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Posted: 2/23/2016 12:10:35 PM EDT
No link to quote in this article (I'm listening to it live, but that's what he said), but basically, the gist is Saudi's see oil somewhere around $20 a barrel. Bad news for you oil guys.
http://www.cnbc.com/2016/02/23/al-naimi-we-in-oil-industry-have-more-that-unites-than-divides-us.html |
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Posted: 2/23/2016 12:12:44 PM EDT
[#1]
The end is near...
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Posted: 2/23/2016 12:13:24 PM EDT
[#2]
Don't worry the first Nuke that hit the ME will change this.
2-3 yrs somebody is pulling the trigger, just pray it isnt Israel. |
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Posted: 2/23/2016 12:14:02 PM EDT
[#3]
Fantastic!!!!!!!!!!!!!! I might go pour all 120 gallons of diesel in the back of my pickup all over the yard, light it on fire, and then DO IT AGAIN
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Posted: 2/23/2016 12:14:03 PM EDT
[#4]
Sure they can, but if every other oil exporting nation creates a new OPEC, it might change their minds.
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Posted: 2/23/2016 12:18:26 PM EDT
[#5]
Good we need cheap energy to rebuild our country. Sound like the Sauidi A needs to get Americans back to work more than our politicians do.
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Posted: 2/23/2016 12:20:50 PM EDT
[#6]
Quote HistoryQuoted:
Sure they can, but if every other oil exporting nation creates a new OPEC, it might change their minds. That works great for the Saudis. The new opec cuts oil production to raise the price, thier members make more per barrel but sell less barrels. The Saudis keep their production high and sell a lot of barrels at a higher price. |
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Posted: 2/23/2016 12:25:45 PM EDT
[#7]
Quote HistoryQuoted:
Fantastic!!!!!!!!!!!!!! I might go pour all 120 gallons of diesel in the back of my pickup all over the yard, light it on fire, and then DO IT AGAIN 
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Posted: 2/23/2016 12:26:07 PM EDT
[#8]
Quote HistoryQuoted:
Don't worry the first Nuke that hit the ME will change this. 2-3 yrs somebody is pulling the trigger, just pray it isnt Israel. Watch the wheat harvest in Russia. |
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Posted: 2/23/2016 12:26:12 PM EDT
[#9]
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Posted: 2/23/2016 12:26:14 PM EDT
[#10]
He is lying, as usual.
They are playing a game. A game they can't win. |
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Posted: 2/23/2016 12:35:12 PM EDT
[#11]
Folks need to remember that Kuwait was invaded for over producing oil.
Saudi may be ok, but the other shitstains in the middle east may have a problem with it. Txl |
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Posted: 2/23/2016 12:37:57 PM EDT
[#12]
I need a place to neck beard all this cheap oil.
Maybe fill up the Grand Canyon |
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Posted: 2/23/2016 12:43:45 PM EDT
[#13]
Quote HistoryQuoted:
Good we need cheap energy to rebuild our country. Sound like the Sauidi A needs to get Americans back to work more than our politicians do. We need coal back too. I really like what Romney had to say 4 years ago about energy. We talk about the economy, immigration, ISIS, guns, etc a lot...but it seems like energy is always on the outside looking in when an argument could be made that it's one of the areas that requires our attention the most. Remove the export rules or heavily tax the import. Make American oil the preferred route. Reign in the EPA on coal, allow them to mine again, and put more money towards carbon capture technology. Look a nuclear as an option again. Cheap, affordable energy is one of the cornerstones of a good economy. |
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Posted: 2/23/2016 12:44:47 PM EDT
[#14]
Quote HistoryQuoted:
Folks need to remember that Kuwait was invaded for over producing oil. Saudi may be ok, but the other shitstains in the middle east may have a problem with it. Txl That's what I was thinking as well. KSA has a pretty large cash reserve and can afford low oil for a lot longer than other middle eastern oil producing nations. The other nations will no sit quietly and watch their own economies go to shit. |
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Posted: 2/23/2016 12:52:32 PM EDT
[#15]
For five years maybe.
Then they can't pay the natives to keep quiet. |
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Posted: 2/23/2016 12:54:09 PM EDT
[#16]
Quote HistoryQuoted:
Good we need cheap energy to rebuild our country. Sound like the Sauidi A needs to get Americans back to work more than our politicians do. The irony of this post is that SA is causing many Americans to lose their jobs. SA's only goal in increasing supply toe lower equilibrium price, is to put Shale oil, and it's infrastructure, on the fritz. Once it's on the fritz, they will skyrocket the price of oil. |
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Posted: 2/23/2016 12:54:37 PM EDT
[#17]
I'm afraid that Saudi official is blowing smoke up the collective world's butt. SA issued debt (bonds) for the first time in 8 years last August and then again in November to cover its growing budget gap and foreign reserve decline. They spend a ton on social programs to keep everyone happy and their bluff is showing. Their reserve went from 737bn to 647n just last year (13% reduction).
So they can afford $20 oil but not for very much longer. |
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Posted: 2/23/2016 12:57:14 PM EDT
[#18]
might be a big shot in the arm for us motor makers
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Posted: 2/23/2016 12:57:47 PM EDT
[#19]
Quote HistoryQuoted:
I'm afraid that Saudi official is blowing smoke up the collective world's butt. SA issued debt (bonds) for the first time in 8 years last August and then again in November to cover its growing budget gap and foreign reserve decline. They spend a ton on social programs to keep everyone happy and their bluff is showing. Their reserve went from 737bn to 647n just last year (13% reduction). So they can afford $20 oil but not for very much longer. The only way they afford $20 oil is by taxing the hell out of the citizenry. If they keep current oil production going, they're bankrupt in five years. |
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Posted: 2/23/2016 12:58:52 PM EDT
[#20]
My wallet likes it, get over it
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Posted: 2/23/2016 1:00:09 PM EDT
[#21]
Quote HistoryQuoted:
Don't worry the first Nuke that hit the ME will change this. 2-3 yrs somebody is pulling the trigger, just pray it isnt Israel. Been hearing that every year since Reagan took office. Gubernatorial office. Israel isn't doing to start flinging nukes. They'll fling some in reply, but they will not start. If they eat one or more and reply, they'll recover. If they start it, they will cease to exist as a nation. Israel has said they'll go down swinging. They are not suicidal as a nation. Not even the Iranians and Norks are suicidal. |
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Posted: 2/23/2016 1:01:28 PM EDT
[#22]
Quote HistoryQuoted:
Sure they can, but if every other oil exporting nation creates a new OPEC, it might change their minds. Not going to happen unless Russia is in the center of this new proposed OPEC. Right now the Saudi's are the US of the middle east |
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Posted: 2/23/2016 1:02:17 PM EDT
[#23]
Hmmmm. Sounds like a good time to trade in a Prius for a Tahoe.
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Posted: 2/23/2016 1:03:57 PM EDT
[#24]
The Saudis have started slashing easy living subsidies and are prepping an ARAMCO IPO, both of which pretty much proves they are already in dire straits. Or planning ahead for a long war.
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Posted: 2/23/2016 1:06:33 PM EDT
[#25]
Finally burning ground hornet and groundhog holes is economical again!
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Posted: 2/23/2016 1:07:49 PM EDT
[#26]
Quote HistoryQuoted:
The only way they afford $20 oil is by taxing the hell out of the citizenry. If they keep current oil production going, they're bankrupt in five years. Quote HistoryQuoted:
Quoted:
I'm afraid that Saudi official is blowing smoke up the collective world's butt. SA issued debt (bonds) for the first time in 8 years last August and then again in November to cover its growing budget gap and foreign reserve decline. They spend a ton on social programs to keep everyone happy and their bluff is showing. Their reserve went from 737bn to 647n just last year (13% reduction). So they can afford $20 oil but not for very much longer. The only way they afford $20 oil is by taxing the hell out of the citizenry. If they keep current oil production going, they're bankrupt in five years. Yep. Do a search on "Saudi economy" or "Saudi economic slowdown" and you should find some eye-opening articles. This one puts it mildly: http://www.bloomberg.com/news/articles/2015-06-04/the-cost-of-oil-s-slump-saudi-economy-shows-signs-of-slowdown |
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Posted: 2/23/2016 1:11:26 PM EDT
[#27]
Sure. They keep cutting benefits for the citizenry and they're going to see some new snack bars open.
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Posted: 2/23/2016 1:48:36 PM EDT
[#28]
Who has control of Libya these days? At some point ISIS will make it to CHAD and well there goes the hood.
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Posted: 2/23/2016 1:51:50 PM EDT
[#29]
Quote HistoryQuoted: Who has control of Libya these days? At some point ISIS will make it to CHAD and well there goes the hood. |
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Posted: 2/23/2016 1:58:37 PM EDT
[#30]
Quote HistoryQuoted: ISIS is destroying oil facilities in Libya. Quote HistoryQuoted: Quoted: Who has control of Libya these days? At some point ISIS will make it to CHAD and well there goes the hood. |
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Posted: 2/23/2016 2:01:05 PM EDT
[#31]
Quote HistoryQuoted:
For five years maybe. Then they can't pay the natives to keep quiet. LMAO. They don't need to keep the natives quiet. They can just kill anyone who rises up. Not hard in a place like that. |
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Posted: 2/23/2016 2:24:01 PM EDT
[#32]
This is how the house of saud wages war when they can't buy an army to fight it for them.
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Posted: 2/23/2016 2:27:41 PM EDT
[#33]
Oh you can exist on $20 oil pricing? Ok, then lets make it $20
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Posted: 2/23/2016 2:29:39 PM EDT
[#34]
Quote HistoryQuoted: Folks need to remember that Kuwait was invaded for over producing oil. Saudi may be ok, but the other shitstains in the middle east may have a problem with it. Txl |
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Posted: 2/23/2016 2:30:11 PM EDT
[#35]
Quote HistoryQuoted:
The irony of this post is that SA is causing many Americans to lose their jobs. SA's only goal in increasing supply toe lower equilibrium price, is to put Shale oil, and it's infrastructure, on the fritz. Once it's on the fritz, they will skyrocket the price of oil. Quote HistoryQuoted:
Quoted:
Good we need cheap energy to rebuild our country. Sound like the Sauidi A needs to get Americans back to work more than our politicians do. The irony of this post is that SA is causing many Americans to lose their jobs. SA's only goal in increasing supply toe lower equilibrium price, is to put Shale oil, and it's infrastructure, on the fritz. Once it's on the fritz, they will skyrocket the price of oil. Saudi Arabia is more concerned about Iran and their oil revenue than they are about shale. |
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Posted: 2/23/2016 2:31:04 PM EDT
[#36]
Quoted: No link to quote in this article (I'm listening to it live, but that's what he said), but basically, the gist is Saudi's see oil somewhere around $20 a barrel. Bad news for you oil guys. http://www.cnbc.com/2016/02/23/al-naimi-we-in-oil-industry-have-more-that-unites-than-divides-us.html Not just bad news for "you oil guys".... |
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Posted: 2/23/2016 2:32:14 PM EDT
[#37]
Sweet. Oil prices have been stupid high for too damn long.
I'm tired of subsidising bro-dozers bought by people who should be saving their boom/bust $ but don't and then whine when a bust hits. I don't mind them being paid well....it's not that. I mind that they think they are entitled to high oil prices and thinking that their particular job is going to be $200k a year, every year when history does not prove that out. |
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Posted: 2/23/2016 2:32:44 PM EDT
[#38]
I don't believe them. Haven't they been bleeding cash reserves since the bottom dropped out?
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Posted: 2/23/2016 2:33:09 PM EDT
[#39]
Quote HistoryQuoted:
LMAO. They don't need to keep the natives quiet. They can just kill anyone who rises up. Not hard in a place like that. Quote HistoryQuoted:
Quoted:
For five years maybe. Then they can't pay the natives to keep quiet. LMAO. They don't need to keep the natives quiet. They can just kill anyone who rises up. Not hard in a place like that. Tell that to the former leaders of Egypt & Libya and the current leader of Syria. |
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Posted: 2/23/2016 2:33:55 PM EDT
[#40]
Quote HistoryQuoted:
He is lying, as usual. They are playing a game. A game they can't win. This |
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Posted: 2/23/2016 2:35:24 PM EDT
[#41]
Quote HistoryQuoted:
I don't believe them. Haven't they been bleeding cash reserves since the bottom dropped out? The question is who can sustain the bleeding longer? The Saudis or the people the Saudis are trying to knock out of the game? If the Saudis didn't think they were up to the task, they be keeping oil high and buying arms instead of bleeding via oil $. |
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Posted: 2/23/2016 2:38:32 PM EDT
[#42]
Quote HistoryQuoted: Sweet. Oil prices have been stupid high for too damn long. I'm tired of subsidising bro-dozers bought by people who should be saving their boom/bust $ but don't and then whine when a bust hits. I don't mind them being paid well....it's not that. I mind that they think they are entitled to high oil prices and thinking that their particular job is going to be $200k a year, every year when history does not prove that out. Most of the workers I know drive company rigs. |
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Posted: 2/23/2016 2:41:26 PM EDT
[#43]
Quote HistoryQuoted:
Over generalize much? My "brodozer" cost me $4600 plus a trip to Wisconsin. Only 9000 miles on it too. Full one ton 4x4 Chevy with NP205 transfer case and 4.56:1 axles. Detroit locker rear, Dana LS front. Most of the workers I know drive company rigs. Quote HistoryQuoted:
Quoted:
Sweet. Oil prices have been stupid high for too damn long. I'm tired of subsidising bro-dozers bought by people who should be saving their boom/bust $ but don't and then whine when a bust hits. I don't mind them being paid well....it's not that. I mind that they think they are entitled to high oil prices and thinking that their particular job is going to be $200k a year, every year when history does not prove that out. Then maybe....just maybe....you aren't the kind of "I spent all my oilfield money the year I made it and now I'm broke" person I was speaking about, now are you? |
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Posted: 2/23/2016 2:46:56 PM EDT
[#44]
BS. They need $$$ to meet their budget.
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Posted: 2/23/2016 2:50:02 PM EDT
[#45]
Quoted:
No link to quote in this article (I'm listening to it live, but that's what he said), but basically, the gist is Saudi's see oil somewhere around $20 a barrel. Bad news for you oil guys.
http://www.cnbc.com/2016/02/23/al-naimi-we-in-oil-industry-have-more-that-unites-than-divides-us.html Its bad news for everyone....the downturn in oil is having a major effect down here, and all the other oil producing areas in the US. Yeah, I know the general GD mantra is fuck the oil guys, no more brodozers and boats, yadda, yadda, yadda.... And while the low gas prices are good, on the whole, I think it is more detrimental to the economy in the long run. I think a moderate stabilization around $50 or so a barrel would work out much better in the long run for us. If there is a long term downturn and all the oil companies down here just shut in the wells, and get rid of equipment, etc, etc, it will take a long time to get everything ramped up again to where we need it. Plus we are back on depending on the scumbags in the ME and producers elsewhere who can put the screws to us at any time. Like it or not, all that money being pumped into the oil producers had a positive impact on the economy...lots of people put to work, lots of money to buy brodozers and boats which put people to work in those industries, and so on and so on.... $20 a barrel will end up hurting us a lot more than helping us, I think.... |
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Posted: 2/23/2016 2:50:46 PM EDT
[#46]
Quote HistoryQuoted:
Saudi Arabia is more concerned about Iran and their oil revenue than they are about shale. Quote HistoryQuoted:
Quoted:
Quoted:
Good we need cheap energy to rebuild our country. Sound like the Sauidi A needs to get Americans back to work more than our politicians do. The irony of this post is that SA is causing many Americans to lose their jobs. SA's only goal in increasing supply toe lower equilibrium price, is to put Shale oil, and it's infrastructure, on the fritz. Once it's on the fritz, they will skyrocket the price of oil. Saudi Arabia is more concerned about Iran and their oil revenue than they are about shale. This plan was started in 2014, Iran's oil sanctions were lifted last month. SA's primary goal was to eliminate shale oil from biting into their revenues. |
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Posted: 2/23/2016 2:54:25 PM EDT
[#47]
Quoted:
No link to quote in this article (I'm listening to it live, but that's what he said), but basically, the gist is Saudi's see oil somewhere around $20 a barrel. Bad news for you oil guys.
http://www.cnbc.com/2016/02/23/al-naimi-we-in-oil-industry-have-more-that-unites-than-divides-us.html Not exactly the full picture. They are making a profit on $20/bbl oil but their government depends on more than for funding. They have to decide things like do we preform routine maintenace on these wells or buy that group of princes new mercedes. Can't do both at $30/bbl. Posted Via AR15.Com Mobile |
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Posted: 2/23/2016 3:00:49 PM EDT
[#48]
Quote HistoryQuoted: He is lying, as usual. They are playing a game. A game they can't win. This. Saudi ceases to exist at $20 oil for any extended period of time. They have $500 billion in savings and at $30 oil, they use about 20% YoY of it to pay expenses. In other words, even at $30 oil, they are totally and completely out of money in 3.5 or 4 more years. They'll blink. Just watch. |
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Posted: 2/23/2016 3:02:05 PM EDT
[#49]
Quote HistoryQuoted:
Then maybe....just maybe....you aren't the kind of "I spent all my oilfield money the year I made it and now I'm broke" person I was speaking about, now are you? Quote HistoryQuoted:
Quoted:
Quoted:
Sweet. Oil prices have been stupid high for too damn long. I'm tired of subsidising bro-dozers bought by people who should be saving their boom/bust $ but don't and then whine when a bust hits. I don't mind them being paid well....it's not that. I mind that they think they are entitled to high oil prices and thinking that their particular job is going to be $200k a year, every year when history does not prove that out. Then maybe....just maybe....you aren't the kind of "I spent all my oilfield money the year I made it and now I'm broke" person I was speaking about, now are you? My brother rode the oilfield wave and made some serious $$$$. He was smart and saved his money, let the company pay his expenses, stayed on sight in his camper rather than pay outrageous money on hotels and eating out. He didn't get sucked into the bro dozer and man toy craze. I was talking to him last October when I was at my dad's camping and he has enough in savings to ride this bottom out. He mentioned that he might even take an early retirement at the young age of 35. Right now, he is just tooling around doing what he wants, contracting out an odd job here and there. Still making enough to pay is bills on just that. That little bastard is always calling asking to take trips to the coast to camp and fish. He is even planning a five day river float trip down some place here in Texas. Giving me shit because I can't commit to a timeframe. |
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Posted: 2/23/2016 3:06:57 PM EDT
[#50]
Quote HistoryQuoted:
Not exactly the full picture. They are making a profit on $20/bbl oil but their government depends on more than for funding. They have to decide things like do we preform routine maintenace on these wells or buy that group of princes new mercedes. Can't do both at $30/bbl. Posted Via AR15.Com Mobile Quote HistoryQuoted:
Quoted:
No link to quote in this article (I'm listening to it live, but that's what he said), but basically, the gist is Saudi's see oil somewhere around $20 a barrel. Bad news for you oil guys.
http://www.cnbc.com/2016/02/23/al-naimi-we-in-oil-industry-have-more-that-unites-than-divides-us.html Not exactly the full picture. They are making a profit on $20/bbl oil but their government depends on more than for funding. They have to decide things like do we preform routine maintenace on these wells or buy that group of princes new mercedes. Can't do both at $30/bbl. Posted Via AR15.Com Mobile Exactly. Saudi Arabia can produce oil at $20/bbl but they need oil at $106/bbl to make all of their welfare programs and subsidies. http://www.cnbc.com/2015/12/03/oil-prices-and-budgetsthe-opec-countries-most-at-risk.html Add to that it takes capital $ to drill new wells, buy new equipment, develop more efficient equipment & technology, etc...Look at Venezuela for an example of what happens when a country uses all oil profits to pay for welfare programs and no money goes back into future oil production. |
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