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Page added on October 23, 2018
OPEC in Maximum Production Mode
Saudi Arabia gave the strongest indication yet that it’s trying to stop oil prices from rising further, saying that OPEC and allies are in a “produce as much as you can mode” to assure customers that they can meet demand and remove any uncertainties about looming shortages.
The kingdom has already boosted oil production to 10.7 million barrels a day, near an all-time high, and it can increase it even more to help plug any supply shortfalls due to U.S. sanctions against Iran’s energy industry, Saudi Energy Minister Khalid Al-Falih told a conference in Riyadh. U.S. President Donald Trump is counting on Saudi cooperation to soften potential price increases from the sanctions that take effect next month.
“We will meet any demand that materializes,” Al-Falih said at the country’s signature investment conference, which is being overshadowed by an international outcry over the killing of Saudi government critic Jamal Khashoggi.
Brent crude, the global benchmark, has dropped almost 10 percent from a four-year high of $86.29 a barrel on Oct. 3 as Saudi Arabia and Russia promised extra supplies and U.S. stockpiles climbed.
The Riyadh conference is aimed to generate investments in the country as part of a broad economic transformation plan to wean it off reliance on oil.
Al-Falih said plans to diversify the economy will continue, but oil and gas expansion will also remain a priority. In addition to its crude investments, Saudi Arabia intends to partner in liquefied natural gas projects abroad and start trading LNG in the future. Global gas consumption is growing, he said, and oil demand will reach 120 million barrels a day in 30 years, from 100 million currently.
In an effort to maintain stable supplies to the crude market, Al-Falih said he hopes the Organization of Petroleum Exporting Countries and its non-OPEC oil partners will sign an “open-ended” agreement in December. The group, sometimes known as OPEC+, agreed in late 2016 to cut production to eliminate a supply glut and has since intervened to coordinate output and balance the market.
The Saudi oil chief lauded the achievements of the group, saying that it has stabilized the market and helped the energy industry to recover.
“Significant investment flows” have returned to the oil and gas industry that will bring on new supplies to help replace losses in areas such as the North Sea and in some OPEC countries, he said. Even still, the outlook for next year is “very unpredictable” in terms of both supply and demand, Al-Falih said.
19 Comments on "OPEC in Maximum Production Mode"
Twocats on Tue, 23rd Oct 2018 5:24 pm
Prices are collapsing over economic concerns and very short term inventories. So once again shale is ramping up into a downfall. Did anyone buy hedges at $85? I doubt it.
So record debt. Record production. Middling prices of $65 a barrel. Just enough to make $55 hedges worthless
I AM THE MOB on Tue, 23rd Oct 2018 6:01 pm
Another Migrant Caravan Gathers in Guatemala
https://www.wsj.com/articles/another-migrant-caravan-gathers-in-guatemala-1540322922?mod=e2tw
Keep em coming!
Tikiman on Tue, 23rd Oct 2018 9:27 pm
Liberals and their filthy JEW money will destroy the world!
GOD BLESS PRESIDENT TRUMP!
boney joe on Wed, 24th Oct 2018 1:27 am
If you want to appreciate the obvious story bias, consider the source.
From RigZone: “Rigzone is the leading online resource for news, jobs, data and events for the oil and gas industry.”
Explains all there is to know.
JuanP on Wed, 24th Oct 2018 6:46 pm
OPEC may be producing at full capacity right now. Additional production would probably take time and be very limited. The countries of the world that have additional spare oil production capacity (Venezuela, Iran, Russia, etc.) at this time are all fighting the USA. I find this moment in time extremely fascinating; it is obvious that big changes are coming fast. Are you ready?
JuanP on Wed, 24th Oct 2018 6:54 pm
The above post is not mine. Whoever posted that is obviously a mental case.
Davy on Wed, 24th Oct 2018 7:08 pm
Your above post made perfect sense Juan. I’m not surprised that it wasn’t you.
JuanP on Wed, 24th Oct 2018 7:10 pm
I didn’t say that exceptionalist
Davy on Wed, 24th Oct 2018 7:11 pm
Join the crowd stupid
Davy on Wed, 24th Oct 2018 8:40 pm
Sorry Juan. I lost my shit again. Calling somebody stupid that is so much smarter then me would be stupid.
Thank you for all of you’re hard work. You are a much better American then I am.
JuanP on Wed, 24th Oct 2018 8:52 pm
I didn’t say that exceptionalist but I could have. I hate you.
Anontarded1(ps) on Wed, 24th Oct 2018 8:56 pm
That not supertard(ps) obv.
JuanP on Wed, 24th Oct 2018 8:57 pm
I hate you so much it is driving me crazy.
Anonymouse1 on Wed, 24th Oct 2018 9:03 pm
The mental case, is davyturd. He is socking it hardcore (again) (still). IoW, same old, same old.
I AM THE MOB on Wed, 24th Oct 2018 9:16 pm
Clinton, Obama, Soros and CNN mailings mark trail to civil war
https://www.washingtontimes.com/news/2018/oct/24/hillary-clinton-barack-obama-george-soros-mailings/
Davy on Thu, 25th Oct 2018 4:49 am
“Clinton, Obama, Soros and CNN mailings mark trail to civil war”
Exactly, these people represent the real and present danger of a group that has hijacked liberalism and the Democratic Party. They are justifying the means which is disregard for the rule of law and corruption to maintain a power. This bombing event has all the hallmarks of a false flag conveniently placed before the midterms. This after the Supreme Court fiasco of lies and deceit which was a bold faced attempt a slander to achieve a political end. I am all for cherished liberal values but I am dead set against this activity. We must stand up to it and defend the constitution. The thieves are being exposed and their time is near. Their lies and brazen disregard for the checks and balance of powers will likely be terminated with a midterm win or not. Trump may be disgusting to liberals but this behavior is far and above disgusting. This behavior is an existential threat to the government that provides are stability.
Davy on Thu, 25th Oct 2018 4:57 am
“he exceptionalturd drooled this howler out.”
“The mental case, is davyturd. He is socking it hardcore (again) (still). IoW, same old, same old.”
The serial arsonist that turns in the evidence of the fire hoping to be the hero. What a lose nut idiot. I think much of the stupidity revolves around you, a-noise1. Nobody cares about your sock cop parroting. Hive me one reference of someone joining into one of your sock cop threads? There are none because you are just a yapping dog that needs a kick to shut up. Your buddy billy is even tired of it. It is sleazy activity from you. You are a disgusting board parasite. You contribute next to nothing except social media type distractions from the real mission of this board.
Free Speech Forum on Thu, 25th Oct 2018 6:20 am
You know the US has become batshit insane today when:
The answer to endless wars is more wars.
The answer to the police state is more tyranny.
The answer to a dead economy is starting a trade war.
The answer to regulations is more laws.
The answer to endless debt is more debt.
boney joe on Thu, 25th Oct 2018 10:11 pm
“This bombing event has all the hallmarks of a false flag conveniently placed before the midterms.”
DavyTurd
Does it now. So what do you place this observation on other than what you wish to be the case.
You’re too stupid to apply Occam’s razor for the answer. Instead, you proffer complicated and politically motivated conspiracy theories that always turn out to be insanely wrong.