(12-10-2016, 08:14 PM)Bibi Wrote: [ -> ]I read in an article that Putin doesnt have full control over private companies unlike China. In India, the Central Government has no full control or say over its States Gov.
Lastest news:
http://www.bloomberg.com/news/articles/2...s-to-solve
OPEC had already
secured the backing of Putin, who said the world’s largest energy exporter was “ready to join in joint measures to limit output.” State-run Rosneft PJSC, Russia’s largest producer, said it will comply if the Kremlin decides to limit output, according to the TASS news agency. Lukoil PJSC, the second biggest, said all oil companies in the country would unify behind a deal to either freeze or cut.
Opec like to talk it up, $50 just nice, everyone profitable, even shale people , everyone happy and continue all u can pump
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(15-10-2016, 11:54 AM)BlueKelah Wrote: [ -> ]Opec like to talk it up, $50 just nice, everyone profitable, even shale people , everyone happy and continue all u can pump
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where got soo much demand lah,
why not settle at US$30 also can mah... since all just want to cartel a price...
Now that the Russian "jaw boning" is over, IMHO Oil is finally approaching its final downturn.$30 here we come again...
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Oil Falls One-Week Low as Russian Comments Add to Accord Doubts
[Futures dropped 1.1 percent in New York. Output cuts aren’t “an option for us,” said Russia’s envoy at OPEC, Vladimir Voronkov, according to Interfax. The producer group has wanted Russia to join it in curbing shipments to support prices. U.S. crude supplies probably rose 2 million barrels last week, a Bloomberg survey showed before Energy Information Administration data Wednesday. Oil came off its lows as the dollar retreated against its peers.]
(16-12-2015, 11:39 AM)lilvestor Wrote: [ -> ] (16-12-2015, 10:13 AM)HitandRun Wrote: [ -> ]In the face of the fact that Iran's major oil fields are aging and are in need of EOR (enhanced oil recovery) techniques, their production costs will not only remain low, but become lower with more production? I guess I'm living in a different universe.
For those having a different kind of view, here's a link for you:
Iranian Oil Production
P.S. I'm not saying that Iran will not be able to increase its production, just that it is not going to be easy or cheap.
It will still be very economically viable with EOR. My point is that the largest OPEC producers + Russia aren't losing money producing oil at current prices, but we can't say the same thing about the smaller players, or the non-conventional drillers.
Iran's oil production will return to its pre-sanction peak easily (+1m barrels from current levels), they need the money and there is money to be made at $40 USD per barrel, don't forget that the Iranian Rial, like the Russian Ruble, has crashed vs the dollar in recent years.
As I predicted, Iranian oil production has nearly recovered to pre sanction levels at 3.9m b/d.
There is no way for OPEC to come to an agreement without Iran (3rd largest producer), best case scenario is for oil to hover at current levels for the next few years, this is obviously bad news for the high cost producers and the companies supporting these operations. Its going to be a very long winter.
If President trump is to follow on of his promised energy policy of opening up US oil reserves and becoming fully energy independent; my view of oil becomes more bearish.
This is because it will just add to the worsening oil supply glut. This compounds the misery of OPEC's nations still increasing their production levels. If US really starts to ramp up production as well, I will not be surprised that the scenario of supply > demand stays till 2020. And from then, the world will have to spend 4-5 years working through the oversupply backlog.
It will be a decade of oil overhang