Oil prices to rise. Saudi Arabia blinks , will reduce production

[MicroBrew]

Saudi Arabia says its policy of flooding the market with oil is over.
https://www.yahoo.com/finance/news/saudi-arabia-declares-cease-fire-121603194.html

The article says : in the war against US frackers Saudi probably is the winner. Many US frackers delcared bankruptcy but some are still pumping.

-
So while Saudi wages economic war against US fracking and invariably hurts our foreign policy and security, the US expends blood and treasure to defend Saudi Arabia.

 

[Metusalemi]

Elon Musk laughs at puny sand people.

 

[J. Bernie Cunningham]

Handjobs for face slaps, US loves that kind of naughty shit, especially with some oil on it.

 

[Alex]

Saudi Arabia says its policy of flooding the market with oil is over.
https://www.yahoo.com/finance/news/saudi-arabia-declares-cease-fire-121603194.html

The article says : in the war against US frackers Saudi probably is the winner. Many US frackers delcared bankruptcy but some are still pumping.

-
So while Saudi wages economic war against US fracking and invariably hurts our foreign policy and security, the US expends blood and treasure to defend Saudi Arabia.

Free economy yo

 

[EL CORINTHIAN]

We need to go solar and electric and rid ourselves of these oil peasants. Time to do away with oil

 

[MicroBrew]

Free economy yo

No, my issue is with the US supporting Saudi Arabia. We should just let them sink or swim and Not throw them a lifejacket.

 

[UpaLoompa]

No, my issue is with the US supporting Saudi Arabia. We should just let them sink or swim and Not throw them a lifejacket.

While I'm one of the harsher critics of SA in this forum, I do have to ask whether you agreed with the ousting of Saddam and the failure to support Mubarak.

I do agree with your general point about the absurdity of propping up governments that are actively injurious to our own economy.

 

[Chinballs]

You should have false flagged all the fracking. Tricking the Saudi's to flood the market with cheap oil for no reason.

 

[Rod1]

LOL do you honestly think its that simple? do you honestly think they would announce it? if they could do it like that then they would simply play the crude oil future market.

OPEC is dead, nobody can cut spending right now, so nobody can cut oil production.

 

[Rod1]

So while Saudi wages economic war against US fracking and invariably hurts our foreign policy and security, the US expends blood and treasure to defend Saudi Arabia.

Yes, economic warfare by selling you extremely cheap, high quality oil that benefits everyone except the oil companies.

Let me guess, you think climate change is fake too?

 

[MicroBrew]

While I'm one of the harsher critics of SA in this forum, I do have to ask whether you agreed with the ousting of Saddam and the failure to support Mubarak.

I do agree with your general point about the absurdity of propping up governments that are actively injurious to our own economy.

Gettin rid of Saddam was a good thing but the manner in which it was done and deceiving the American public to do it was a bad thing.
It was good not to support Mubarack and it is bad to support Sisi.

 

[MicroBrew]

Yes, economic warfare by selling you extremely cheap, high quality oil that benefits everyone except the oil companies.

Let me guess, you think climate change is fake too?

The cheap oil is short term gain while our domestic production has existential benefits / long term advantages. It's like a large retailer slashing prices to drive out small retailers then once all the smaller retailers are bankrupt the large retailer raises prices back up and the public are left with little or no competition.

 

[MicroBrew]

LOL do you honestly think its that simple? do you honestly think they would announce it? if they could do it like that then they would simply play the crude oil future market.

OPEC is dead, nobody can cut spending right now, so nobody can cut oil production.

They just announced it...
As this article and countless others have said, the Saudis flooded the market to drive out North American fracking. This is all pretty common knowledge.

 

[IDL]

Yes, economic warfare by selling you extremely cheap, high quality oil that benefits everyone except the oil companies.

These games they play are very long term. Often decades. Also it isn't oil companies operating in a vacuume. Oil companies are part of the larger geo-political game. Pieces on the board.

I don't think it's as simple as 'Saudi Arabia undermining competitors' but it makes sense that that is at least a factor

 

[UpaLoompa]

Gettin rid of Saddam was a good thing but the manner in which it was done and deceiving the American public to do it was a bad thing.
It was good not to support Mubarack and it is bad to support Sisi.

Fair enough and I generally agree. The one problem, which I think we all knew in 2010 but which we perhaps appreciate more now, is that if the House of Saud falls the admittedly long-leash on the Whabbists is taken off.

This is an issue that is hard for me to reconcile with my own views of democracy (and its promotion).

 

[Rod1]

The cheap oil is short term gain while our domestic production has existential benefits / long term advantages. It's like a large retailer slashing prices to drive out small retailers then once all the smaller retailers are bankrupt the large retailer raises prices back up and the public are left with little or no competition.

Its not a short-term gain if it boosts spending and that spending drives other more profitable industries and services.

Money in the hand of consumers is never a bad thing, its the best possible outcome.

What some people are fearing is that as local industry goes down and people drive more, oil imports would increase, but in the end the market will balance itself.

Raises prices back up?

http://uk.businessinsider.com/vitol-ceo-predicts-oil-may-never-be-more-than-100-per-barrel-2016-2

 

[Rod1]

They just announced it...
As this article and countless others have said, the Saudis flooded the market to drive out North American fracking. This is all pretty common knowledge.

They also announced they would wage was against ISIS, how did that went?

Saudis may have initiated the downward spiral but they certainly dont have the power to stop it.

 

[Rod1]

These games they play are very long term. Often decades. Also it isn't oil companies operating in a vacuume. Oil companies are part of the larger geo-political game. Pieces on the board.

I don't think it's as simple as 'Saudi Arabia undermining competitors' but it makes sense that that is at least a factor

You give them too much credit, Russia, Venezuela, Iran, and others cant stop drilling, if the oil prices go up, they will pump more and more.

 

[IDL]

You give them too much credit, Russia, Venezuela, Iran, and others cant stop drilling, if the oil prices go up, they will pump more and more.

I don't think Saudi Arabia or OPEC controls the market by itself, that's for sure. They work closely with the US, Israel, and others though (More like the Oligarchy that controls these nation-states). With agreements I'm sure the market could be manipulated for geo-political and/or warfare reasons. To what extent though I wouldn't know.

 

[UpaLoompa]

I don't think Saudi Arabia or OPEC controls the market by itself, that's for sure. They work closely with the US, Israel, and others though (More like the Oligarchy that controls these nation-states). With agreements I'm sure the market could be manipulated for geo-political and/or warfare reasons. To what extent though I wouldn't know.

Lol, this post isn't compatible with 14.