are demanding that the UBC endowment fund divest from anything to do with oil. The Board of the endowment outright denied that potential citing that this is where the fund makes most of it's money.

Laughed my butt off when I read about that.
 

pgs

Hall of Fame Member
Nov 29, 2008
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Same chest-thumping up here too.

Students at the University of British Columbia, Canada's ecotard University, are demanding that the UBC endowment fund divest from anything to do with oil. The Board of the endowment outright denied that potential citing that this is where the fund makes most of it's money.

Laughed my butt off when I read about that.
They want the university to divest from oil but keep their oil based lap tops and cell phones .
 

Retired_Can_Soldier

The End of the Dog is Coming!
Mar 19, 2006
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If you're ever up around UBC, take a look around, there isn't a single parking space available on campus

I had a lost weekend on the UBC Campus, I was dating ahem the University Pastor's daughter and we partied our asses down on Wreck Beach. She was an Italian hottie.

When you think about it. It's always the same.

  • Go to college
  • Become socially active on campus
  • Have sex, smoke pot (maybe some hallucinogens) party.
  • Find a cause and swear you're going to stand behind it fereverrrr
  • Get degree.
  • Graduate and look for job.
  • Get job, slug it out for a few years make money.
  • Money Money Money Money Money Money Money Money
  • Cars Boats Motorcycles Snowmobiles
  • Discover how many taxes you pay and notice the dropouts from college still camped out at one protest or another.
  • Become more conservative.
  • Join a forum.
Now this doesn't happen in all cases. But most.
 

captain morgan

Hall of Fame Member
Mar 28, 2009
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I had a lost weekend on the UBC Campus, I was dating ahem the University Pastor's daughter and we partied our asses down on Wreck Beach. She was an Italian hottie.

When you think about it. It's always the same.

  • Go to college
  • Become socially active on campus
  • Have sex, smoke pot (maybe some hallucinogens) party.
  • Find a cause and swear you're going to stand behind it fereverrrr
  • Get degree.
  • Graduate and look for job.
  • Get job, slug it out for a few years make money.
  • Money Money Money Money Money Money Money Money
  • Cars Boats Motorcycles Snowmobiles
  • Discover how many taxes you pay and notice the dropouts from college still camped out at one protest or another.
  • Become more conservative.
  • Join a forum.
Now this doesn't happen in all cases. But most.

Yep, that sounds just about right, excepting maybe the University Pastor's daughter.