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OPEC's grip on oil weakening
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plumpy nut



Joined: 12 Mar 2011
Posts: 1652

PostPosted: Thu Nov 27, 2014 6:55 am    Post subject: OPEC's grip on oil weakening Reply with quote

Very Happy very good news to those that dislike the Saudis.
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scot47



Joined: 10 Jan 2003
Posts: 15330

PostPosted: Thu Nov 27, 2014 9:37 am    Post subject: Reply with quote

You still working there ? Why torture yourself by staying in an environment that is driving you mad ?
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nomad soul



Joined: 31 Jan 2010
Posts: 11452
Location: The real world

PostPosted: Thu Nov 27, 2014 3:29 pm    Post subject: Reply with quote

scot47 wrote:
You still working there ? Why torture yourself by staying in an environment that is driving you mad ?

Ditto that! The bitterness and hatred keep flowing ad nauseam. If you're still in the Kingdom, move on the first chance you get, Plumpy. And if you're no longer in KSA, let it go and focus on your current work situation.

This is why it's never good to take a job in a country and culture that one intensely hates. The money simply isn't worth it.
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scot47



Joined: 10 Jan 2003
Posts: 15330

PostPosted: Thu Nov 27, 2014 4:15 pm    Post subject: Reply with quote

................but if you have already gone over the edge into insanity, there may be no return.
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Cool Teacher



Joined: 18 May 2009
Posts: 930
Location: Here, There and Everywhere! :D

PostPosted: Fri Dec 12, 2014 1:14 pm    Post subject: Re: OPEC's grip on oil weakening Reply with quote

plumpy nut wrote:
Very Happy very good news to those that dislike the Saudis.


Why dont you like the Saudi Arabinas? Confused I have a friedn from there and he's a very nice guy. Cool
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Bud Powell



Joined: 11 Jul 2013
Posts: 1736

PostPosted: Fri Dec 12, 2014 2:33 pm    Post subject: Reply with quote

Most (if not all) of the western world has good reason to resent OPEC. Those who were alive in the '70's saw gasoline prices double, then triple. In the United States gasoline prices stayed fairly stable until about 2004 or so when OPEC decided to make a killing. OPEC had put the U.S. out of the oil drilling business. The U.S. began producing so much gas and oil that it actually began exporting. That, of course, blew Russia's economy. It no longer had a huge market in Europe for its natural gas. When oil dropped below$70.00 per barrel, it could not make a profit.

There was to be a joint venture gas pipeline running from Russia to Eastern Europe. NATO Countries pressured those countries to cancel plans for the pipeline before Russia invaded Kiev. After the invasion, Eastern countries canceled the pipeline.

So now the Russians are hurting big time.

The rest of OPEC is experiencing a major bloody nose as a result of Saudi Arabia's refusal to stop pumping oil. For some ME countries, the expected price of $54.00 per barrel is devastating. Iran has been out of the picture for a long time. Its break-even price for its oil is over $150.00 per barrel. Qatr with its vast natural gas reserves is squawking over western competition.

The situation is an unintended payback to the ME for much controlling America's fuel costs.

What will it do to China's economy? Good guess. China is trying to put a damper on things, but the cheap oil may change the game drastically.

We shall see.
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scot47



Joined: 10 Jan 2003
Posts: 15330

PostPosted: Fri Dec 12, 2014 5:23 pm    Post subject: Reply with quote

Bad news for Scotland and Norway !
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Dedicated



Joined: 18 May 2007
Posts: 972
Location: UK

PostPosted: Tue Dec 16, 2014 12:18 pm    Post subject: Reply with quote

Cheap oil is a growth booster. What a Christmas present! Thank you, oil men of Dakota. Cheap oil, cheap food and cheap money give us all the reasons we need to forecast continued strong UK growth and low inflation.

A reduction in fuel costs is good news for the UK economy and can broadly be seen as analogous to a tax cut. It should ease the pressure on household budgets and boost consumer spending.

Some people - including the Scottish Nationalists - still see Britain's North Sea oil as a huge cash generator that pays for public services and will be hard hit. That horse has already bolted, however, even before the latest fall in oil prices and well before the Scottish independence referendum in September. North Sea revenues have dropped by 75% to 2.8bn pounds a year since 2008, on the back of a 50% drop in production and tax changes that allow oil companies to offset more of their capital spending against tax (Office for Budget Responsibility)
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water rat



Joined: 30 Aug 2014
Posts: 1098
Location: North Antarctica

PostPosted: Tue Dec 16, 2014 12:47 pm    Post subject: Reply with quote

America gets its oil through fracking these days - which sounds like a swear word. Read this and you will see that it should be a swear word:

http://dangersoffracking.com/
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Montanaland



Joined: 20 Dec 2009
Posts: 60
Location: Bakken Oil Field

PostPosted: Tue Dec 16, 2014 1:33 pm    Post subject: rig count Reply with quote

The drop in drilling permits here in ND is a precursor to a large percentage of our rigs stacking out. Goodbye job..hello Esl?
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water rat



Joined: 30 Aug 2014
Posts: 1098
Location: North Antarctica

PostPosted: Tue Dec 16, 2014 2:03 pm    Post subject: Re: rig count Reply with quote

Montanaland wrote:
The drop in drilling permits here in ND is a precursor to a large percentage of our rigs stacking out. Goodbye job..hello Esl?
Besides you, how many frackers would even think of teaching English?

At least teaching is an honest day's work. No wholesale rape of Mother Earth here; thank you. What's a few dozen photocopies going to do to harm the environment in comparison with a good fracking?
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Mushkilla



Joined: 17 Apr 2014
Posts: 320
Location: United Kingdom

PostPosted: Tue Dec 16, 2014 5:46 pm    Post subject: Russia's fast track to ruin Reply with quote

Russia's fast track to ruin

"Here are the numbers that explain why the Russian economy is imploding in the face of a tumbling oil price and Western sanctions.

Oil and gas energy represents two thirds of exports of around $530bn (£339bn). Without them, Russia would have a massive deficit on its trade and financial dealings with the rest of the world - which is why Russia's central bank expects a capital outflow of well over $100bn this year and next.

And public expenditure is almost completely supported by energy-related revenues. In their absence, the government would be increasing its indebtedness by more than 10% a year, according to IMF data.

So the massive and unsustainable non-oil deficits in the public sector and trade explain why investors don't want to touch the rouble with even the longest barge pole.
And Western sanctions, imposed to punish Putin for his Ukraine adventure, make it all the harder for Russia's undersized non-oil economy to trade the country out of its mess"
http://www.bbc.co.uk/news/business/market_data/currency/12/158238/default.stm

Today $1 = 72.31 Russian Rouble

I think the red Russian Bear is in real danger! Laughing
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Sashadroogie



Joined: 17 Apr 2007
Posts: 11061
Location: Moskva, The Workers' Paradise

PostPosted: Wed Dec 17, 2014 2:08 pm    Post subject: Reply with quote

Just about two years ago the BBC was predicting the demise of the euro. Strangely enough, totally biased reporting usually represents wishful thinking more than reality or 'facts'.

There are problems here, of course. But sanctions are not really driving the situation here, any more than Twitter fuelled the Arab Spring...

Honestly...
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Mushkilla



Joined: 17 Apr 2014
Posts: 320
Location: United Kingdom

PostPosted: Wed Dec 17, 2014 6:39 pm    Post subject: Reply with quote

You want facts?

Well, comrade Sasha, factually speaking, Moskva (the workers' paradise!) will face deep recession and gloomy fate in 2015. Which means you cannot buy more than $2000 from any bank in Moscow, just go tomorrow and try if you can buy more than $2000 from any bank - please let me know the outcome.
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spiral78



Joined: 05 Apr 2004
Posts: 11525
Location: On a Short Leash

PostPosted: Wed Dec 17, 2014 6:46 pm    Post subject: Reply with quote

I doubt comrade Sasha has any need or desire to buy USD....I haven't myself, either.
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