They want the universities to divest from profitable companies but they still want their tuition low and more scholarships.
Well yeah like duh!
OPEC meeting aiming to cap output fails
- Thread starter tay
- Start date
They want the universities to divest from profitable companies but they still want their tuition low and more scholarships.
Well yeah like duh!
Sure. And sell it all off when the market price is bottomed out. Obviously not a lot of economics majors there.
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
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
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
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
I like the way Russia is playing this, support caps with Saudi and then Iran cranks up their output. Check and mate OPEC/NATO
U.S. Shale Roars Back at OPEC
https://www.bloomberg.com/news/articles/2017-05-19/u-s-shale-roars-back-at-opec
*snicker*
https://www.bloomberg.com/news/articles/2017-05-19/u-s-shale-roars-back-at-opec
*snicker*