Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

THE Price of Crude pt 13

General discussions of the systemic, societal and civilisational effects of depletion.

Moderator: Pops

Re: THE Price of Crude pt 13

Unread postby Cog » Fri 19 May 2017, 15:37:04

And we are right back to supply and demand. Where we were always were in reference to oil or any other commodity bought and sold on the world market. Something the ETP modelers reject but has always been the case.
User avatar
Cog
Anti-Matter
Anti-Matter
 
Posts: 8370
Joined: Sat 17 May 2008, 02:00:00
Location: Metro-East Illinois

Re: THE Price of Crude pt 13

Unread postby kublikhan » Thu 25 May 2017, 13:46:50

OPEC agreed to extend the production cut for another nine months, but with no deeper cuts. Oil traders were not impressed and oil prices actually fell on the news, with WTI falling into the $40s again.

Oil-producing nations belonging to Opec have agreed to extend production cuts for a further nine months. Energy ministers have been meeting in Vienna to discuss extending the cut, which was due to expire next month. Non-Opec members, led by Russia, have also agreed to another nine-month production cut.

Chris Beauchamp at online trading firm IG, described Mr Falih's belief that greater reductions were not needed "quaint", while Alexandre Andlauer of equity research firm Alphavalue said Opec's strategy was "old-fashioned". Neil Wilson at ETX Capital said Opec members "bottled it", adding: "A nine-month extension just isn't enough to really lift oil prices as we'll continue to see US shale fill the gap. Having said they'd do whatever it takes, Opec is looking a bit toothless now.

Brent crude is 1.6% lower at $52.35 a barrel following confirmation of the extension until March 2018, while US oil is down 3.2% at $49.73.
Opec extends oil production cuts
The oil barrel is half-full.
User avatar
kublikhan
Fission
Fission
 
Posts: 3746
Joined: Tue 06 Nov 2007, 03:00:00
Location: Illinois

Re: THE Price of Crude pt 13

Unread postby Cog » Thu 25 May 2017, 14:57:50

They are determined to keep it out of first place in the oil price guessing game.
User avatar
Cog
Anti-Matter
Anti-Matter
 
Posts: 8370
Joined: Sat 17 May 2008, 02:00:00
Location: Metro-East Illinois

Previous

Return to Peak Oil Discussion

Who is online

Users browsing this forum: No registered users and 16 guests