Page 1 of 2 12 LastLast
Results 1 to 25 of 44
  1. #1
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 03:43 PM
    Posts
    60,447

    Oil Price falls to 11-year low

    Double the fun: Cuts IS funding and puts more pressure on Putin to ramp down his Ukrainian exploits.

    Bad for many Middle East countries who face big deficits or alternatively, if they have to make cuts, social unrest. Maybe another little Arab spring?

    And El Nino not happening as demand in many markets is lower due to warmer weather.


    Oil prices plummet to 11-yr low as US lifts export ban
    Published time: 21 Dec, 2015 08:15

    Brent crude prices have fallen close to $36 per barrel, their lowest level since 2004. This comes on worries of global oversupply as Washington lifts the ban on oil exports and US oil reserves reach an 85-year high.

    As of 8:30 a.m. GMT Monday, Brent blend was trading at $36.15 a barrel, while US benchmark West Texas Intermediate was at $34.32.

    On Thursday, the Energy Information Administration (EIA) said that the current US oil inventories stand at 490.7 million barrels, while refineries operated at 92 percent of their capacity in the week ending December 11.

    Oil was dealt a double blow Friday, when US President Barack Obama signed a bill to lift the US export ban. The ban was established during the US oil shortages in the 1970s, as part of a bigger deal that included tax breaks for renewable-energy companies and refiners.

    “I don’t doubt you’ll see some exports next year. We’re pretty excited about it, but we’ve also got to get the infrastructure in place,” ConocoPhillips CEO Ryan Lance told Bloomberg.

    American oil exports are “not going to happen Monday, but within a week or two, you’re going to see contracts be developed and a system come into place,” Representative Joe Barton, a Texas Republican and the House’s chief advocate for ending the export ban, told Bloomberg.

    Iraqi Oil Minister Adel Abdul Mahdi said that oil prices could rebound in 2016 on improved global economic growth, in an interview with Assabah newspaper published Monday.

    "There is big hope that, in the first half or by the end of next year, oil prices would return to what they were," he told the Iraqi daily, not specifying a price level.

    Oil prices have been under pressure over concerns of global oversupply. OPEC's output was the highest in over three years at 31.7 million barrels per day in November. Russia’s oil output has continued hovering at post-Soviet record levels in November at 10.779 million barrels per day.

    Many oil exporting countries will now have to amend their 2016 budgets. In its federal budget adopted for 2016, Russia was relying on $50 per barrel and 63.3 rubles per dollar. Russian President Vladimir Putin said the budget needs to be adjusted.
    https://www.rt.com/business/326619-o...ent-us-export/

  2. #2
    Thailand Expat
    boloa's Avatar
    Join Date
    Dec 2009
    Last Online
    @
    Location
    Surin
    Posts
    3,878
    Must be all the cheap ISIS oil flooding the market

  3. #3
    Thailand Expat
    Kurgen's Avatar
    Join Date
    Mar 2006
    Last Online
    02-07-2019 @ 01:41 PM
    Location
    Shitsville
    Posts
    8,811
    Does ISIS oil have a skull and crossbones one the drum?

  4. #4
    I am in Jail

    Join Date
    Feb 2015
    Last Online
    13-01-2016 @ 11:14 PM
    Posts
    3,982
    Those Damn Mussies selling off all that oil,aren't they supposed to be selling it all to the Turks,nah hang on their in partnership with the western alliance.

  5. #5
    Thailand Expat
    Join Date
    Jun 2014
    Last Online
    @
    Posts
    18,030
    Quote Originally Posted by Kurgen View Post
    Does ISIS oil have a skull and crossbones one the drum?
    The American flag stamped on all appropriately....

  6. #6
    Neo
    Neo is offline
    Dislocated Member
    Neo's Avatar
    Join Date
    May 2011
    Last Online
    16-09-2019 @ 02:42 AM
    Location
    Nebuchadnezzar
    Posts
    10,577
    Goes to show just how artificial the petrol price is in EU/UK.
    The price should be going up at a time when oil fields and supply lines are being blown up and the military machine is expending more fuel. This is how corporations go hand in hand with government to manipulate populations.

    Diesel for less than 1 a litre... opium for the masses.
    Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!"

  7. #7
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 03:43 PM
    Posts
    60,447
    Quote Originally Posted by Neo View Post
    Goes to show just how artificial the petrol price is in EU/UK.
    The price should be going up at a time when oil fields and supply lines are being blown up and the military machine is expending more fuel. This is how corporations go hand in hand with government to manipulate populations.

    Diesel for less than 1 a litre... opium for the masses.
    Jesus you really are a fucking idiot aren't you?

    I had no idea.

    I though it was just an act.

  8. #8
    Neo
    Neo is offline
    Dislocated Member
    Neo's Avatar
    Join Date
    May 2011
    Last Online
    16-09-2019 @ 02:42 AM
    Location
    Nebuchadnezzar
    Posts
    10,577
    still maintaining standards in news I see

  9. #9
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 03:43 PM
    Posts
    60,447
    Quote Originally Posted by Neo View Post
    still maintaining standards in news I see
    I was until you came along with your witless nonsense.

  10. #10
    Neo
    Neo is offline
    Dislocated Member
    Neo's Avatar
    Join Date
    May 2011
    Last Online
    16-09-2019 @ 02:42 AM
    Location
    Nebuchadnezzar
    Posts
    10,577
    no irony then Harry ?

    So, explain to me... how the price of oil can go down when demand is higher if the price is not artificially calculated?


  11. #11
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 03:43 PM
    Posts
    60,447
    Quote Originally Posted by Neo View Post
    no irony then Harry ?

    So, explain to me... how the price of oil can go down when demand is higher if the price is not artificially calculated?

    Who the fuck told you demand is higher? And do you not know the meaning of the word "oversupply"?

    Crude Oil Steady at $35
    December 21, 2015

    Oil continues to struggle, with prices closest to their lowest levels since February 2009. US crude futures have plunged a whopping 25 percent since the start of November, as oil supplies continue to far exceed demand, which has fallen sharply due to weak global economic conditions. Oil storage facilities on land are full, leaving dozens of tankers stuck at sea, laden with oil and unable to discharge their cargo. The recent OPEC meeting, in which members couldn’t agree on any cuts and failed to even issue a production target, has only exacerbated matters. With Russia continuing to produce at high levels and Iran waiting in the wings to export its oil, prices could continue to head south as we head into 2016, with some analysts predicting prices below $30 a barrel. Meanwhile, the well-respected Moody’s rate agency sharply lowered its oil price projections last week, reflecting the huge disparity between supply of and demand for oil. The bottom line? There isn’t much of a case to make for buying oil at present, as oil prices could continue to head south.
    Crude Oil Steady at $35 - MarketPulseMarketPulse


    Consider it explained.

  12. #12
    Neo
    Neo is offline
    Dislocated Member
    Neo's Avatar
    Join Date
    May 2011
    Last Online
    16-09-2019 @ 02:42 AM
    Location
    Nebuchadnezzar
    Posts
    10,577
    Quote Originally Posted by harrybarracuda View Post

    Who the fuck told you demand is higher?
    What do you think jet fighters and tanks run on.. fairy dust
    Nice explanation from the people who brought you.. err oil prices.


  13. #13
    Not a Mod.
    Begbie's Avatar
    Join Date
    Mar 2006
    Last Online
    @
    Location
    Lagrangian Point
    Posts
    11,369


    Demand is rising but supply has outstripped demand since 2014

  14. #14
    Member
    harrybarracuda's Avatar
    Join Date
    Sep 2009
    Last Online
    Today @ 03:43 PM
    Posts
    60,447
    Quote Originally Posted by Neo View Post
    Quote Originally Posted by harrybarracuda View Post

    Who the fuck told you demand is higher?
    What do you think jet fighters and tanks run on.. fairy dust
    Nice explanation from the people who brought you.. err oil prices.

    You really don't have a fucking clue, do you?

    Christ on a bike.


  15. #15
    Utopian Expat Chittychangchang's Avatar
    Join Date
    Nov 2013
    Last Online
    @
    Posts
    13,765


    Took the robbing b'stards long enough to drop the price!

  16. #16
    Thailand Expat terry57's Avatar
    Join Date
    Mar 2007
    Last Online
    Today @ 04:16 PM
    Posts
    26,175
    Brilliant news, another road trip comin up next week.

    91 unleaded fuel banging home at 23.5 Baht a litre today.

  17. #17
    Thailand Expat KEVIN2008's Avatar
    Join Date
    Dec 2008
    Last Online
    @
    Posts
    1,740
    The fact of the matter is that no matter how cheap oil is, you rarely see an equivalent drop in the price you pay at the pumps. However of course when the price of oil goes up, you immediately see an increase in the price you pay at the pumps.

  18. #18
    Thailand Expat terry57's Avatar
    Join Date
    Mar 2007
    Last Online
    Today @ 04:16 PM
    Posts
    26,175
    ^

    I think you are way off the mark there Kev, the prices are up and down like a whores draws.

    In Ozzy they can range from 10 cents a litre difference on any given day.

    Here in Thailand they fluctuate accordingly.

  19. #19
    Member
    Nawtier's Avatar
    Join Date
    Apr 2015
    Last Online
    22-12-2016 @ 09:06 PM
    Posts
    637
    Geez Tez....counting the pennies.....plan road trips when fuel prices drop....sad fucker

  20. #20
    punk douche bag
    ChiangMai noon's Avatar
    Join Date
    Aug 2005
    Last Online
    @
    Location
    o dan y bryn
    Posts
    29,256
    Quote Originally Posted by Nawtier
    Geez Tez....counting the pennies.....plan road trips when fuel prices drop....sad fucker
    pathetic, isn't it.

  21. #21
    Not a Mod.
    Begbie's Avatar
    Join Date
    Mar 2006
    Last Online
    @
    Location
    Lagrangian Point
    Posts
    11,369
    Quote Originally Posted by ChiangMai noon View Post
    Quote Originally Posted by Nawtier
    Geez Tez....counting the pennies.....plan road trips when fuel prices drop....sad fucker
    pathetic, isn't it.
    Cut Terry some slack. His ride ain't cheap.


  22. #22
    Thailand Expat terry57's Avatar
    Join Date
    Mar 2007
    Last Online
    Today @ 04:16 PM
    Posts
    26,175
    ^

    Hey,

    On my last road trip they fitted me up with an Eco car, Mitsubishi Mirage.

    The handbag had to sit on the roof but heh, life is not perfect Eh.

    I had a shit load of room inside on my own.

    18 fookin KLM per litre mind you, cost me 15 baht and twenty satang for a 2200 KLM road trip.

    Choice Bro.
    Stroller is a Yerman faggot.

  23. #23
    Thailand Expat Black Heart's Avatar
    Join Date
    Mar 2011
    Last Online
    @
    Location
    Planet Cylon
    Posts
    3,021

  24. #24
    Thailand Expat
    chassamui's Avatar
    Join Date
    Feb 2009
    Last Online
    @
    Location
    Bali
    Posts
    11,678
    Quote Originally Posted by Black Heart View Post
    Only watched the first 30 seconds. Good of you to dumb it down to primary school level for neo.
    The fuel used in current conflicts is tiny. Most of it would be used in training anyway.
    Commodities are on the floor due to lack of demand worldwide, so no fuel is being used to refine and transport them. Not hard to figure out really.

  25. #25
    Neo
    Neo is offline
    Dislocated Member
    Neo's Avatar
    Join Date
    May 2011
    Last Online
    16-09-2019 @ 02:42 AM
    Location
    Nebuchadnezzar
    Posts
    10,577
    Quote Originally Posted by chassamui View Post
    The fuel used in current conflicts is tiny. Most of it would be used in training anyway.


    Baa baaa....

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •