They Like Us

[Dexter Sinister]

I didn't say nefarious either, it's perfectly obvious what they do and they're quite open about it. They engage in supply management to maintain a certain upward pressure on the price of oil. Did you miss the fact that the Saudis said they could make up the shortfall in European oil supplies when the supply from Iran is cut off? What does that tell you about their actual capacity versus what they allow into the market?

 

[petros]

I didn't say nefarious either, it's perfectly obvious what they do and they're quite open about it. They engage in supply management to maintain a certain upward pressure on the price of oil. Did you miss the fact that the Saudis said they could make up the shortfall in European oil supplies when the supply from Iran is cut off? What does that tell you about their actual capacity versus what they allow into the market?

They have oil sitting around in buckets ready to go?

 

[L Gilbert]

Probably in large storage tanks.

 

[petros]

Probably in large storage tanks.

Just sittin' around in storage tanks? Waiting for what? Saudi Christmas?

 

[L Gilbert]

How would I know what they store it for? Ask them.

 

[Dexter Sinister]

They have oil sitting around in buckets ready to go?

You're a geologist and you ask silly questions like that? You ought to know perfectly well that it's possible to vary production levels from oil fields or individual wells, they can pump it into storage or shut in the fields and leave it in the ground, and vice versa, OPEC nations have done it multiple times for publicly stated political and economic reasons since OPEC was invented. It's also routinely done for maintenance on the pumping, piping, and storage systems.

 

[petros]

You guys make it sound like you can just flip a switch and tanks magically fill and empty to manipulate and supply markets. So why weren't Saudis, Russians or Canada supplying Britain and France in the first place?