Saudi Arabia to lower oil prices, the houston boom is over

If we have super batteries, super conductor and fusion at room temperature, oil is history. All it takes is scientific break through.

 

I don't think it's been any more difficult than anticipated. Oil producers often hedge their long oil positions with derivatives incase of a drop in oil price. Now with all their puts with high strike prices gone they will be fully exposed to the low oil prices.

 

*Puts on politicking hat


For the Saudis, the spread of Wahhabism in the Caucus region of southern Russia is a major objective. The Moscow-Russians fought a war against the Muslim Chechens in the late-1990's, some of whom were Wahhabis. Saudi's spread of Wahhabism seeks to weaken Russia's control over the Caucus region (a region that allows Russia to access both the Black Sea and Caspian Sea).

If Russia were to lose control over the northern Caucus region, that would be huge. One of Russia's two warm-water ports is in the Black Sea, and it's also where Russia has captured land from the Ukraine. The Caspian gives Russia naval access to Iran and its former territories in central Asia.

So, if I were Putin, I wouldn't hesitate with an unrelenting bombing campaign against any and all Saudi/Turkey back opposition fighters in Syria. This is the only leverage Russia has in negotiating an oil production cut from Saudi Arabia. So, if any state government is going to sponsor the crazy Islamic extremist of ISIS, I am not saying it's going to be Russia, but it could be.

 

http://www.bloomberg.com/news/artic...o-u-s-oilmen-cut-costs-or-get-out-of-business

 

How exactly does OPEC work, decision-making-wise? Does each country just decide how much they want to produce? Does the overall group decide on that and the member countries have to comply? I understand Saudi Arabia is the biggest producer so in effect are the leader but I'm just curious how the group works. Obviously Saudi Arabia doesn't want to cut their production, but if all the other 12 or countries voted for that to happen, would they then have to do it or dissolve the OPEC group?

 

when I was in grade school back in the late 70's we were convinced we were running out of oil in 20 yrs.

Which seemed a long ways away.

 

knocking out shale producers, #1 where's the proof and #2 what's the end game? won't they just pop up again as price eventually increases and tech makes it cheaper to extract? or is saudi going armageddon and going to completely deplete their reserves at rock bottom prices? i mean, i've heard even saudi is losing money at these prices, is that right?

also this guy, http://money.cnn.com/video/news/2016/01/19/saudi-foreign-minister-adel-al-jubeir-oil.cnnmoney?iid=EL says oil price CAN'T be manipulated and it's strictly market corrections based on supply. he's obviously lying.

 

That same sentiment was being expressed here back around 2008 or so. "Peak oil." Sure.

 

Then new technology changed things. I sure hope room temperature super conductors and cold fusion get created soon, we would double or triple our energy supply over night.

 

If we could fly, planes would be history.

 

The reason why the fracking become so popular was because price of gas was so high. It isn't some revolutionary technology. It was invented a long time ago. It just wasn't economically viable when oil was $40 dollars a barrel.

 

It's already here. Produces 1.21 gigawatts.

Spoiler

 

It has been happening since 1855.

 

I think that is a fair assessment, though to my understanding companies like Schlumberger refined their fracking process in the 2000's due to the emergence of microseismic technology.

 

A couple of companies are still calling me but I'm done with the job search.

If anyone knows any revenue/cost accountants or oil and gas accountants with CPA's (for a senior role).. Email me and I might be able to help get someone get in the door for an interview.

 

We can also run, Icarus, but cars and trains as yet remain.

 

Props to you for missing the point.

 

We can't run out of oil soon enough. Unfortunately there's at least 2 Saudi Arabias in those NA tar sands/fracking deposits and who knows how much in deep sea drilling.

All that adds up to our oceans staying ****ed and climate change being a slow boil on the path towards oh ****, what now.

 

Oil is on the rise again