Posted on 10/10/2014 5:58:40 AM PDT by thackney
Iran has reduced its oil prices to Asia to its lowest level since December 2008, hard on the heels of a similar Saudi cut last week, people familiar with the pricing said Friday...
The National Iranian Oil Co. has cut its light crude oil price for Asian deliveries in November to a discount of 82 cents a barrel below the Oman/Dubai benchmark, the people said. The cut, which compares to a premium of 18 cents in October, is identical to a Saudi reduction of $1 a barrel last week for the Arab Light grade to Asia....
(Excerpt) Read more at online.wsj.com ...
Saudi and Iranian discounts to their best customers indicate that they feel pressure to lower their costs.
Lower selling price equals a lower income to the state treasury which means less funding for state welfare programs, and eventually, to terrorist “charities”.
How about we use our new technology to become energy independent then destroy all the petroleum distribution infrastructure in all the middle eastern countries? Put the Saudi “Royal” family’s income to zero along with the ISIsholes. Make every building in Qatar a steam room. Watch the Ferraris rot on the side of the road in Bahrain. Let the whole group of overly black hair dyed robe wearing pukes turn grey because they have no cash flow.
I’m not saying we keep them that way. Let’s be compassionate, they can restart their oil distribution if no person is murdered in the name of Islam for a year.
Dont bargain with those that cannot be bargained with because they no longer fear you. Crush them.
Oh wait Never mind...
“Dont bargain with those that cannot be bargained with because they no longer fear you. Crush them.”
That’s the only thing they understand.
We used to feed the world. We can now supply most of the worlds energy needs. Bankrupt all of them.
Not hardly, we can't even supply our own. We supply more of our own than we used to, but we still import almost as much oil as we produce ourselves. The difference compared to a few years ago, we refine more than we use and sell a little surplus product outside our borders.
You make the common Free Republic mistake of assuming Islam is in control and forgetting the most important Arab trait...... business.
The Saudi’s being astute business men reacted to a changing market by reducing prices. The Persians followed.
It’s just business
Of course, this is not good news for the Russians, who need the money from their oil exports.
It is amazing to see how much the premium for Brent crude relative to regular crude has narrowed so much.
This morning oil was trading for less than $85.00/barrel.
Watch Obola try to take credit on behalf of the Dems in the next three weeks for lower gas prices!
The difference compared to a few years ago, we refine more than we use and sell a little surplus product outside our borders.I have not kept up with this issue. Have we increased our refining capacity significantly? If so, is it because we have built more refining facilities or expanded existing ones, or both. I remember years ago our biggest problem was not so much crude oil but refining capacity, and how hard it has been to get new refining centers approved through government regulations, red tape, etc.
A middle-east oil price war is good for American consumers in the short term, but could become a drag on US domestic energy production over the longer term.
This could be part of the next step against Russia.
Yes. That is how the West must deal with resurgent Islam. I say, however, it is better to colonize the oil. Take it from them and give them no compensation.
The new refineries have been very little and very few. We have done many refinery expansions and upgrades over the past couple decades. We also quit growing our demand and that helped surplus capacity.
I remember years ago our biggest problem was not so much crude oil but refining capacity, and how hard it has been to get new refining centers approved through government regulations, red tape, etc.
Although that was a point made by many, I didn't agree with it. Crude supply was the problem and the driving point for the price. We were a net importer of refined products until recent years, but when we were importing 10 times the crude than the products, I didn't consider the products our real shortage.
82 cents is a trim, hardly a slash. What would a $20 per barrel cut be called when you have used up all your hyperbole on tiny things? Is the language of football reporting to be used for everything? A one point “massacre?”
What they would understand, at best, is that Allah does not will for Islam to prevail in the current generation or, better, century. It would require a true crushing of a major entity in the Mohammedan heartland. Iran is, at present, that entity. ISIS is not. Crush Iran and ISIS will dissipate. Crush Iran and confiscate all of the oil in Arabia and its neighbors and Mohammedan society will subside into the torpor that characterized it for the first half of the last century.
Headline writers rarely get concerned with overhype, especially tied to oil or ebola.
I assume you mean West Texas Intermediate as quoted on most news cast? Key factor between them is location.
WTI on the exchange means delivered to Land-Locked Cushing, Oklahoma with the existing pipeline bottle next to too many refineries. That was the reason for driving the price differential in the past few years.
The way it used to be, before US shale oil production pushed the limits on our pipelines.
Yes, I did mean WTI, and thanks for all the info about the pipeline situation. I had noticed the difference in prices when checking commodity prices and wondered why there was one.
Freepers are a fount of knowledge!
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