I heard a rumor that OPEC will go 300 USD / barrel this year - page 4.

The Sceptical Chymist

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Quote from: Fortify on March 23, 2022, 01:41:34 PM

I think this rumor is about as useful as people who were predicting that bitcoin was going to be $100,000 by the end of 2021.

Yep, or about as useful as most rumors, i.e., pretty much useless to anyone but oil traders who would probably act on it. For the rest of us, there's not much we can do. It's not as though we can stockpile gasoline or heating oil in case the price of both skyrocket. If the rumor was about rice or toilet paper, it might be a different story--but even then, what we're talking about here is just something some internet nobody wrote on a discussion forum with no evidence.

And I'd also point out that you only hear predictions like this when there's already a trend (or what looks like one) in the price of something. Those predictions about bitcoin going to $100k were usually when it was rising anyway. And then it turned out to be incorrect, so there you go.

adaseb

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I haven’t heard about $300 oil but I heard tons of rumors about $200 oil about 2 weeks ago when we topped $135. It was one week after the invasion. And then crude oil tanked to less than $100 and now it’s going up to $122.

So there might of been this article published but it’s probably because they want people to buy oil contracts and make a big bull trap.

Either way. Before the invasion price of crude was going up anyways. This invasion just accelerated it. We need alternative and renewable energies and there just isn’t enough time for that. Even if everyone could buy an EV the raw materials and time to make the car would take too long.

milewilda

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Quote from: Captain Corporate on March 23, 2022, 02:07:21 PM

People who think that crude oil could go to ATH once agian should really consider what they are looking at right now. The west already decided that they will not work with Russia anymore and that is why I have to say that it is not going to that way at all because all those saudi arabia and venezuela and all other things will make Russia not really a big deal. All those that Russia sent, will be covered from all the other nations that west could get and maybe it will not be the same but 70-80 dollar range will become reality. Maybe not like 10-20 ever again, but not 300 for sure, there is no chance.

We would be never seeing those 10-20 but playing around below 100 is something that we do believe on.There might be some total cut-off ties in regarding with Russia supply but doesnt mean that it
would really make things worst.We've seen it a few months or weeks ago but it would be just momentarily yet other nations had already made out some decisions in regarding supply
which having going 300 is impossible to happen but well if there are rumors then probabilities to happen is there at least but close to impossible.

fillippone

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Quote from: spy100 on March 23, 2022, 11:52:01 AM

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

Highly unlikely. The only scenario where I see this happening is in case of an European ban from Russia Oil.
This would send the Brent/WTI barrel to the moon because of Europe should anyway buy the displaced Russian oli elsewhere.

As an European, I do hope this scenario will never materialize.

Captain Corporate

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People who think that crude oil could go to ATH once agian should really consider what they are looking at right now. The west already decided that they will not work with Russia anymore and that is why I have to say that it is not going to that way at all because all those saudi arabia and venezuela and all other things will make Russia not really a big deal. All those that Russia sent, will be covered from all the other nations that west could get and maybe it will not be the same but 70-80 dollar range will become reality. Maybe not like 10-20 ever again, but not 300 for sure, there is no chance.

Fortify

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Quote from: spy100 on March 23, 2022, 11:52:01 AM

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

I think this rumor is about as useful as people who were predicting that bitcoin was going to be $100,000 by the end of 2021. The war in Ukraine has put pressure on supplies but there is excess capacity that can be ramped up short term. In the medium to long term, if oil stays above $100 per barrel it means a lot more sources are economic to exploit - like many more US fracking sites. These will eventually be brought online and help to stabilize the price somewhat closer to where we are now. There may be spikes but if it goes too high, it'll cause a recession which drops demand too.

Husires

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Quote from: spy100 on March 23, 2022, 11:52:01 AM

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

Russia produces 11,262,746 barrels per day of oil (as of 2016) ranking 3rd in the world, which represents about one eighth of the amount of barrels of oil produced globally, which is estimated at about 88.4 million barrels per day in 2020.

Source: https://www.statista.com/statistics/265203/global-oil-production-since-in-barrels-per-day/#:~:text=Global%20oil%20production%20amounted%20to,at%20around%2095%20million%20barrels.
https://www.worldometers.info/oil/russia-oil/#:~:text=Oil%20Production%20in%20Russia&text=Russia%20produces%2011%2C262%2C746%20barrels%20per,reserves%20(as%20of%202016).

We know that even if Russian oil is banned, the country may continue to export it to some countries, most notably China. Therefore, it is unlikely, at the present time, that we will witness prices above 200 dollars per barrel.

This rumor might be true if Russia and Saudi Arabia decided to stop exporting, which is almost impossible.

gantez

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I try to search for you on that but no result I could get for that. The price of crude oil per barrel today still standing for $114 and between that. The rumour can be with the Ukraine and Russia war because for a month that it started, there has been a steady price increase of crude oil from $89 to above $100 and this is affecting the economy of more countries than those in the war.

spy100

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I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

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