My co is about to announce about $2B in cancelled projects.
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Unfortunately no one cares what Venezuela thinks. Going to need some OPEC members to get more vocal about it.
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Venezuela is the retarded step brother that only gets invited because mom says you have to.
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I'm aware of Venezuela's standing within OPEC. Doesn't change the fact that they are probably the most hated member of OPEC amongst themselves.
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Would it be a bad thing if OPEC went away?
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That's a nice organization you got there. It would be a shame if something happened to it.
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excuse my nativity
quote:honestly in this moment, I don't think really anything. The saudi's aren't going to cut production, the other members aren't going to cut production. It's not like if Venezuela leads a massive OPEC revolt and the organization falls apart Saudi's gonna go "well I guess since we're not a member of OPEC we better cut production"
Tongue in cheek responses, but it was a serious question. What happens to the global oil market without OPEC to fix prices/supply?
quote:somehow auto corrected from naivety, and i am a horribly spellerquote:
excuse my nativity
I thought that was what Mary said when the shepherds arrived.
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If OPEC blew up, they would all pump as much as possible and depress the price further and longer.
quote:I already said it earlier on this thread, OPEC going away isn't a bad thing. You would get closer to a true market price of oil, not this crap that's run by OPEC and speculators.
Tongue in cheek responses, but it was a serious question. What happens to the global oil market without OPEC to fix prices/supply?
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It wouldn't be a bad idea for U.S to increase the SPR at these low prices
quote:i think he's talking about increasing the SPR, not just filling it up.
SPR factsquote:
It wouldn't be a bad idea for U.S to increase the SPR at these low prices
Capacity is 727 mmbbl...current storage is 691 mmbl....drop in the bucket to fill to capacity at this point
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U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.4 million barrels from the previous week. At 387.8 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years.
quote:If I owned storage, wouldn't I be maxing it out due to the contango trade?
Todays oil report
http://ir.eia.gov/wpsr/wpsrsummary.pdf
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U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.4 million barrels from the previous week. At 387.8 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years.