Oil at 90$ per

[prescottcped]

  I read today that the conflict between Iran and Saudi Arabia will cause the price of oil to rise above $90 a bbl. Isn't this what we have been looking for? Thank you in advance for your answer.

[Rochester]

Trump will bomb Iran. Oil is heading to $100/barrel.

[Synopsis]

Great Point, PrescottCPed!

 

Here is a crude oil price chart. I wonder if the clean up in the Saudi Arabian household has allowed the crude oil prices to migrate to their true value yet to be seen? Maybe extensive corruption previously in the Saudi Arabian household (those Nauti Saudis!!!) has suppressed world crude oil prices. Maybe, maybe not. The recent clean up and the rocketing crude oil prices seem to be more than a coincident!

 

Time Will Tell! 

 

57.34 +1.70 (+3.05%)

2017-11-06 16:10:58, 30 MIN DELAY

 

http://quotes.ino.com/charting/index.html?s=NYMEX_CL.Z17.E&t=&a=&w=&v=dmax

 

Go Moola Nova!

[new york kevin]

 

Why ... yes it is I believe.  This is either just above or below the Russians breakeven point as it relates to their cost to produce a barrel of oil. Hopefully just below. With the questionable issues going on internally in S.A. these past few days may also explain why it is at $90 per barrel. They better not wait till after the Iraqi election in April 2018 to RV. This PPB may or may not last that long.

[Luigi1]

Every so often Iran makes these bold threats & oil goes to $100.

The last time this happened,  last year. Iran launched multiple missiles as a demonstration of their power.

Two years ago Iran claimed the entire Persian Gulf as it's own. Also briefly held 15 UK Royal Navy.

Each & every singe time, it was all designed to create tensions & raise oil prices.

Oil prices spiked each & every time but never held the prices for more than a week.

Relax folks. Iran don't have the political or economic clout to have any long term say so, short of a war with Israel.

[presence]

Luigi1, Synopsis, and prescottped- 

 

thank you all very much for pointing out the late change and correlation between the Saudis and the PB to this thread. Luigi1-thanks for your factual retrospective interpretation.  I certainly hope Iraq makes its move asap and before December 2nd. 

[King Bean]

5 hours ago, Luigi1 said:

Every so often Iran makes these bold threats & oil goes to $100. The last time this happened,  last year.

 

Fact check: July 2014 oil was at $101.77....then nose dived to $29. Hasn't touched $100 since.

http://www.macrotrends.net/1369/crude-oil-price-history-chart

 

I know it's the 'rumors' section. Truth is still truth.

[presence]

KingBean- thanks very much. I haven't looked at retrospective oil charts since  working in mutual fund accounting in the 90"s, and I take your post as a good reminder to keep up on research. 

[King Bean]

14 hours ago, presence said:

KingBean- thanks very much. I haven't looked at retrospective oil charts since  working in mutual fund accounting in the 90"s, and I take your post as a good reminder to keep up on research. 

 

+1 Presence. No worries. I prefer to do my own research.

[Luigi1]

Forget $100 barrel oil...may be closer to $200 as war clouds loom between Iran & Saudi Arabia.

This could threaten all OPEC oil supplies in the Middle East.

 

 

https://www.infowars.com/saudi-arabia-scrambles-fighter-jets-amid-fears-of-war-in-middle-east/

Edited November 13, 2017 by Luigi1

[yota691]

I doubt it...

Saudi Arabia shrinks shipments of crude oil to America and Iraq offset the shortfall

NEW YORK (Reuters) - Saudi Arabia is making efforts to reduce the glut of global oil supplies by cutting shipments to the United States, which means other producers, especially Iraq, will reverse this shortfall in a general trend that may accelerate in the coming months. 

Over the summer, usually the most active period for crude shipments, US imports of Iraqi crude rose about 41 percent from last year, while shipments from Saudi Arabia dropped 22 percent. 

This trend continues, as data showed Clipper Data that Iraq's shipments to the largest refinery in the United States in October exceeded the Saudi Arabia for the first time in more than 30 years.

The data show that the Kingdom's leading role in reducing global crude supply has also cost a market share in the world's largest oil consumer, with its share in US imports falling to its lowest level since 1985. US imports from Iraq and Nigeria, members of OPEC, , As well as Canada, and US refineries became more dependent on the country's growing oil production. 

"Every barrel produced by Saudi Arabia does not lose a market share," said Sandy Felden, director of commodities and energy research at Morningstar Consulting. "Refineries are turning to an alternative in this situation and obviously the Iraqis are benefiting." 

Saudi Arabia cut shipments to the United States starting in June as part of OPEC's ongoing efforts to curb supplies.

OPEC and other producers, including Russia, agreed in late 2016 to cut output by about 1.8 million bpd. FAO representatives will meet at the end of the month to discuss the extension of the reduction. Data from the US Energy Information Administration showed that from June to August this year, Iraq exported an average of 600,000 barrels per day to the United States, compared with 426,000 bpd a year earlier. In contrast, Saudi Arabia's shipments fell to 850,000 bpd on average from 1.09 million bpd last year. At its peak in 1991, the kingdom supplied the United States with 29 percent of its crude imports.

Matt Smith, director of primary commodities research at Clipper Data, said Iraqi shipments to the Port Arthur refinery at Motiva in Texas rose about 35 percent in the six months to October. The Texas refinery, the largest refinery in the United States and owned by Saudi Aramco, did not respond to a request for comment. "For October, we saw shipments of Iraqi crude exceeding Saudi shipments for the first time since 1985," he said. 

US official data on refinery import levels currently available only cover August. The cuts in shipments to the United States are expected to accelerate, with Saudi Energy Minister Khalid al-Falih saying December shipments will fall more than 10 percent from November levels.

The cut in supplies helped lift oil prices, with Brent crude selling above $ 64 a barrel last week, hitting its highest level in two and a half years. 

Saudi Arabia has cut exports to the US coast on the Gulf of Mexico by 16 percent, while shipments to the West Coast have shrunk by only 8 percent from last summer as the kingdom faces competition from producers in Latin America. 

Even if imports from Saudi Arabia remain at the summer average of 850,000 barrels per day, this would amount to only 11 percent of the total US crude oil imports, according to the Energy Information Administration. 

Administration data also showed that US production rose 430 thousand barrels per day this year until August. Velden said the threat of shale oil meant OPEC would continue to cut output, but freight figures indicated a row over supply to the United States.

"This example between Iraq and Saudi Arabia, I believe, will turn into a continuous situation," she said.

•  

[yota691]

Malaysia's Petronas expects oil to stabilize between $ 50- $ 60

 

Monday, 4 December

 

 

 

 

Al-Sumerian News / Baghdad  The Malaysian National Petroleum Corporation ( PNG) , Petronas , on Monday forecast the oil price stability at between $ 50- $ 60 a barrel.  The company said in the report and was briefed by Alsumaria News, "The expectations of the price of oil will range between 50 - 60 dollars a barrel," indicating that "many analysts expect that the price of one hundred dollars a barrel has become the past."  "Oil prices have been boosted above $ 60 a barrel, driven by escalating tensions in the Middle East ," she said. "Crude oil prices are expected to remain volatile and traders may take advantage of lower oil prices."     "The compliance of the Organization of Petroleum Exporting Countries (OPEC) and the Organization of Petroleum Exporting Countries (Opec) on the agreement to reduce production should continue to continue oil prices to improve," noting that "is expected to grow demand for oil to 1.4 million barrels in 2018 Up from 98 million barrels currently. "  "About 60 percent of growth will come from the Asia-Pacific region, especially China and India, " she said.  It is worth mentioning that Petronas Malaysia signed contracts with the Iraqi Ministry of Oil with a number of international companies to develop four oil fields, including the field of Gharraf and Majnun and Halfaya, in addition to the field of Badra.

[Luigi1]

Thanks to Iraq...there will always be a cheap bountiful supply of oil.

OPEC can raise prices & cut back production all they want to.

There are plenty of spoilers, including US energy, to rain on OPEC's parade.

OPEC is finished, done, nada, kaput.

[SnowGlobe7]

Wait.....someone hold my cookie......

 

Luigi...there are no links here....Is this a comment from YOU??? 

AND it is a comment with good content!!!!

 

Here have a cookie....

 

 

I knew you could do it! Now leave the Gurus alone and come join us in conversations.....walk away from the dark side!

[newbieDA]

7 hours ago, Luigi1 said:

Thanks to Iraq...there will always be a cheap bountiful supply of oil.

OPEC can raise prices & cut back production all they want to.

There are plenty of spoilers, including US energy, to rain on OPEC's parade.

OPEC is finished, done, nada, kaput.

 

China just found their own deposit too. Don't know if it's true though.

 

Giant oil field discovered in China with over billion tons of reserves — RT Business News https://www.rt.com/business/411524-china-trillion-oil-deposit-discovered/

 

[King Bean]

On ‎12‎/‎4‎/‎2017 at 6:05 AM, Luigi1 said:

OPEC is finished, done, nada, kaput.

 

Please be sure to let them know. LOL.