"Spanfeller is a twat" (theaspiringengineer)
04/02/2020 at 19:07 • Filed to: None
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"Spanfeller is a twat" (theaspiringengineer)
04/02/2020 at 19:07 • Filed to: None | 1
| 16 |
Maybe this is an oddity, and OPEC will continue it’s war with Russia a bit longer... but if they can raise the price of oil again they might just rescue a lot of countries that depend on oil for their income.... Like Mexico, which thought 2020 would see an average oil price of 50 dollars a barrel.
!!! UNKNOWN CONTENT TYPE !!!
Guess who is relieved?
ttyymmnn
> Spanfeller is a twat
04/02/2020 at 19:19 |
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facw
> Spanfeller is a twat
04/02/2020 at 19:31 |
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We’ll see. It could happen, but Trump often talks about things that have little to do with reality. He hears what he wants to hear, and tells people what he thinks they want to hear.
Aremmes
> Spanfeller is a twat
04/02/2020 at 19:46 |
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Trump is playing himself here. If he cuts US production, SA and Russia (and Mexico for that matter)
can then increase output and fill the void, taking fdx,
the
money that would previously have gone to American companies.
Dr. Zoidberg - RIP Oppo
> Aremmes
04/02/2020 at 19:56 |
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Keeping and creating jobs for Americans, IN America? That’ll be the day.
Future next gen S2000 owner
> Dr. Zoidberg - RIP Oppo
04/02/2020 at 19:58 |
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Keeping businesses afloat and profitable aren’t his strong suit.......
ranwhenparked
> Spanfeller is a twat
04/02/2020 at 20:02 |
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That might help shore up at least one sector of our economy, too, since a lot of our production is fairly high cost. And it is an obviously essential product. Hell, even v entilators are mostly made out of it.
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Spanfeller is a twat
> Aremmes
04/02/2020 at 20:03 |
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What void though? They’re producing so much oil that we’re running out of places to store it....
Also, I had the impression that the US oil industry depended a lot on very expensive techniques like fracking... So they also need a higher price...
PatBateman
> Aremmes
04/02/2020 at 20:06 |
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Did you read the article? Trump is getting OPEC and Russia to cut production, not US producers (although the domestic producers are asking the Texas Railroad Commissioner to cut the state’s production).
Gone
> Spanfeller is a twat
04/02/2020 at 20:07 |
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The man is just plain full of shit, I can’t be any nicer than that lol.
KSA + RUS is maybe 23MMbbl of supply at best. Russia instantly denied this talk about cuts , claimed to rebudget for $20 oil and claimed not to have talked to KSA. KSA claims 10MMbbl is an exaggeration - maybe 6MMbbl/day at most, nothing was agreed too, and it needs to be fair amongst OPEC+ and other nations (G-20, US, Mex, Can, etc). Which is to mean nothing big will happen because it’s not that hard to have a meeting, but damn near impossible for them to agree on anything . US producers can’t agree to cut (hello price fixing) and the majors prob wouldn’t anyways because they’re tired of ShaleCos being dipshits and would rather them die. ShaleCos can’t cut because their house of cards is on fire and t hey need the revenue to keep the appearance of running a business and not a money laundering operation... XOM said they don’t need any help in an extremely direct fashion, saying the free market is the best way to balance the market. All the BS about cuts does is delay the inevitable and make oversupply worse short term. OPEC+ dropped the ball by not burying these ShaleCos in ‘14. It would be unwise to not finish the job ASAP given the metric shit ton of money the Fed is throwing around.
A lot of agreement in a 30-35MMbbl/day oversupply this month. Even with a 15MMbbl/day cut there’s no more land storage as of early May. Cushing is already telling companies to stuff it. Rig count can’t fall fast enough. Oil in the teens (neg if Canada and maybe shale) is not unreasonable...
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facw
> PatBateman
04/02/2020 at 20:14 |
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Trump doesn’t control domestic production in the same way anyway. Though I’ll note that he says he got them to agree to cut production, which is not the same as actually making it happen. We’ll see if cuts actually show up. The Saudis wanted to cut production in the first place though, and have only been dumping to force Russia to go along with cuts, so convincing them is simply a matter of getting Russia to accept cuts (it’s not clear that Russia can afford to cut production, but who knows) .
fintail
> Spanfeller is a twat
04/02/2020 at 20:20 |
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More expensive gas prices should really help many Americans right now.
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Aremmes
> PatBateman
04/02/2020 at 20:26 |
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Trump can't control his own mouth, what kind of control could he ever exert over a foreign organization?
gmporschenut also a fan of hondas
> Spanfeller is a twat
04/02/2020 at 20:40 |
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“ Even though no date has been set for such a meeting — and no deal on cutting production has yet been announced — the oil market celebrated wildly.”
this blip isn’t going to last
and 100 more
> Future next gen S2000 owner
04/03/2020 at 10:34 |
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I mean, Russian ones...
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PatBateman
> Aremmes
04/03/2020 at 16:59 |
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You understand that, despite your first comment, the administration isn’t trying to cut US production, right? That’s what my comment was about.
It’s very important to me that you understand this.
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PatBateman
> facw
04/03/2020 at 17:00 |
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I was addressing Aremmes’ incorrect assumption that the article meant that Trump was trying to cut US production. That isn’t the case.
Pontification wasn’t necessary, but thanks for your thoughts.