OPEC Cuts Oil Production By 1.2 Million Barrels

[bluefete]

http://theweek.com/speedreads/664630/op ... arrels-day

OPEC agrees to cut oil production by 1.2 million barrels a day
10:49 a.m. ET



OPEC on Wednesday reached a deal to cut oil production, the first time it's reduced output since 2008. In a meeting in Vienna, the group, which comprises 14 countries that produce a third of the world's oil, decided to reduce oil production by 1.2 million barrels a day to 32.5 million barrels. The deal also includes a cut for non-OPEC oil producers of 600,000 barrels daily.

The decision, which followed weeks of tense discussion, marks an attempt to bolster the markets as prices have plunged amid an oil glut. Though the decision is a "big hit" for major oil producers like Saudi Arabia, Iraq, and Iran, oil futures are already on the rise.

Bloomberg reported Wednesday morning that in New York, futures "jumped as much as 8.6 percent."

OPEC is expected to announce more details about the deal at a press conference later Wednesday.


Great is the PNM.

[bluefete]

https://www.bloomberg.com/news/articles ... en-on-iran

The agreement, which is also likely to call for a reduction of about 600,000 barrels a day by non-OPEC countries, pushed up Brent crude by 7.8 percent to $50.03 a barrel at 3:15 p.m. in London. Prices remain at half their level of mid-2014.

https://www.rt.com/business/368698-opec ... -cut-deal/

As of 1:30pm GMT, Brent crude was trading nearly $4 higher above $50 per barrel, while US crude benchmark WTI was above $48.

[bluefete]

[*$kїđž!™]

Imagine this....too much of a non renewable resource.......

Hope prices rise due to the fall in supply....Hope gas prices do not go up either.....

[Redman]

Higher oil prices make new technology/ alternative energy....more competitive...vs the incumbent oil or gas.

Worst thing for sustainable energy development is cheap oil.

[Daran]

Higher oil prices make new technology/ alternative energy....more competitive...vs the incumbent oil or gas.

Worst thing for sustainable energy development is cheap oil.

That was true, however the push for renewables still continued despite low oil for the last two years.

OPEC won't win this war, cheap shale is readily avialable.

Oil prices may have a small jump but it's never going up high again unless there's WW3.

[desifemlove]

energy independence and just to be cleaner. not sure if we'll ever get $100 oil for a long while, if not ever.

[bluesclues]

energy independence and just to be cleaner. not sure if we'll ever get $100 oil for a long while, if not ever.

i told u it's not possible. The entire energy industry is moving away from fossil fuels. We are only going to hold on to gas/electric power as a backup to alternative energy sources. I did all the math for you here on tuner. I showed how and why demand for oil and gas is going to steadily drop. I showed u the spiritual message in symbolism coming out of india that told of a future where the gas car will be as common as horse and carriage has been since the invention of the motorcar. We looked at supply and deman. We looked at human evolutionary processes and resource management timelines.

Its just plain talk, you average human trinidad politicians do not have the mind/intellect for the sort of management trinidad needs to survive the future as a sovereign state. Not even manning 20/20 vision met anywhere near the required standard. It was more an attempt to promote himself as having vision but that vision did more harm than good to trinidad's economic future. Almost permanently paralyzing us.

All is well and good. Make money with deforestation, until floods come and take everything u spend the money on. Then ask yourself was it worth it. Tief 10% of the country money and then all your holdings lose 20% value.. was it worth it.

Humans must learn to manage the beast or it will eat you. Make no mistake. It will. This is how it was designed.

[bluesclues]

Higher oil prices make new technology/ alternative energy....more competitive...vs the incumbent oil or gas.

Worst thing for sustainable energy development is cheap oil.

That was true, however the push for renewables still continued despite low oil for the last two years.

OPEC won't win this war, cheap shale is readily avialable.

Oil prices may have a small jump but it's never going up high again unless there's WW3.

Precisely, this is a artificial inflation of stock value. It does not hold. In any investment strategy now would be the time to start the sell off on the high and wait for the dip for a buyback.

[Redman]

you all act like 100 is a magic number.
We dont need it to be at 100....100 was a blip.

If oil falls to 10 no NEW tech will be able to compete.

We great around 50 and it gives enough space to all.

Producers making some
Buyers making some
New Tech has some space to be competitive until it matures.

but the migration will take 20 years .

[Dizzy28]

Crude Oil goes up, shale oil becomes more viable, shale oil production increases, oil supply rises and oil price falls. When does the cycle end?
Opec only controls 33% of global production so for this to hold non opec countries need to be on board.

[bluesclues]

Crude Oil goes up, shale oil becomes more viable, shale oil production increases, oil supply rises and oil price falls. When does the cycle end?

It doesnt. Thats how it goes on... levers and balances into perpetuity. Until one becomes so obsolete that noone would hear of using a vhs to watch movies. And is replaced by it's successor.

[Miktay]

energy independence and just to be cleaner. not sure if we'll ever get $100 oil for a long while, if not ever.

i told u it's not possible. The entire energy industry is moving away from fossil fuels. We are only going to hold on to gas/electric power as a backup to alternative energy sources. I did all the math for you here on tuner. I showed how and why demand for oil and gas is going to steadily drop. I showed u the spiritual message in symbolism coming out of india that told of a future where the gas car will be as common as horse and carriage has been since the invention of the motorcar. We looked at supply and deman. We looked at human evolutionary processes and resource management timelines.

Its just plain talk, you average human trinidad politicians do not have the mind/intellect for the sort of management trinidad needs to survive the future as a sovereign state. Not even manning 20/20 vision met anywhere near the required standard. It was more an attempt to promote himself as having vision but that vision did more harm than good to trinidad's economic future. Almost permanently paralyzing us.

All is well and good. Make money with deforestation, until floods come and take everything u spend the money on. Then ask yourself was it worth it. Tief 10% of the country money and then all your holdings lose 20% value.. was it worth it.

Humans must learn to manage the beast or it will eat you. Make no mistake. It will. This is how it was designed.

Youve made a mistake in your sums. That math iz not correct.

[Numb3r4]

Oil and gas still has about 20yrs. life left in it but not the high life it once had.

Sometimes I think that the Middle East over production is a proxy war...over produce keep prices low and deny certain other regional neighbours their due.

Will hope that the deal goes through and that Saudi Arabia sticks to it....they do have a habit of not going through....even without OPEC Saudi Arabia controls so much that they aren't bound by it, not to mention they aren't suffering.....yet....or ever will???? Who knows????

[baigan]

Oil and gas still has about 20yrs. life left in it but not the high life it once had.

Sometimes I think that the Middle East over production is a proxy war...over produce keep prices low and deny certain other regional neighbours their due.

Will hope that the deal goes through and that Saudi Arabia sticks to it....they do have a habit of not going through....even without OPEC Saudi Arabia controls so much that they aren't bound by it, not to mention they aren't suffering.....yet....or ever will???? Who knows????

More than 20 years tho, at current production it's about 50 but the oil won't 'run out' by then like others say. It's just that the numbers don't usually include more complicated reservoirs where it's not profitable for production due to our current technology. But we're transferring over to renewable energy, alternative fuel etc so in the next 50 years it shouldn't even matter how much oil is left cause hopefully we'll make a full transition by then.

[desifemlove]

energy independence and just to be cleaner. not sure if we'll ever get $100 oil for a long while, if not ever.

i told u it's not possible. The entire energy industry is moving away from fossil fuels. We are only going to hold on to gas/electric power as a backup to alternative energy sources. I did all the math for you here on tuner. I showed how and why demand for oil and gas is going to steadily drop. I showed u the spiritual message in symbolism coming out of india that told of a future where the gas car will be as common as horse and carriage has been since the invention of the motorcar. We looked at supply and deman. We looked at human evolutionary processes and resource management timelines.

Its just plain talk, you average human trinidad politicians do not have the mind/intellect for the sort of management trinidad needs to survive the future as a sovereign state. Not even manning 20/20 vision met anywhere near the required standard. It was more an attempt to promote himself as having vision but that vision did more harm than good to trinidad's economic future. Almost permanently paralyzing us.

All is well and good. Make money with deforestation, until floods come and take everything u spend the money on. Then ask yourself was it worth it. Tief 10% of the country money and then all your holdings lose 20% value.. was it worth it.

Humans must learn to manage the beast or it will eat you. Make no mistake. It will. This is how it was designed.

So then real question imho is if Dr. Rowley and Mrs. Persad-Bissessar will do anything about it....or say who win election and who suing EBC or not. or steups at low-turnout and say "you in politics?"

[Numb3r4]

Oil and gas still has about 20yrs. life left in it but not the high life it once had.

Sometimes I think that the Middle East over production is a proxy war...over produce keep prices low and deny certain other regional neighbours their due.

Will hope that the deal goes through and that Saudi Arabia sticks to it....they do have a habit of not going through....even without OPEC Saudi Arabia controls so much that they aren't bound by it, not to mention they aren't suffering.....yet....or ever will???? Who knows????

More than 20 years tho, at current production it's about 50 but the oil won't 'run out' by then like others say. It's just that the numbers don't usually include more complicated reservoirs where it's not profitable for production due to our current technology. But we're transferring over to renewable energy, alternative fuel etc so in the next 50 years it shouldn't even matter how much oil is left cause hopefully we'll make a full transition by then.

When I mention 20yrs. I don't specifically mean 20 yrs. of physical barrels to be produced, I mean the general life of the industry before it will have to begin winding down or face the inevitable or face some form of substantial competition.

Specifically I speak of this because currently larger more dominant companies are beginning to invest significantly in alternatives so much so they are investing large sums in dedicated divisions devoted to alternative energy technologies. I'm referring to GE here which has an Oil & Gas and Alternative/Renewable Energy division (Wind, Solar & Hydro).

In addition many of these companies point to a time some one decade (APPROXIMATELY) into the future when we can see this realized. Here I'm referring to Shell which has recoiled from Arctic drilling due to the risk, as well as carbon dioxide tar sand projects due to carbon emissions standards. If anything they are researching carbon capture technologies which only points further to an industry trend of becoming more environmentally friendly.

When you have traditional "Oil & Gas" companies re-branding themselves as "Energy" companies, where companies don't speak specifically of barrels of oil produced but of energy production you need to start planning from now. Hell some companies are even investing in wind-farms, if that isn't a sign of things to come I don't know what is.

One more example we have BP here also known as British Petroleum lately though their slogan has become "Beyond Petroleum"....Hint, hint folks.

[baigan]

Oil and gas still has about 20yrs. life left in it but not the high life it once had.

Sometimes I think that the Middle East over production is a proxy war...over produce keep prices low and deny certain other regional neighbours their due.

Will hope that the deal goes through and that Saudi Arabia sticks to it....they do have a habit of not going through....even without OPEC Saudi Arabia controls so much that they aren't bound by it, not to mention they aren't suffering.....yet....or ever will???? Who knows????

More than 20 years tho, at current production it's about 50 but the oil won't 'run out' by then like others say. It's just that the numbers don't usually include more complicated reservoirs where it's not profitable for production due to our current technology. But we're transferring over to renewable energy, alternative fuel etc so in the next 50 years it shouldn't even matter how much oil is left cause hopefully we'll make a full transition by then.

When I mention 20yrs. I don't specifically mean 20 yrs. of physical barrels to be produced, I mean the general life of the industry before it will have to begin winding down or face the inevitable or face some form of substantial competition.

Specifically I speak of this because currently larger more dominant companies are beginning to invest significantly in alternatives so much so they are investing large sums in dedicated divisions devoted to alternative energy technologies. I'm referring to GE here which has an Oil & Gas and Alternative/Renewable Energy division (Wind, Solar & Hydro).

In addition many of these companies point to a time some one decade (APPROXIMATELY) into the future when we can see this realized. Here I'm referring to Shell which has recoiled from Arctic drilling due to the risk, as well as carbon dioxide tar sand projects due to carbon emissions standards. If anything they are researching carbon capture technologies which only points further to an industry trend of becoming more environmentally friendly.

When you have traditional "Oil & Gas" companies re-branding themselves as "Energy" companies, where companies don't speak specifically of barrels of oil produced but of energy production you need to start planning from now. Hell some companies are even investing in wind-farms, if that isn't a sign of things to come I don't know what is.

One more example we have BP here also known as British Petroleum lately though their slogan has become "Beyond Petroleum"....Hint, hint folks.

Lol oh, I agree
Didn't know watcha meant at first

It's nice to see the shift over to alternative energy good stuff in process

[bluesclues]

Oil and gas still has about 20yrs. life left in it but not the high life it once had.

Sometimes I think that the Middle East over production is a proxy war...over produce keep prices low and deny certain other regional neighbours their due.

Will hope that the deal goes through and that Saudi Arabia sticks to it....they do have a habit of not going through....even without OPEC Saudi Arabia controls so much that they aren't bound by it, not to mention they aren't suffering.....yet....or ever will???? Who knows????

More than 20 years tho, at current production it's about 50 but the oil won't 'run out' by then like others say. It's just that the numbers don't usually include more complicated reservoirs where it's not profitable for production due to our current technology. But we're transferring over to renewable energy, alternative fuel etc so in the next 50 years it shouldn't even matter how much oil is left cause hopefully we'll make a full transition by then.

When I mention 20yrs. I don't specifically mean 20 yrs. of physical barrels to be produced, I mean the general life of the industry before it will have to begin winding down or face the inevitable or face some form of substantial competition.

Specifically I speak of this because currently larger more dominant companies are beginning to invest significantly in alternatives so much so they are investing large sums in dedicated divisions devoted to alternative energy technologies. I'm referring to GE here which has an Oil & Gas and Alternative/Renewable Energy division (Wind, Solar & Hydro).

In addition many of these companies point to a time some one decade (APPROXIMATELY) into the future when we can see this realized. Here I'm referring to Shell which has recoiled from Arctic drilling due to the risk, as well as carbon dioxide tar sand projects due to carbon emissions standards. If anything they are researching carbon capture technologies which only points further to an industry trend of becoming more environmentally friendly.

When you have traditional "Oil & Gas" companies re-branding themselves as "Energy" companies, where companies don't speak specifically of barrels of oil produced but of energy production you need to start planning from now. Hell some companies are even investing in wind-farms, if that isn't a sign of things to come I don't know what is.

One more example we have BP here also known as British Petroleum lately though their slogan has become "Beyond Petroleum"....Hint, hint folks.

It was always about 'energy'. Only trinidad politics that cant see 2 inches in front it's nose and petrotrin gimme gimme managers would lack the wit and just allow themselves to expire when man advances beyond petroleum. When i was talking about resource management and evolution i touched on this. Man is graduating through energy form usage. Here in the physical plane from the most primitive discovery of fire by rubbing sticks together was the beginning of our use and manipulation of energy and transferring it into different forms. We learn to work with energy in different states and move up through levels as our minds evolve. It is always the same basic principle involved but our depth of understanding is what allows us to to go from 'crt tv to led tv'.

Man has to go through these cycles and ultimately we WILL pull energy out of nothing because its there and loaded with it. Dark energy manipulation is near the end of man's energy manipulation course. So all these forms of energy we using now is also destined to fall off and decline in usage eventually. By then children would be playing with olskool oil in classrooms running miniature fractional distillation rigs just for kicks and oil could become near worthless like 'none wants to touch it and get dirty' worthless.

The major area that oil and oil products will hold unto fr a while is in 'lubricants'. But this too we are destined to evolve beyond as magnetic gears are designed removing friction from our machinery. Thus removing the need for lubrication to reduce said friction.

Trinidad and petrotrin has to think about how it will stay relevant as the energy usage landscape changes. It cant be about the money forever. It's either they morph with time and evolution or fall off and become defunct when oil is no more the goto energy source. This reality i have been trying to get us to face MUST be swallowed however large the pill. Because if u dont find a way to swallow it, the time will come when it gets rammed down your throat and that will be most uncomfortable.

So think. Use allyuh head. Petrotrin run your company properly. we know is nothing more than skullduggery have it suffering. But if this track continues and petrotrin does not evolve with the times... well we all know what happens. We like to tout natural selection at work alot. Petrotrin will become naturally selected. But maintain vision. There is a future where individuals do not depend on government for energy and obtain their own. This is why trinidad must have more business offerings to the world than just 'Energy'. It is just lucky positioning that we have access to this particular energy source which coincides with this stage in man's evolution. Our objective was always supposed to be, to evolve beyond dependence on oil to sustain our economy because that rug is scheduled to be taken out from under us. Instead our lazy politicians and product managers designed econmic plicies that just depended on oil. Sucked dry and thrift spent all it's revenues without investing or planning for a future without oil. I mean the way these people think u would think a country is something that just lasts 100 years and then you go buy a new one and replace it when it's run down or broken. Leaders oof a country must have vision and contribution to things 1000years from now all when they dead pliticians of the time can benefit in some way from the work and platform they laid 1000 years ago.

So take note. If ur a politician whose vision extends only 5 or 20 years. That is not enough. Not for management of an entire country. Because how it looking right now is just like we just burning away all our resurces and profits. Much too much short sighted bickering back and forth for pwer that they dont know how to manage.

[desifemlove]

if PNM/UNC had brains, they would utilise solar and/or wave energy. Place some barriers in the islands or in a bay somewhere. but noooo....they only talk about roti, who win it, who suing the EBC, and who being "disingenuous" over election results. Even with high growth, the world won't run out of oil and gas for many centuries, it's just old oil fields will be exhausted, and newer ones come online. Like the North Sea will run out soon, but then the EU and UK/Norway (soon to be both outside) looking for alternative energies.

Russia, China, USA, and Africa will be hte top producers in the near future.

http://www.forbes.com/forbes/welcome/?t ... google.tt/

energy independence has been on the agenda since Bush Jr...he left in 2008!! Obama is in alternative energy, Trump will switch to oil/gas, but then still on energy indepdendence. this country deserves what it gets politically, no politicians of any insight. Forget doctorates, or getting Silk.

[Dizzy28]

if PNM/UNC had brains, they would utilise solar and/or wave energy. Place some barriers in the islands or in a bay somewhere. but noooo....they only talk about roti, who win it, who suing the EBC, and who being "disingenuous" over election results. Even with high growth, the world won't run out of oil and gas for many centuries, it's just old oil fields will be exhausted, and newer ones come online. Like the North Sea will run out soon, but then the EU and UK/Norway (soon to be both outside) looking for alternative energies.

Russia, China, USA, and Africa will be hte top producers in the near future.

http://www.forbes.com/forbes/welcome/?t ... google.tt/

energy independence has been on the agenda since Bush Jr...he left in 2008!! Obama is in alternative energy, Trump will switch to oil/gas, but then still on energy indepdendence. this country deserves what it gets politically, no politicians of any insight. Forget doctorates, or getting Silk.

Are you prepared to pay more for your home electricity if they switch to higher cost generation??

[desifemlove]

considering oil prices are gonna be low from now on, and fiscal policy is based on oil prices, then what's the issue that PNM/UNC are not responding? Do you want to not have good schools, hospitals, no roads or no public services if oil prices stay at $15 for 50 years?

[RBphoto]

considering oil prices are gonna be low from now on, and fiscal policy is based on oil prices, then what's the issue that PNM/UNC are not responding? Do you want to not have good schools, hospitals, no roads or no public services if oil prices stay at $15 for 50 years?

Tru.

[Miktay]

if PNM/UNC had brains, they would utilise solar and/or wave energy. Place some barriers in the islands or in a bay somewhere. but noooo....they only talk about roti, who win it, who suing the EBC, and who being "disingenuous" over election results. Even with high growth, the world won't run out of oil and gas for many centuries, it's just old oil fields will be exhausted, and newer ones come online. Like the North Sea will run out soon, but then the EU and UK/Norway (soon to be both outside) looking for alternative energies.

Russia, China, USA, and Africa will be hte top producers in the near future.

http://www.forbes.com/forbes/welcome/?t ... google.tt/

energy independence has been on the agenda since Bush Jr...he left in 2008!! Obama is in alternative energy, Trump will switch to oil/gas, but then still on energy indepdendence. this country deserves what it gets politically, no politicians of any insight. Forget doctorates, or getting Silk.

Are you prepared to pay more for your home electricity if they switch to higher cost generation??

Not just electricity. Practically everything manufactured locally uses electricity.

And for mass market imported products...warehousing and retailing costs will go up. Rent seekers will pass along the increased expense to consumers.

The ad-nauseum mantra of energy independence comes at a cost. Are consumers willing to bear the cost?

[desifemlove]

it not mantra, it's reality. it's been reality for years. are we meeting that reality?

[Miktay]

it not mantra, it's reality. it's been reality for years. are we meeting that reality?

Those who cant grasp the basic economics of power generation fall for the mantra every time. Hook line and sinker.

The real story of green power iz that its largely a transfer of wealth from the poor to the 1%

Thats the reality.

[Redman]

If we want energy independence we just need to raise oil production.

[desifemlove]

it not mantra, it's reality. it's been reality for years. are we meeting that reality?

Those who cant grasp the basic economics of power generation fall for the mantra every time. Hook line and sinker.

The real story of green power iz that its largely a transfer of wealth from the poor to the 1%

Thats the reality.

that's the not point. if other countries stopping on importing oil/gas, then there is less scope for export. this affects T&T and all other countries that are energy-based. What you think the implications are for T&T if oil prices are at $30 for next thirty years?

[sMASH]

Not only oil and gas, but the products that are derived from them. The markets for Our ammonia and methanol since a few years now, have switched to more local producers. So, she have resorted to the third options. Which are more car east buyers, at substantially lower markups. Why not the second choice buyers? Because they have been commandeered by their local developments as well.


I not too sure what the debate in this thread is about, but fossil fuels going to slow down eventually. And while it winds down, its cost will rise. Right now, there is a glut, over production, and a lot of producers, especially with shale(which was the major contributor to the big price drop recently).

As a small country which has no means to set prices, what should have been going on is, taking the Money from high oil prices, and developing systems or resources that can function without oil. We did not do that.

Now that we haVe oil but not the Money, we don't have the Money to develop systems that will function without oil.

What can be done, is sell as much ask I can to wow the Money on bulk production rather than unit mark up.
This is fool hardy, cause when it done u not getting back more. It is like ur pawning off ur inheritance for a short term satisfaction.

What should be done, is to continue to bite the bullet, and try to develop solar, biofuels and plastic reuse.
And try to sell other things other than oil, gas, their immediate products and derivative.
What we should so is sell the products of their products, such as plastic components,
See how we can pinch the amount if energy derived from fossil fuels, and utilize renewable sources. Because eventually it will be like that by force... think mad max and water world.


If the prices spike for unnatural reasons, such as war, or civil instability, we can capitalize on the windfall of that time, by ramping up production.
But that would haVe to be very short term, as the goal is ultimately to keep the reserves as long as possible compared to to other countries. And use it sparingly just to kick start another energy venture, or material venture, just of off set the Initial start up costs.




Forget about short-term (within the next 10 years) profitability. Days for that gone. U have to use what u have now, not for profit, but for long term sustainable energy. For future generations.
As a country we need to adopt more socialist way of saving money.

The politicians and top, 1%, so to speak, need to understand they cannot be keeping all that money, so their taxes Look at be made higher.
Taxing online shopping, and vat and residential properties not going to make any big set of money. And its not going to be a good thing when u have reduced job market and reduced incomes.



Solar may be making the rich richer right now, but that is only if u continue to buy from them and not learn how to maneuver the technologies and the markets.

[Miktay]

it not mantra, it's reality. it's been reality for years. are we meeting that reality?

Those who cant grasp the basic economics of power generation fall for the mantra every time. Hook line and sinker.

The real story of green power iz that its largely a transfer of wealth from the poor to the 1%

Thats the reality.

that's the not point. if other countries stopping on importing oil/gas, then there is less scope for export. this affects T&T and all other countries that are energy-based. What you think the implications are for T&T if oil prices are at $30 for next thirty years?

Youve gotten the jackass before the cart.

Less exports of locally produced LNG will mean more gas for local power generation. Nat gas produced electricity iz cheaper than renewable power.

Foreign exchange earnings are another matter entirely.