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Author	Topic: OPEC's Pending Bloodbath	Post a Reply Back to Topics

mastermariner Champion Author Texas Posts:4,243 Points:493,010 Joined:Jun 2011	Message Posted: Jun 11, 2012 2:33:11 PM Ignore mastermariner Report Abuse OPEC has been on auto-pilot for the last year. Anyone who had any spare oil, put it on the market, Asian consumers would soak it up. Prices firmed nicely above $100/b, more than enough to keep petro-states in the black. If anything, OPEC’s problem was finding sufficient oil to cover supply side gaps within the cartel from Iranian sanctions, not to mention supply side slippages across a string of non-OPEC states from ‘Syria to Sudan’. The long term cartel king, Saudi Arabia stepped into the breach, consistently pumping above 9.5mb/d since June 2011 – the longest sustained period of such production levels for 11 years. It pushed production well above 10mb/d into 2012, with OPEC output increasing from 30.8mb/d in January to 31.75mb/d in May. It was a close run thing, but prices never breached Visit Forbes for full article

mastermariner

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Texas

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Message Posted: Jun 11, 2012 2:33:11 PM

Ignore mastermariner Report Abuse

OPEC has been on auto-pilot for the last year. Anyone who had any spare oil, put it on the market, Asian consumers would soak it up. Prices firmed nicely above $100/b, more than enough to keep petro-states in the black. If anything, OPEC’s problem was finding sufficient oil to cover supply side gaps within the cartel from Iranian sanctions, not to mention supply side slippages across a string of non-OPEC states from ‘Syria to Sudan’. The long term cartel king, Saudi Arabia stepped into the breach, consistently pumping above 9.5mb/d since June 2011 – the longest sustained period of such production levels for 11 years. It pushed production well above 10mb/d into 2012, with OPEC output increasing from 30.8mb/d in January to 31.75mb/d in May. It was a close run thing, but prices never breached
Visit Forbes for full article

REPLIES (newest first)Ignore Short Messages

leemun Champion Author Utah Posts:5,520 Points:1,037,340 Joined:May 2010	Message Posted: Jun 12, 2012 11:37:05 AM Ignore leemun Report Abuse The way to end OPEC hegemony is to drill the oil we have right here in North America.
WalRus49 Champion Author Boston Posts:4,060 Points:865,940 Joined:Nov 2010	Message Posted: Jun 12, 2012 4:28:10 AM Ignore WalRus49 Report Abuse And more organized mayhem and pillage............
36_ACRES_4_SALE All-Star Author Appleton Posts:999 Points:338,815 Joined:Oct 2011	Message Posted: Jun 12, 2012 1:31:09 AM Ignore 36_ACRES_4_SALE Report Abuse :)
Vetteblu Champion Author Denver Posts:2,665 Points:778,120 Joined:Oct 2010	Message Posted: Jun 11, 2012 11:26:10 PM Ignore Vetteblu Report Abuse Somany idiots, so many leaders.
Wanda127 Champion Author Florida Posts:2,484 Points:912,080 Joined:May 2010	Message Posted: Jun 11, 2012 9:16:53 PM Ignore Wanda127 Report Abuse Well said mitt4prez.
mitt4prez Champion Author Tacoma Posts:1,733 Points:1,243,295 Joined:Nov 2007	Message Posted: Jun 11, 2012 7:53:45 PM Ignore mitt4prez Report Abuse Meanwhile The One plays the fool doing his darndest to stop drilling here so the rapacious gang at OPEC can keep its foot on the American economy's neck.
dave27johnson Champion Author Chicago Posts:1,787 Points:405,950 Joined:Feb 2012	Message Posted: Jun 11, 2012 7:46:29 PM Ignore dave27johnson Report Abuse A good analysis.
AlienBug All-Star Author Connecticut Posts:732 Points:218,035 Joined:Jul 2011	Message Posted: Jun 11, 2012 7:27:35 PM Ignore AlienBug Report Abuse If they wanted to increase demand for oil, they could let women drive.
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: Jun 11, 2012 7:20:26 PM Ignore buckets42 Report Abuse Ah to be a Saudi shiek
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Jun 11, 2012 7:16:40 PM Ignore northeast2 Report Abuse Hmm, nice if the analysis is correct. We all know that Saudi Arabia is no friend of Iran's.
bisonjim Champion Author Florida Posts:1,045 Points:204,280 Joined:May 2012	Message Posted: Jun 11, 2012 7:15:57 PM Ignore bisonjim Report Abuse OPEC was making money when oil was $15/barrel.
comprof Champion Author Houston Posts:6,844 Points:1,353,825 Joined:Jul 2009	Message Posted: Jun 11, 2012 6:49:10 PM Ignore comprof Report Abuse Saudi has been the U.S. friend in this for several years.
BuckyTJones Champion Author Salt Lake City Posts:4,932 Points:967,950 Joined:Mar 2010	Message Posted: Jun 11, 2012 6:32:15 PM Ignore BuckyTJones Report Abuse My heart bleeds for OPEC..................Right:(
ktbaeohana Champion Author Las Vegas Posts:2,296 Points:420,700 Joined:Mar 2010	Message Posted: Jun 11, 2012 5:59:03 PM Ignore ktbaeohana Report Abuse watch and see.
humblepie Champion Author Toledo Posts:34,113 Points:2,369,420 Joined:Mar 2006	Message Posted: Jun 11, 2012 5:33:12 PM Ignore humblepie Report Abuse obama will fix it
Dphillips720 Champion Author Michigan Posts:1,400 Points:529,375 Joined:Mar 2011	Message Posted: Jun 11, 2012 5:23:04 PM Ignore Dphillips720 Report Abuse Joy
bigthighs All-Star Author Tucson Posts:550 Points:52,965 Joined:May 2012	Message Posted: Jun 11, 2012 5:23:03 PM Ignore bigthighs Report Abuse lets see what happens
Dphillips720 Champion Author Michigan Posts:1,400 Points:529,375 Joined:Mar 2011	Message Posted: Jun 11, 2012 5:22:50 PM Ignore Dphillips720 Report Abuse GONNA STAY WHERE IT IS UNTIL AFTER NOV
playtimeCLE Champion Author Cleveland Posts:8,545 Points:1,541,450 Joined:Nov 2008	Message Posted: Jun 11, 2012 5:16:27 PM Ignore playtimeCLE Report Abuse Should be interesting next time they get together for a meeting.
Lugi1967 Champion Author Ohio Posts:4,773 Points:999,220 Joined:Jun 2010	Message Posted: Jun 11, 2012 4:51:07 PM Ignore Lugi1967 Report Abuse Can't wait
Juicy1177 Veteran Author Gary Posts:336 Points:147,500 Joined:Feb 2012	Message Posted: Jun 11, 2012 4:31:24 PM Ignore Juicy1177 Report Abuse why
doggod Champion Author Anchorage Posts:2,833 Points:738,435 Joined:May 2009	Message Posted: Jun 11, 2012 4:19:51 PM Ignore doggod Report Abuse An OPEC bloodbath? Yeah, well, maybe, but more likely there will be blood on the street here at home the way the politicians are running amok.
kag2010 Champion Author Winnipeg Posts:5,244 Points:1,017,810 Joined:Apr 2010	Message Posted: Jun 11, 2012 4:10:31 PM Ignore kag2010 Report Abuse OPEC should be really happy that oil prices were double
JagXKR Champion Author British Columbia Posts:3,144 Points:1,088,605 Joined:Dec 2009	Message Posted: Jun 11, 2012 4:06:10 PM Ignore JagXKR Report Abuse I loath OPEC and the nations that belong to it.
tnfran Champion Author Arizona Posts:4,368 Points:840,240 Joined:Dec 2010	Message Posted: Jun 11, 2012 3:45:43 PM Ignore tnfran Report Abuse So is Forbes 'point' that OPEC is making $$$$$$ hand over fist??? Still !!!
36_ACRES_4_SALE All-Star Author Appleton Posts:999 Points:338,815 Joined:Oct 2011	Message Posted: Jun 11, 2012 3:45:37 PM Ignore 36_ACRES_4_SALE Report Abuse :)
gizbo123 Champion Author Los Angeles Posts:1,504 Points:1,749,160 Joined:Dec 2005	Message Posted: Jun 11, 2012 3:44:31 PM Ignore gizbo123 Report Abuse Just drill here, we have more oil than all the middle east.
truvoice1 Champion Author San Diego Posts:1,273 Points:471,540 Joined:Feb 2011	Message Posted: Jun 11, 2012 3:42:01 PM Ignore truvoice1 Report Abuse We are all enjoying the downward trend in retail gas prices, but as the article hints at, what will happen to the domestic oil industry if prices continue to fall far below $100/barrel? Many of the new technologies that are being deployed now are dependent upon wholesale price being high to make their business plans work!
humblepie Champion Author Toledo Posts:34,113 Points:2,369,420 Joined:Mar 2006	Message Posted: Jun 11, 2012 3:32:28 PM Ignore humblepie Report Abuse opec sux
Night Owl Champion Author Toronto Posts:7,540 Points:1,784,650 Joined:Jul 2004	Message Posted: Jun 11, 2012 3:09:00 PM Ignore Night Owl Report Abuse OPEC should be really happy that oil prices were double what they should have been thanks to greedy oil speculators.
Ken2OD Champion Author Grand Rapids Posts:9,057 Points:1,969,015 Joined:Dec 2005	Message Posted: Jun 11, 2012 3:00:14 PM Ignore Ken2OD Report Abuse The OPEC countries are constantly fighting and arguing amongst themselves. Increase domestic oil production and SCREW OPEC!
daveinmarietta Champion Author Atlanta Posts:1,192 Points:178,335 Joined:Jun 2012	Message Posted: Jun 11, 2012 2:43:59 PM Ignore daveinmarietta Report Abuse Pickens is right--US needs to switch to nat gat and alts. What fun it would be to watch opec twist and turn then!