OPEC just got kicked in the face!

If they reduce the number of barrels.....

They will just increase the size of each one.....

This is their well earned reputation.....
 
Quote from ByLoSellHi:

Relatively little of the oil we use comes from the middle east.

That's a 'boogey man,' 'Orwellian' misnomer, intended to scare Americans, and keep the lever of power in the hands of those already there.

Nearly all of our oil comes from here, Canada, Mexico and Venezuela.
More...

Do you have a source on that?
 
Quote from ByLoSellHi:

Relatively little of the oil we use comes from the middle east.

That's a 'boogey man,' 'Orwellian' misnomer, intended to scare Americans, and keep the lever of power in the hands of those already there.

Nearly all of our oil comes from here, Canada, Mexico and Venezuela.
More...



ByLoSellHi,

Don't waste your time. These guys are not crude traders -- they are members of AIPAC fan club. They don't understand and don't really care that a $25/bbl crude would kill Canada's petroleum industry.
 
Countries like Russia Venezeula need the cashflow from oil to pay for gov't expenses.

they sell their oil at whatever the market price is to get their oil revenues.

they aren't 'cheating' by cutting back or increasing production.

Saudi's still make money if oil is $20/barrel. they'll sell even at below cost or at cost to generate tax revenues or jobs in the oil sector


Quote from rubibond007:

On Wednesday, 22 Aug 2007.- Eric Bolling, One of the Nymex largest Natural Trader ever, said on CNBC: "Ignore OPEC-They Cheat"

Video.

http://www.cnbc.com/id/16596357/

Quote from the article.-

"“I’ve been doing this 20 years and all 20 years they’ve been cheating on their output quotas. They’re cheating on the quota they developed last year for December. They have an output cut for February that they’re probably going to cheat on. It doesn’t matter if they meet again and promise not to cheat , they’ll still cheat.”

With OPEC so 'reliably unreliable' what should investors be watching. Eric Bolling said “You know what’s more important than OPEC, the price of gasoline. When gasoline doesn’t rally, crude oil’s not going up I don’t care what OPEC says they’re going to do. The last time oil was this price, the gas crack (or the value of the gas price over the value of the crude price) was 50% higher than it is right now. Unless gasoline rallies, crude doesn’t have a shot in the you know where.”
More...
 
Quote from ByLoSellHi:

Relatively little of the oil we use comes from the middle east.

That's a 'boogey man,' 'Orwellian' misnomer, intended to scare Americans, and keep the lever of power in the hands of those already there.

Nearly all of our oil comes from here, Canada, Mexico and Venezuela.
More...

True much of our oil does not come the 'bad' places.

A bit over simplistic in my view as its a world market. Where the oil physically came from and physically goes is not as important IMHO

For me, I can't wait until something replaces oil and the 'bad' buys can go back to riding their camels and will not have the importance to be in our radar as well as the ability to put us in theirs.
 
If the Saudis shut in 2 million BOPD of their most "marginal" production, figure their direct production costs average well under $4 per barrel. Everything else is mere social economic distribution.
 
Quote from rubibond007:

On Wednesday, 22 Aug 2007.- Eric Bolling, One of the Nymex largest Natural Trader ever, said on CNBC: "Ignore OPEC-They Cheat"

Video.

http://www.cnbc.com/id/16596357/

Quote from the article.-

"“I’ve been doing this 20 years and all 20 years they’ve been cheating on their output quotas. They’re cheating on the quota they developed last year for December. They have an output cut for February that they’re probably going to cheat on. It doesn’t matter if they meet again and promise not to cheat , they’ll still cheat.”

With OPEC so 'reliably unreliable' what should investors be watching. Eric Bolling said “You know what’s more important than OPEC, the price of gasoline. When gasoline doesn’t rally, crude oil’s not going up I don’t care what OPEC says they’re going to do. The last time oil was this price, the gas crack (or the value of the gas price over the value of the crude price) was 50% higher than it is right now. Unless gasoline rallies, crude doesn’t have a shot in the you know where.”
More...
================================

Anoher oil trader said , no way are they going to tell an oil tanker, wanting to fill up . they just reached the quota.:cool:

Somebody needs to get back that super tanker full of oil, the pirates have; its a shame when the cheaters get cheated:D
 
oil needs to be at least $200/barrel for alternative energy to be feasible.

at least $80/barrel for oil sands to be feasible.

lower price and supply decreases that is economics 101

you can't buy oil futures more than 6 months

Quote from Robert Weinstein:

True much of our oil does not come the 'bad' places.

A bit over simplistic in my view as its a world market. Where the oil physically came from and physically goes is not as important IMHO

For me, I can't wait until something replaces oil and the 'bad' buys can go back to riding their camels and will not have the importance to be in our radar as well as the ability to put us in theirs.
More...
 
only these ETF oil and commodities etf they may not exist if the regulators comes in.



Quote from tradersboredom:

oil needs to be at least $200/barrel for alternative energy to be feasible.

at least $80/barrel for oil sands to be feasible.

lower price and supply decreases that is economics 101

you can't buy oil futures more than 6 months
More...
 
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