This was in The Huffington Post today.
"In an interview with the Middle East Economic Survey this week, the Saudi energy minister, Ali al-Naimi, indicated a fundamental rethinking by OPEC, saying that it needed to focus on keeping its market share rather than trying to raise prices by slashing production. We have entered a scary time for the oil market, he said."
As long as they focus on keeping their market share the price of oil will go down. At least until we cut production. And it doesn't look like we will cut it too much until we achieve our political goals of undermining Russia, Iran, and Venezuela's economy.[FONT=georgia, times new roman, times, serif] [/FONT]
Crude oil is $86 today.... beginning of the end?
Discussion in 'Oilfield Trucking Forum' started by kogaFX, Oct 9, 2014.
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Saudi Arabia has made no bones about letting the price of oil going as low as it takes to stop the U.S. shale producers. They were quoted earlier in the year as saying they could flood the market with $10 oil to stop the shale drilling. The Saudis and Kuwait are prepared to take big hits this next budget year. Not much we can do about it as our congress does not have to balls to do anything that will rile the Saudis. Such as putting a tariff on all opec oil or on all sales of our miltary technolgy or equipment to them. Hopefully, our economy will not take as big of a hit as it did in 2008.
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The last thing they need to do is put a tariff on anything. Cheap oil is a good thing. I hope it drops to $10 a barrel and stays there a long time. And could give a rats rear less if it is all.imported or not.
haycarter and OldHasBeen Thank this. -
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Rodeorowdy, unloader, cplmac2 and 1 other person Thank this.
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Frackers bow down to your Muslim overlord Ali Al-Naimi.
Iron ore prices at 5.5 year lows, some mines not breaking even. Demand from China not seen picking up for the next 1-2 years.
US oil demand peaked in 2005.
Vultures are circling.
Happy New Year! -
Will an excess of drivers losing jobs in the oil field cause a lowering of trucking rates and driver pay throughout the country? I think flat bedding will take a hit.
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Welcome to globalization ......ask any factory worker !
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