Early fallout
At a time when we should be shutting these oil companies DOWN, we're bailing them out. We have completely lost our way. Absolutely fukking ridiculous
Saudi Arabia & Russia Oil partnership breaks down : UPDATE - OPEC+ drops output, Oil prices plunge! Angola leaves OPEC!
- Thread starter thatrapsfan
- Start date
At a time when we should be shutting these oil companies DOWN, we're bailing them out. We have completely lost our way. Absolutely fukking ridiculous
occurs to me i dont even understand, what EXACTLY is the saudis' angle here? what are they trying to accomplish?They're even selling barrels they have stored. Shyt about to get crazy. Return of the 90s with $9 oil price?
Saudi Arabia will supply the oil market with 12.3m barrels a day in April, marking a dramatic escalation in its price war following the collapse of a production agreement between Opec and Russia to stabilise the market.
The level is more than 2.5m barrels a day above what it was previously producing and greater than Saudi Arabia’s maximum sustained production capacity, suggesting that the kingdom will take barrels from storage to flood the market rapidly as it takes on rivals in a fight for market share.
Olivier Jakob at Petromatrix said Saudi Arabia was pursuing a “shock and awe” strategy to demonstrate it had the capability to raise supply faster than any other producer. “Saudi Arabia is going all in on trying to disrupt the oil market,” said Mr Jakob. “Over the weekend they signalled a price war and now this has gone straight to a volume war. The market does not need that much crude oil. They are dumping the oil from storage.”
should be awful for texas
mastermind
Rest In Power Kobe
It’s insane that low oil prices for the consumer is somehow bad for the economy.
oil price and gas price are connected but different
if oil prices are too low the entire supply chain for oil rolls back refining/production. When that happens the market will feel it in the value of the dollar.
This is just part of life in Houston and West Texas. Dallas been mostly disconnected from that industry. Just a few c corporate hqs left.
ill
Superstar
UAE jumping in the price war by boosting production
#3 producer in OPEC
Oil Price War Escalates As OPEC's No.3 Boosts Production | OilPrice.com
#3 producer in OPEC
Oil Price War Escalates As OPEC's No.3 Boosts Production | OilPrice.com
ill
Superstar
They want to a) have more control over the market and b) take over more market share (they've been losing ground to Russia and the US this decade)
wsj.com
WSJ News Exclusive | U.S. Considers Intervention in Saudi-Russia Oil Standoff
Timothy Puko
3 minutes
Saudi Aramco's Abqaiq oil processing plant. Saudi Arabia moved earlier this month to rapidly boost its production, contributing to a steep drop in oil prices.
Photo: fayez nureldine/Agence France-Presse/Getty Images
Updated March 19, 2020 12:50 pm ET
WASHINGTON—The Trump administration is considering intervening in the Saudi-Russian oil-price war with a diplomatic push to get the Saudis to cut oil production and threats of sanctions on Russia aimed at stabilizing markets, according to people familiar with the matter.
The new strategy follows lobbying from U.S. oil companies asking for the Trump administration to ramp up its diplomatic intervention in the oil markets, the people said.
The aim would be to find a way out of a price war, triggered by friction between Russia and Saudi Arabia, that has sent crude prices crashing and put dozens of U.S. producers at risk of bankruptcy.
The U.S. would ask the Saudis to return to their original, lower production levels from before their decision earlier this month to rapidly boost their output, according to one administration official familiar with the decision.
The Trump administration would engage with the Saudis through State Department diplomats and the White House directly, by way of its National Security Council.
The U.S. is also weighing possible sanctions against Russia, according to the administration official, although the details of those possible sanctions and what Russian action might trigger them weren’t available.
The White House didn’t immediately return a request for comment.
U.S. officials are also exploring more long-term solutions, especially more collaboration with Saudi Arabia to keep it from returning to an alliance with Russia, according to several people familiar with the matter.
—Benoit Faucon contributed to this article.
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
WSJ News Exclusive | U.S. Considers Intervention in Saudi-Russia Oil Standoff
Timothy Puko
3 minutes
Saudi Aramco's Abqaiq oil processing plant. Saudi Arabia moved earlier this month to rapidly boost its production, contributing to a steep drop in oil prices.
Photo: fayez nureldine/Agence France-Presse/Getty Images
Updated March 19, 2020 12:50 pm ET
WASHINGTON—The Trump administration is considering intervening in the Saudi-Russian oil-price war with a diplomatic push to get the Saudis to cut oil production and threats of sanctions on Russia aimed at stabilizing markets, according to people familiar with the matter.
The new strategy follows lobbying from U.S. oil companies asking for the Trump administration to ramp up its diplomatic intervention in the oil markets, the people said.
The aim would be to find a way out of a price war, triggered by friction between Russia and Saudi Arabia, that has sent crude prices crashing and put dozens of U.S. producers at risk of bankruptcy.
The U.S. would ask the Saudis to return to their original, lower production levels from before their decision earlier this month to rapidly boost their output, according to one administration official familiar with the decision.
The Trump administration would engage with the Saudis through State Department diplomats and the White House directly, by way of its National Security Council.
The U.S. is also weighing possible sanctions against Russia, according to the administration official, although the details of those possible sanctions and what Russian action might trigger them weren’t available.
The White House didn’t immediately return a request for comment.
U.S. officials are also exploring more long-term solutions, especially more collaboration with Saudi Arabia to keep it from returning to an alliance with Russia, according to several people familiar with the matter.
—Benoit Faucon contributed to this article.
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Last edited:
Nationalize all oil companies, use the profits for infrastructure investment 
