OPEC to Cut Oil Production 2.2 Million Barrels Per Day

mykevermin

mykevermin

CAGiversary!
Feedback
34 (97%)
Their biggest production cut in history. This is, of course, to drive prices back up to $2.50-3/gallon.

Thoughts? Concerns? Apathy?
 
I have a feeling this will do little to raise prices. I think the economy is worse off than most reports have yet been able to tabulate, and I think gas prices will stay under $2 for the next 3-4 months.

They will rise back up a good deal for summer though.
 
They're in trouble. Heck, even Alaska is in trouble. I wonder what would happen to the middle east if we no longer needed their oil? What would happen to Venezuela's economy? Russia's? That's an experiment I'd like to see.
 
Just another reason to move our energy economy away from resources monopolized by a few countries. I personally welcome them reminding us why we should be moving away from them as fast as possible.
 
Can someone explain the benefits of the big corporations (car manufacturers) sucking on the teet of the oil companies for so long? I can only assume there was some financial benefit offered to them to stunt technological growth.
 
[quote name='Quillion']They're in trouble. Heck, even Alaska is in trouble. I wonder what would happen to the middle east if we no longer needed their oil? What would happen to Venezuela's economy? Russia's? That's an experiment I'd like to see.[/quote]

Thrust is probably closest to the truth.

Without oil, the Middle East has nothing to offer the world aside from early civilizations.

The Middle East will go the way of Darfur and Rwanda.

Most people would view this as a bad thing, but a loss of interest from "crusaders" would allow the Middle East to govern themselves. Assuming the Global Caliphate Boogeyman is just American propaganda, the area might actually calm down.
 
[quote name='Friend of Sonic']Can someone explain the benefits of the big corporations (car manufacturers) sucking on the teet of the oil companies for so long? I can only assume there was some financial benefit offered to them to stunt technological growth.[/quote]

More like adopting alternative fuels requires great vision, risk, and investment - it's much easier to rip out public transportation, cave to union pension demands that will never be paid in your lifetime, pay off congress, and put all your chips on huge shiny gas-guzzlers that remain attractive as long as gas stays under a buck.
Course if all else fails, there's always Plan B - ask govt for a bailout while you strap on the golden parachute.
 
[quote name='fatherofcaitlyn']The Middle East will go the way of Darfur and Rwanda.

Most people would view this as a bad thing, but a loss of interest from "crusaders" would allow the Middle East to govern themselves. Assuming the Global Caliphate Boogeyman is just American propaganda, the area might actually calm down.[/quote]

Yeah - just like those chill Islamic fundamentalist southeast asian countries.
 
cover_650x435.jpg
 
[quote name='JolietJake']Poor Saudis, one less luxury camel this year.[/quote]


Fixed. Yeah, I'm gonna get bashed for it. I don't care, it was too obvious not to do.
 
[quote name='thrustbucket']I've been saying that for years. They would stop at nothing to make sure that doesn't happen. And I do mean nothing.[/QUOTE]

It's too bad they can't become like Japan and I don't know...well educate their citizenry? I mean why not make it a Brain Trust or are they too fucking lazy? Japan did it, so can the Saudi's.
 
[quote name='Sarang01']It's too bad they can't become like Japan and I don't know...well educate their citizenry? I mean why not make it a Brain Trust or are they too fucking lazy? Japan did it, so can the Saudi's.[/QUOTE]

I am pretty sure in Saudi Arabia education is free up until about your 2nd doctorate.
 
[quote name='Msut77']I am pretty sure in Saudi Arabia education is free up until about your 2nd doctorate.[/QUOTE]


Yeah you may be right, I will ask my doctor about that, next time I see him.
 
Of course they are cutting production, demand has fallen off a cliff on a global scale. There will probably be more cuts to come in the coming months to ensure that prices rise quickly once the global economy recovers.

As has already been stated, oil and investment capitial generated from oil profits, is really the only thing the middle east has to offer the world so it makes perfect sense for them to be making these moves given the current economic conditions.

What will really be interesting to see is how long they can handle plummenting prices for not only oil but also for residential and commercial real estate here in the US, which are areas that middle eastern companies and investors have made big bets on in recent years.
 
[quote name='fatherofcaitlyn']Isn't there a vaginal restriction?[/QUOTE]

I think it is segregated most of the time but a lot women still go to college.
 
Arnt they investing pretty heavily too in alterantive tech? I thought I read before that Saudia Arabia was one of the biggest investors in green tech in the world. I woulnt be suprised I mean it gives them a safe fall when oil goes poof be it 10 years from now or 100.
 
I smell a regime change in Venezuela or Iran if this continues for a long period. They both have a lot of social programs that are heavily dependant on oil revenues. It is my understanding that the Saudis are still making money @ $50 oil and the Venezuelans / Iranians at $70-80. I highly doubt they will stick to the cut-backs.
 
Is this that huge of a deal, what with economies tanking and (I assume, as a result) demand for oil going down anyways?



[quote name='KingBroly']Fixed. Yeah, I'm gonna get bashed for it. I don't care, it was too obvious not to do.[/QUOTE]

You're absolutely disgusting. Kill yourself.
 
[quote name='CappyCobra']I smell a regime change in Venezuela or Iran if this continues for a long period. They both have a lot of social programs that are heavily dependant on oil revenues. It is my understanding that the Saudis are still making money @ $50 oil and the Venezuelans / Iranians at $70-80. I highly doubt they will stick to the cut-backs.[/quote]
Are you kidding me? This is great for Venezuela. Petroleos de Venezuela will finally be able to make quota.​
 
I think Chavez is going to be in there for as long as he wants. With his people counting ballots, nothing's going to stop him. But, the people there are more likely to overthrow him than Iran's President (I know his name, just not the spelling) because with Iran you're dealing with so many other people. Besides, the Iranian President is basically a figurehead.
 
You must log in or register to reply here.
bread's done
Back
Top