OPEC meeting aiming to cap output fails


tay
+1
#1
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
.
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
+1
#2
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?
 
EagleSmack
+2
#3  Top Rated Post
Quote: Originally Posted by tay View Post


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

Now that must be a bitter pill for OPEC to swallow.
 
Durry
#4
The meeting in June is not going to happen, no need for it.

Here comes $30/bbl Oil, ride starts tomorrow morning!!
 
mentalfloss
#5
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
#6
Big problem for Venezuela, not sure they can survive much longer.

Russia is probably good for awhile tho.
 
taxslave
+1
#7
Quote: Originally Posted by mentalfloss View Post

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.

Where is oil not profitable? Certainly not Canada. Too bad for you.
 
MHz
+1
#8
'Bail out' as in stop using the product when it just became affordable?? There is a flaw in that ointment.

Quote: Originally Posted by Durry View Post

Big problem for Venezuela, not sure they can survive much longer.
.

They could always legalize the coco leaf and green tobacco for local consumption. Tourism would take care of the lost oil revenue.
 
taxslave
#9
Quote: Originally Posted by MHz View Post

'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
#10
Apparently the CIA has objections to that happening. Notice how much smoother things are running after the election???
 
captain morgan
+2
#11
Quote: Originally Posted by mentalfloss View Post

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
+1
#12
Quote: Originally Posted by captain morgan View Post

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!

Quote: Originally Posted by taxslave View Post

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

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

Quote: Originally Posted by mentalfloss View Post

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.
 
Retired_Can_Soldier
+1
#13
Quote: Originally Posted by mentalfloss View Post

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.

You are an idiot.

We are now reaping the benefits of Obama's Foreign Policy.
 
petros
+1
#14
Quote: Originally Posted by Retired_Can_Soldier View Post

You are an idiot.

Why are you being so nice?
 
Retired_Can_Soldier
#15
Quote: Originally Posted by petros View Post

Why are you being so nice?

What's the point in misspelling a bunch of expletives just to avoid the words being gobbled up by asterisks?
 
captain morgan
+1
#16
Quote: Originally Posted by EagleSmack View Post

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
+2
#17
Quote: Originally Posted by captain morgan View Post

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 .
 
captain morgan
+1
#18
Quote: Originally Posted by pgs View Post

They want the university to divest from oil but keep their oil based lap tops and cell phones .

If you're ever up around UBC, take a look around, there isn't a single parking space available on campus
 
Retired_Can_Soldier
+1
#19
Quote: Originally Posted by captain morgan View Post

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
#20
Quote: Originally Posted by Retired_Can_Soldier View Post

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.
 
EagleSmack
+1
#21
Quote: Originally Posted by captain morgan View Post

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 universities to divest from profitable companies but they still want their tuition low and more scholarships.

Quote: Originally Posted by pgs View Post

They want the university to divest from oil but keep their oil based lap tops and cell phones .

Well yeah like duh!
 
Nick Danger
+1
#22
Sure. And sell it all off when the market price is bottomed out. Obviously not a lot of economics majors there.
 
tay
#23
So much for capping production.....


Oil Prices Fall Below $40 As OPEC Ramps Up Output


Global oil prices fell below $40 a barrel on Monday, after Reuters’ new survey tallying oil output from OPEC countries showed outputs for the 13-member bloc at record highs when compared to figures in recent history.

The overall increase in global crude output has dragged oil prices down 20 percent since they broke above $50 in June.

Friday’s survey found that Iraq increased oil output in July, as the national army made gains against the Islamic State’s (ISIS) oil production and supply network.

The former Gulf country’s oil officials confirmed on Monday an increase in crude production from 3.175 million barrels in June to 3.2 million barrels in July.

Nigeria - a country that has been inundated by separatist attacks on oil facilities by the Niger Delta Avengers and related groups - upped outputs despite militant efforts.

To meet an uptick in seasonal demand for oil, Saudi Arabia - OPEC’s de facto leader and top exporter - kept production levels close to record highs in order to limit Iran while it attempts to regain lost market share.

The Wall Street Journal reported that Saudi Aramco had also cut its price per barrel to Asia by sizable margins over the weekend.

The Iranian oil minister confirmed the oil glut in a statement to Iranian state television on Monday, but insisted that the balance between supply and demand would be restored in due time.

American oil drillers added 44 oil rigs last month - the highest amount in any month since April 2014 - according to Baker Hughes latest rig count.

OPEC’s key rival, Russia, has been increasing supplies for three straight months as well.

West Texas Intermediate stood at $39.97, according to Bloomberg’s report and Brent oil, considered to be the global price benchmark, stabilized at $42.01 during the time of this article’s writing.

Oil Prices Fall Below $40 As OPEC Ramps Up Output | OilPrice.com
 
EagleSmack
+1
#24
Whoop!

Quote: Originally Posted by tay View Post


American oil drillers added 44 oil rigs last month - the highest amount in any month since April 2014 - according to Baker Hughes latest rig count.

And the alarmists weep.
 
tay
#25
OPEC points to larger 2017 oil surplus as rivals keep pumping


OPEC revised up its 2016 and 2017 non-OPEC supply forecasts, citing factors including the start up of Kazakhstan's Kashagan oilfield and a lower-than-expected decline in U.S. shale output, and said the immediate outlook was for more production.

"It is expected that there will be higher non-OPEC production in the second half of 2016 compared to the first half," OPEC said in the report.

OPEC expects non-OPEC supply to rise by 200,000 bpd in 2017, versus a previously forecast 150,000 bpd decline. The revision is mostly due to Kashagan, OPEC said, as the long-delayed giant field finally starts up.

On top of that, the forecast for this year was revised up by 180,000 bpd.

OPEC itself kept output near a multi-year high in August, pumping 33.24 million bpd, according to figures OPEC collects from secondary sources, down 23,000 bpd from July's figure, the report said.

The July figure is the highest since at least 2008, according to a Reuters review of past OPEC reports.

Near-record OPEC output, and higher supply from outside, could make it harder for OPEC and Russia to come up with steps to support the market. Producers are expected to meet in Algeria on the sidelines of the Sept. 26-28 International Energy Forum.

An attempt by producers to agree to a production freeze in April failed as Iran, wanting to boost oil exports that had been restrained by Western sanctions, refused to join and Saudi Arabia insisted all producers took part.

The August output figures in the report at least show no further large supply increases in top OPEC producers. As previously reported, Saudi Arabia told OPEC it reduced output by 40,000 bpd from July's record high of 10.67 million bpd.

At the start of 2016, OPEC expected the rebalancing to happen this year.

With demand for OPEC crude in 2017 expected to average 32.48 million bpd, the report indicates there will be an average surplus of 760,000 bpd if OPEC keeps output steady. Last month's report pointed to a small, 100,000 bpd surplus.

OPEC points to larger 2017 oil surplus as rivals keep pumping | Reuters
 
MHz
#26
I like the way Russia is playing this, support caps with Saudi and then Iran cranks up their output. Check and mate OPEC/NATO
 
petros
#27
Our output hasn't dropped either.
 
MHz
#28
Is that for exports or internal use? How about imports from Saudi??
 
petros
#29
Thanks to 60,000 new rail tankers, it is spread Nor AM wide.

Why don't you look it up?
 
mentalfloss
#30
Quote: Originally Posted by tay View Post

OPEC points to larger 2017 oil surplus as rivals keep pumping


OPEC revised up its 2016 and 2017 non-OPEC supply forecasts, citing factors including the start up of Kazakhstan's Kashagan oilfield and a lower-than-expected decline in U.S. shale output, and said the immediate outlook was for more production.

"It is expected that there will be higher non-OPEC production in the second half of 2016 compared to the first half," OPEC said in the report.

OPEC expects non-OPEC supply to rise by 200,000 bpd in 2017, versus a previously forecast 150,000 bpd decline. The revision is mostly due to Kashagan, OPEC said, as the long-delayed giant field finally starts up.

On top of that, the forecast for this year was revised up by 180,000 bpd.

OPEC itself kept output near a multi-year high in August, pumping 33.24 million bpd, according to figures OPEC collects from secondary sources, down 23,000 bpd from July's figure, the report said.

The July figure is the highest since at least 2008, according to a Reuters review of past OPEC reports.

Near-record OPEC output, and higher supply from outside, could make it harder for OPEC and Russia to come up with steps to support the market. Producers are expected to meet in Algeria on the sidelines of the Sept. 26-28 International Energy Forum.

An attempt by producers to agree to a production freeze in April failed as Iran, wanting to boost oil exports that had been restrained by Western sanctions, refused to join and Saudi Arabia insisted all producers took part.

The August output figures in the report at least show no further large supply increases in top OPEC producers. As previously reported, Saudi Arabia told OPEC it reduced output by 40,000 bpd from July's record high of 10.67 million bpd.

At the start of 2016, OPEC expected the rebalancing to happen this year.

With demand for OPEC crude in 2017 expected to average 32.48 million bpd, the report indicates there will be an average surplus of 760,000 bpd if OPEC keeps output steady. Last month's report pointed to a small, 100,000 bpd surplus.

OPEC points to larger 2017 oil surplus as rivals keep pumping | Reuters



 

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