Thread: Oil Slick Stuff

That's just BULLSH!T when they do that..I excpect the same to happen here soon..Talk about Holiday spirit

Opinion: Americans, let’s be thankful that U.S. oil is pulverizing OPEC



Published: Nov 26, 2014 8:23 a.m. ET

By
TimMullaney

Americans will give thanks for just about everything this weekend, and most of all for one another. I’ll save a toast for George Mitchell, the man who more than any other is enabling America to wipe the smirks off faces of a lot of people who have deserved it for an exceedingly long time.
Mitchell is the pioneer of hydraulic fracking, the breakthrough that has increased U.S. crude oil production by 80% since 2008. Combined with more conservation, and growth hiccups of varying severity in emerging economies, all that oil has pushed the price of crude down nearly 30% since July even as U.S. economic growth picks up.
That brings us to this week’s meeting of the Organization of the Petroleum Exporting Countries, and all the lousy regimes whose suffering it will lay bare.
Some numbers, first. In 2005, the U.S. produced about 5 million barrels of oil a day, in a market of about 90 million barrels a day then dominated by the 12 OPEC nations, including Saudi Arabia. And — this is the key part — even with all the growth in Asian nations and a recovery in the U.S., demand for oil is only growing about 1% a year.
As fracking made it possible to extract ever more oil from shale rock, the Oslo-based consulting group Rystad Energy figured the U.S. and Canada would be able to produce 6.5 million barrels a day from shale alone by 2020 (with more coming from traditional wells). This week, Rystad partner Lars-Erik Nicolaisen told me that estimate for shale alone is now up to 12.1 million barrels a day. [more]
Americans, let

A toast for George Mitchell, the man who more than any other is enabling America to wipe the smirks off faces of a lot of people who have deserved it for an exceedingly long time.
Mitchell is the pioneer of hydraulic fracking, the breakthrough that has increased U.S. crude oil production by 80% since 2008

OPEC decides to not cut production. WTI Crude just fell off a $5 tall cliff, nearly 7%.

Even better gas prices to come?

Originally Posted by bmneveu

OPEC decides to not cut production. WTI Crude just fell off a $5 tall cliff, nearly 7%.

Even better gas prices to come?

Yep!
Oil falls as OPEC opts not to cut production

Phillip Tutt | Matt Clinch

Video:
The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to cut oil production, despite sliding oil prices.
Brent crude oil fell more than $3 to under $75 a barrel—a fresh four-year low—on the news while West Texas Intermediate (WTI)—dropped below $70. Global oil prices have plunged since peaking in June, and Brent crude has lost around a third of its price from $115 a barrel.

Following a meeting of OPEC in Vienna, the oil minister of leading member Saudi Arabia, Ali Al-Naimi, was asked whether the group had decided not to reduce its output from 30 million barrels per day. He responded: "That is right".
Speaking to CNBC, Nigeria's Petroleum Minister and newly elected OPEC president, Diezani Alison-Madueke, said that non-OPEC oil producers had to "share the burden" of any future cut in production.
"Of course we are hoping over the next year we will see more stability," she added. [more]
Oil falls as OPEC opts not to cut production

Originally Posted by nnuut

Yep!
Oil falls as OPEC opts not to cut production

Except I think this is the last ditch effort to try and slowdown U.S/Canadian production.

Originally Posted by Frixxxx

Except I think this is the last ditch effort to try and slowdown U.S/Canadian production.

You never know, US/Canadian production might not be the aim... They might be trying to make things way more uncomfortable for Ivan.

Russia really hates this!

LOL... OPEC blaming others for over supply. They do know they produce vastly more oil than anyone else, right?

Originally Posted by bmneveu

LOL... OPEC blaming others for over supply. They do know they produce vastly more oil than anyone else, right?

The only thing that's stopping the USA from beating them is the Current Administration.

Originally Posted by bmneveu

LOL... OPEC blaming others for over supply. They do know they produce vastly more oil than anyone else, right?

Actually, not true:

1	Saudi Arabia	11,725,680	13.80%
2	United States	11,118,690	13.09%
3	Russia	10,396,970	12.23%
4	China	4,372,000	5.15%
5	Canada	3,856,000	4.54%