Well Played - As Millions Settle In On Gas Guzzling Trucks And SUVs, OPEC Brokers Deal To Raise Gas Prices

Well Played - As Millions Settle In On Gas Guzzling Trucks And SUVs, OPEC Brokers Deal To Raise Gas Prices
The oil-producing Opec states have agreed to cut production in an effort to restore the price of crude oil in the wake of a drop in global demand.
 
The price of oil is expected to increase following the cut in production, before the market stabilises once more at a higher price point. The production cuts will be shared between the larger member states of Opec.




 

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TomMTomM - 12/2/2016 2:42:32 PM
+5 Boost
IF the production cut actually happens - and I don't believe it will - there is now enough Oil Production around the world to add from non-opec countries - especially Canada and the US - that this is not likely to cause a major change in the price of oil - Maybe 5% in the long run -


TheSteveTheSteve - 12/2/2016 5:19:48 PM
+3 Boost
My understanding is:
(1) The US imports more oil from Canada than the Arab nations, and Canada is not the majority supplier.
(2) There is a huge oil glut, where suppliers are renting gigatankers just for storage
(3) The Prez-elect is pro-business and pro-oil, and is looking to relieve all impediments (environmental and otherwise) to let the US ramp up oil production, likely to the point of self-sufficiency.

And then there's the who renewable energy movement that's gaining traction globally. All of this suggests the Arab states might not be able to depend on selling oil to stay rich over the coming decades.


MDarringerMDarringer - 12/2/2016 8:08:13 PM
+2 Boost
One word: Keystone


Dr550Dr550 - 12/3/2016 12:17:19 AM
+2 Boost
"Drill baby, drill."
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