OPEC fails to set production limits

[Newsjock]

Source: Reuters

OPEC members failed to agree an oil production ceiling on Friday at a meeting that ended in acrimony, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.

A final statement was issued with no mention of a new production ceiling, apparently allowing member countries to continue pumping oil at current rates into a market that has been oversupplied.

OPEC's secretary general Abdullah al-Badri said the body could not agree on any figures because it could not predict how much oil Iran would add to the market next year, as sanctions are withdrawn under a deal reached six months ago with world powers over its nuclear program.

... Iran has repeatedly said it would boost production by at least 1 million barrels per day when sanctions are lifted. Without curbs elsewhere, this would add to a global glut, as the world is currently consuming up to 2 million bpd less than it is producing.

Read more: http://www.reuters.com/article/us-opec-meeting-idUSKBN0TM30B20151204#vXmPWGMc7bUbXO3h.97

[2naSalit]

1. and

our love affair with the house of Saud is fading so they are not willing to do that for us anymore... either.

[GOLGO 13]

2. That was Bush who pledged his loyality to the king of Saud.

Our POTUS doesn't bow to his enemies.

Still the idea of Iran & Saudi A at each others throats over oil production is just great news for the rest of us.

[Ed Suspicious]

3. For me personally and my family's financial situation this is awesome!

I would love to see $1.50/gallon gasoline! It won't change my driving habits, we don't drive where and when we don't need to, but it will allow us to pay our bills a little more easily.

[Purveyor]

6. We were as low as 1.65 early this week but it bumped up to 1.79 yesterday. Heating oil is

really helping us out. Paid 1.89 two weeks ago, 3 years ago we were paying 3.95.

[leftynyc]

4. The Saudis aren't hurting for money

but the price of oil is really starting to hurt some of our states - TX, OK, ND, SD - jobs are being lost all over the place - including my cousin's husband (TX) who had to recently take a job in NC.

[Javaman]

7. Saudi Arabia to run out of cash in less than 5 years

http://money.cnn.com/2015/10/25/investing/oil-prices-saudi-arabia-cash-opec-middle-east/

If oil stays around $50 a barrel, most countries in the region will run out of cash in five years or less, warned a dire report from the International Monetary Fund this week. That includes OPEC leader Saudi Arabia as well as Oman and Bahrain.

Low oil prices will wipe out an estimated $360 billion from the region this year alone, the IMF said.

Huge budget surpluses are quickly swinging to massive deficits as oil prices have crashed to around $45 currently from over $100 last year. Many of these countries are being forced to tap into rainy day funds to weather the storm.

"Oil exporters will need to adjust their spending and revenue policies to ensure fiscal sustainability," the IMF wrote.

[leftynyc]

9. It'll also decimate some of our states

Don't care about the Saudi Arabia, Oman or Bahrain but I do care about American states.

[Javaman]

11. they run out of money, it will have a massive effect on us and the world.

I also care about American States.

[philosslayer]

8. You are wrong

The Saudis are in fact very much hurting for money.

[leftynyc]

10. I haven't seen any proof of that

I know it's in the future but I don't expect $50 oil to last long. Too much damage to too many countries, including ours.

[Plucketeer]

5. The sheer lunacy of it all....

is more than that that could fan the flames of incredulity. Fucking AFGHANISTAN is busy building solar power networks that will most certainly align themselves into a grid eventually - while we "advanced" civilizations burn more fossil fuels and pile up more spent fuel rods that no one wants to have in their back yards.

The wife and I used to LOVE to go for a casual cruise in our vintage V8 classic car. But when gas got to be nearly $3 bucks, the car started to go less an less. And beyond the cost to my wallet, was the cost to the environment that started to nag at my conscience. But I know A LOT of car folks who'd jump for joy if gas fell to below 2 bucks (which it's close to, here in central Ca.).

If Afghanistan and various African nations can start to embrace renewables, WTF is wrong with this supposedly "Greatest Country"???