Why The Low Price Of Oil In The World Market

Discussion in 'Energy & Fuel' started by Corie Henson, Jul 29, 2016.

  1. Corie Henson

    Corie Henson Very Well-Known Member
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    Early this year, the OPEC (organization of petroleum exporting countries) had a meeting to agree on decreasing production to jack up the prices in the world market. Venezuela, which economy largely depends on oil, was hopeful. However, Saudi Arabia agreed but later on reneged, it continued pumping oil at breakneck speed as if oil will be obsolete tomorrow. And yes, that's the reason of Saudi oil ministers that they want to exhaust their oil reserves before the world could change to alternative fuel.

    I think that reason of the Saudi oil ministers have a good logic. But it will take decades before the world could forgo the use of oil. The growth of electric cars is crawling. Solar power remains a dream. Wind power is another hype.
     
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  2. Harry Havens

    Harry Havens Member
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    Another subject that I follow rather closely, so just chiming in to make sure I can find later. Although most of my research goes toward U.S. consumption, inventories, refinery outages, etc.
     
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  3. Harry Havens

    Harry Havens Member
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    I did hint something about my researching this stuff, so here goes....
    [​IMG]
    Not a lot to say based on this one snap shot, but the data collected is from EIA.GOV to my format. If anyone is interested, I can give links to all the various data streams making up this chart.
    I would mention that gasoline consumption has picked the past few weeks and is now nearing last year's levels... which were record highs. The 2nd part of that equation is the refinery operating capacity, which is rather high for any time of year, but usually not until August. Any price spikes over the next 6 weeks will likely be traced back to outages at a refinery.
     
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  4. Harry Havens

    Harry Havens Member
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    This does have something to do with oil, but shouldn't be any major impact.

    Invest 93L is expected to gain tropical storm status in the next 12 hours, but should reduce to depression status before landing on the Florida Panhandle around the 20th. The naming rights would be Bret, if it makes it to TS status.

    Invest 92L is expected to gain tropical storm status in the next 24 hours, but will then die rapidly as it approaches the Carribean. If it makes it to TS and 93L made it first, then 92L would be Cindy.

    I only mention these as news reports might go gaga over the next couple of days. But then again, D.C. dominates almost all news, so you may not hear anything.
     
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