Topic: Energy crisis? What energy crisis? Oil dips to 3 months low despite OPEC cuts! - page 2. (Read 641 times)

You're a laggard, as you've proven many times before

1. To clarify. Whatever reserves Russia has, it has a problem - it is a technologically backward country. And even the extraction of budget forming resources depends on western technologies. just read what is happening now with the existing deposits ? I'll tell you the key phrase, and you try to do some self-development, read what it means. So - "The 4 main stages of an oil field". Study the topic, And - find out at what stage are the main developed fields in russia ? Emphasis - developed fields. Why? Because the new fields explored in Russia in the last 20 years are more difficult to develop, and there is no action beyond exploration. And there won't be - because Russia doesn't have its own equipment to develop deep deposits .....

2. "In short, the oil industry experts don't think any other country will leave OPEC in the nearest future." - links to articles where experts voice this opinion ?

Are you retarded? Where did I mention oil reserves? I was talking about OIL PRODUCTION not oil reserves. Russia's oil reserves are:


Source: https://www.eia.gov/international/analysis/country/RUS

So what?


Read any article from reputable source like Reuters (unless you want to look like a complete clown) it has all the info you need. In short, the oil industry experts don't think any other country will leave OPEC in the nearest future. I tend to believe industry experts not some random borderline retarded troll on an internet forum. 

It's a good thing you only have not more than a year to continue your trolling. Guess why? 

“Oil reserves in Angola reach 7 billion barrels. Angola’s oil is light and low-sulfur, considered one of the best in the world, since its processing requires minimal costs”

The main thing is to start the process - as they say, “water wears away stones” OPEC participants are simply beginning to understand that all this fuss started by Russia will give the participants NOTHING except lost profits and a sullied reputation. So we are watching the situation develop.

No big deal - Angola is an insignificant oil producer with around 1 million barrels. To compare, the remaining OPEC 12 members produce about 27 million barrels. For Angola, oil and other fossils revenue make up to 90% of countries entire export so yeah, after the country's economy got hit by covid consequences the only solution for them is to produce more oil. OPEC refused to assign them more quotas so they decided to leave. Move on, there's nothing to see here. 

Angola turned out to be the smartest and made a logical decision - it is illogical to participate in manipulations for the sake of satisfying the morbid fantasies of some participants, to the detriment of its economy !

"Angola quits OPEC
Angola does not agree with its oil production quotas and leaves OPEC
Such a decision the authorities of the country explained the "lack of results" from participation in the organization and disagreement with the quotas for oil production.
Angola is leaving the Organization of Petroleum Exporting Countries (OPEC) starting from January 1 next year. The country's authorities have already sent a document to the organization, which formalizes its voluntary withdrawal from this economic bloc. This was reported by Angop on Friday, December 22.

It is noted that the sending of this message to OPEC took place a few hours after the Minister of Mineral Resources, Oil and Gas Diamantino Azevedo publicly announced the withdrawal.

He attributed this decision to the "lack of results" from participation in the organization and disagreement with oil production quotas.

"Until now, quotas have not affected us, but if we had stayed in OPEC, we would have suffered the consequences of the decision to honor production quotas," Azevedo told TPA TV. Angola would then have been forced to cut production, he added.

"We want to participate in organizations not to enter quietly and leave silently, but to be active and contribute. When we see that our contribution does not produce any tangible results, it means we are not doing anything in that organization," the minister said.""

PS And a little negative, but as it is - given that this clearly affects Russia's desires to destabilize the oil market, terrorist attacks and other classic Kremlin staging like "military coup" are possible in Angola in the near future....

Oof-topic, but that's an unexpected policy change from the United States. Tin-foil hats on, but OPEC might have taken their supply cuts because they probably had already known that the U.S. will start increased production of their own Crude Oil again.

That could also indicate that a war is coming?

🤔


That's precisely my point. The Energy Crisis isn't what should be concerning. It's the fact that there's low demand from large oil consumers like China. Why? A Great Recession should probably be more concerning?

Yeah, that's definitely so. No reason for concern. Europe is buying expensive oil and LNG from Norway and USA. So yeah, Europeans are not going to freeze to death but they're going to go bust by buying expensive energy. It's called war tax. The EU people are sponsoring Ukraine but nobody asked them if they would like to do it. Democracy at it's best.   

This power struggle plays out like a Hollywood blockbuster, with oil prices as the dramatic soundtrack and trade deals as the plot twists. Following the money trail, like a detective with a trench coat and a fedora, reveals the real motives behind global events. Who's cashing in on that conflict? Who loses when the pie is shared fairly? These are the questions that crack the code and show us the truth behind the headlines.

Intrigue and manipulation might win temporary battles, but they leave scars that never fully heal. Crossing those red lines – disrespecting sovereignty, sucking nations dry like a milkshake, and crushing their dreams of self-determination – is planting seeds of future conflicts and suffering. Building a world that's fair and just needs cooperation, not coercion, transparency, not smoke and mirrors, and respect for every nation's boundaries, big or small.

No, not concerning at all.
Because of two reasons:
- first is that OPEC cuts, the US pump records:
https://edition.cnn.com/2023/12/19/business/us-production-oil-reserves-crude/index.html
- two the major loss in demand is because of China
https://www.koreatimes.co.kr/www/biz/2023/12/602_364682.html

So yeah, unless the person looking at this is on the morons side that was laughing and cheering at Europe freezing and driving donkey carts:


No reason for concern!

Taken in another context, isn't it more concerning that the price of Crude Oil is still low despite the supply cuts? Because that illustrates that demand is low, and if the demand is low, then that could indicate that a worldwide recession is coming. Plus you're right, it's probably not going to be an "Energy Crisis" like the Oil shocks of the 1970s, but there could still be something, another sort of economic crisis that will bring everything down.

And Stompix nails it again!


Angola leaves OPEC in blow to oil producer group

Andit seems like everyone is starting to get the real picture:
No matter how much OPEC cuts oil production, other countries will 'fill the hole


Well, we all know China has stopped publishing every indicator that doesn't fit their narrative, so your point is... 

At the same time, Malaysia, both government and population, must understand the following - opposing and opposing Israel's exercise of its legitimate right to security and response to aggression is a risky business. When Malaysia becomes a victim of a terrorist attack, and decides to respond to the aggressor, they must realize that they will be judged and punished by other countries, following their own example. This is called case law. Therefore, it is always necessary to objectively assess the situation and draw conclusions and take action. In short, I do not wish Malaysia to suffer the same misfortune as Israel, but.... the people of Malaysia should be prepared to accept such punishment in such a situation....
Even supporting terrorists like this, through the impact on his victim, makes you in a sense an accomplice, and supporter of terrorists, don't forget that !

Hopefully you look at who made/created those indicators.
Most information we can get is influenced, to say the least.

You cannot explain the wheeling and dealing of a government with the heating issues some people experience in winter.

Lol...started..In other news vegans have stopped eating meat!

Malaysia has blocked ships going to Israel one decade then let them pas then block them again, and so one this is not even news.
First Malaysia isn't even recognizing Israel, their passports carry a note "Valid for all countries except Israel.", they don't allow Israeli citizen to set foot in the country, so again, a useless ban, much like North Korea banning shipments to and from the United States.

As for oil, which is the topic at hand:
https://www.investing.com/commodities/crude-oil

WTI still stands at $73.5, it was at $83 right after October 7th so where is the crisis?
Gas prices in Europe were at 39.287 before that , now they are at 32.384!


Block what?
This is a think some don't understand about the whole Yemen conflict

Frist the US doesn't need oil from there at all!
Second, Europe doesn't either, the main route of imports are from the US, Norway, Kazastan , Lybia and UK, Andgola and Brazil.
The only Arabian country there is Iraq with less then 8%!

So, again who are the houthi going to stop trading oil? China, India and Egypt. Good luck with that!

This might be not yet happening, but if the middle-east crisis is expanding, the possibility for oil crisis will increase. The middle-east itself is divided on their political view towards Israel-Palestine conflict, Especially Saudi Arabia and Yemen, if they start blockading oil supplies it's not impossible for an energy crisis.

I want to mention something that maybe is out of this oil crisis topic, but this is still contextual to the war issue point,

Malaysia has started to blockade Ships with Israel flag, it's not impossible that this action might be expanding and followed by other countries,
https://edition.cnn.com/2023/12/20/asia/malaysia-israel-shipping-ban-palestine-support-intl-hnk/index.html#

1. I may have misunderstood, let me clarify "But then the election of Joe Biden happened, which was followed by the Russo-Ukrainian war" - are you saying Biden's election was a "trigger" for Russian aggression against Ukraine ? I'll just give you 2 dates: the Russian terrorist attack on Ukraine - February 20, 2014, the attack on Ukraine - in Crimea, Lugansk and Donetsk regions. Joseph Biden won the 2020 U.S. election was held on November 3,... I hope you will correct the sentence, as it looks, to put it mildly, willful manipulation.

2. Yes, India has become one of the biggest beneficiaries of Russia's terrorist attack on Ukraine, because in the wake of the subsequent sanctions, it started buying huge amounts of oil from the terrorist country for pennies, providing its own market, and refining crude oil into gasoline and diesel fuel, and then selling it at a high price. i am not accusing India of supporting the terrorist country, India just used the situation to its advantage. That's fine.  

But India needs to realize that having the largest population in the world, and a good potential for economic growth and prosperity, that is guaranteed to manifest itself in increased motor vehicle ownership. Therefore, India should look towards alternative energy and the development of the auto industry from hybrid cars to electric cars or cars with alternative powertrains. Why? Because the situation with cheap oil from Russia, which simply has nowhere to put it, will soon be over, which means demand will start to grow, or at least the price. And no one will sell oil to India for rupees, but only for dollars.....

But I still hope that in the coming years, the oil market, as well as the gas market will stabilize and return to adequate prices, and the lack of manipulation of this resource

Well.. I am not going to complain if crude oil becomes available at $10 per barrel. Here in India, we import 85% of the crude oil that is consumed (the remainder comes from local oil fields in Bombay High and Assam). And if I remember correctly during the start of the COVID epidemic (April-May 2020), we had Brent crude at <$40 per barrel. But then the election of Joe Biden happened, which was followed by the Russo-Ukrainian war. In two years, the prices jumped from $40 per barrel to $120 per barrel. I just hope that crude will never again reach three digits.

I'm not sure about new technologies, there is no proof that it's the game-changer. What is actually happening is the US have spent their oil reserves to push the prices down and now they have to replenish them. Until now, the US always tried to keep certain amount of oil reserves for strategic reasons. Like, when everybody will run out of oil, we'll still have our resources. However, due to current trends of migrating to EVs and solar and what not these resources might become unnecessary. But it's entirely possible that they will stop or cut production after the Russo-Ukrainian war ends.   

All the OPEC+ fiddling around trying to screw the world will only result in their revenues falling, while the US will increase its profits and earn "thanks to the efforts of OPEC+", as was already the case recently. It is not excluded a variant as it was in the 80s, when Saudi Arabia realizing that all "production cuts" and "embargoes" lead to one-time benefits but long-term losses, will start pumping oil again, trying to fill its budget. This will lead to a chain reaction and oil at 10 dollars per barrel will look very attractive to oil producing countries

PS Chinese economy is withering and shrinking, as evidenced by many indicators. And China was one of the countries that formed the key demand for oil. Now China can buy cheap oil from its raw material appendage, but ... China doesn't need that much oil anymore....

Hmm... by now the OPEC should have realized this. New technology has helped non-OPEC nations to increase their crude output. Oil production is no longer dominated by the GCC and CIS nations. For example, USA is the top crude oil producer in the world, and they replaced Saudi Arabia from this spot recently. Anyway, global crude oil consumption has peaked due to rising share of EVs. Here in India, almost 10% of the domestic vehicles in my area are EVs and the share is rising steeply with each passing year. If OPEC+ cuts down on their output, it will not have any impact on the global prices. Only result would be that they will lose their market share to other countries such as Guyana and Canada.