Posted on 08/12/2015 5:45:21 AM PDT by thackney
Cash-strapped Venezuela is pushing for an emergency OPEC meeting and joint coordination with Russia to stem a tumble in oil prices, President Nicolas Maduro said on Tuesday night.
"We're working towards a special OPEC meeting, in coming days we'll announce .... We're making contacts with OPEC governments," Maduro said during an hours-long televised broadcast.
"We're evaluating the possibility that a very high ranking OPEC meeting be called, and that in coordination with the Russian Federation, President Vladimir Putin, we can advance in taking a series of actions to defend the oil market in the face of this latest fall," he added.
Further details were not immediately available.
(Excerpt) Read more at rigzone.com ...
Yeah....
Goo luck with that.
Venezuela should sell Citgo to raise cash.
OPEC Says Cheap Oil Taking Longer To Subdue Rival Suppliers
http://www.rigzone.com/news/oil_gas/a/140061/OPEC_Says_Cheap_Oil_Taking_Longer_To_Subdue_Rival_Suppliers
August 11, 2015
OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude’s price collapse is taking longer than expected to hit U.S. shale drillers and other competing sources.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast no extra demand for its crude oil this year despite faster global growth in consumption, because of higher-than-expected production from the United States and other countries outside the group.
In contrast, the U.S. government on Tuesday lowered both its 2015 and 2016 U.S. oil production forecasts, signalling that the 60-percent rout in benchmark prices since last summer may finally be weighing on shale output.
The U.S. 2015 crude oil production growth forecast was cut by 100,000 barrels per day (bpd) to 650,000 bpd from the previous report, according to the U.S. Energy Information Administration’s short-term energy outlook. Meanwhile, it expanded the production decline forecast for 2016 by 400,000 bpd from a 150,000 bpd decline previously.
Benchmark Brent is trading below $50 a barrel, close to its 2015 low after an 18 percent drop in July. But OPEC has refused to cut output, seeking to recover market share by slowing higher-cost production in the United States and elsewhere that had been encouraged by OPEC’s prior policy of keeping prices near $100.
Earlier this year, OPEC slashed its prediction of non-OPEC supply for 2015, expecting lower prices to prompt a slowdown. But on Tuesday, it raised the forecast by about 90,000 bpd following a 220,000-bpd increase in last month’s report.
“U.S. onshore production from unconventional sources is currently expected to decline marginally in the second half of 2015 through year-end, while U.S. offshore production is expected to grow due to project start-ups,” OPEC said.
Meanwhile, the EIA decreased its forecast of non-OPEC supply on Tuesday, lowering 2015 output by 50,000 bpd and 2016 output by 80,000 bpd compared to the previous month’s report.
U.S. energy companies have been adding drilling rigs in recent weeks despite the price drop, and OPEC in the report raised its forecast of U.S. output in 2015 by 20,000 bpd. In March, OPEC was expecting a fall in production possibly by late 2015 as drilling subsided, although more recent data from the EIA shows that output peaked in March.
“OPEC is starting to recognise the resilience of U.S. shale,” said Jamie Webster, analyst at IHS in Washington and an OPEC expert.
excerpted for Reuters
>>>Venezuela Says Pushing for OPEC, Russia Action to Stem Oil Fall
Reads like “stock manipulation” in the open. Collusion!
You do realize that OPEC exist for the purpose of manipulating the price oil....
They are a Cartel, just a rather dysfunctional one.
China make big trouble for commodity based economies
Do it for Hugo, comrades.
China strengthens hold over oil market as price-maker
http://www.cnbc.com/2015/08/11/huge-volume-of-china-oil-trade-gives-it-key-price-making-role.html
China’s growing ability to buy and sell millions of barrels of crude oil on the Asian physical market in a matter of minutes through its main trading firms has given China so much clout that other traders are often forced to follow its agreed prices.
Leading Chinese oil traders have cornered the market on several occasions since October last year. Early this month, Chinaoil, the trading arm of PetroChina, bought 5 million barrels of crude in just 30 minutes through Asia’s main price-finding mechanism organized by Platts, part of McGraw Hill Financial.
Market power is shifting towards big consumers, with oil output at record highs and global demand slowing. China’s main oil traders Unipec and Chinaoil have been able to cherry-pick the best offers and take advantage of cheap oil to build strategic reserves.
- - - -
One perspective, not everyone’s....
the bail out will involve the establishment of a Russian Navy installation in Venezuela
Does Russia have spare cash at this time to send to Venezuela? They have been hurt by this pricing as well.
“They are a Cartel, just a rather dysfunctional one.”
There ain’t no honor among thieves I tell ya.
They could use there oil for cake icing instead.
If they could find any cake.
locusts
>>>You do realize that OPEC exist for the purpose of manipulating the price oil....
This is new? Merely pointing out collusionary practices in broad daylight. Odd though, Loretta Lynch’s Justice Department went after Nine FIFA Officials and Five Corporate Executives Indicted for Racketeering Conspiracy and Corruption. OPEC reads like FIFA.
This is new? Merely pointing out collusionary practices in broad daylight.
It is their mission statement from the 1960s
— - - - - -
Justice Department went after Nine FIFA Officials and Five Corporate Executives Indicted for Racketeering Conspiracy and Corruption.
OPEC isn’t a US corporation. They are not subject to our laws and we are not subject to theirs.
>>>It is their mission statement from the 1960s
The word “manipulate” is in their mission statement plaque outside the OPEC Vienna boardroom?
>>>OPEC isn’t a US corporation. They are not subject to our laws and we are not subject to theirs.
OPEC operates as a cartel to engage in price fixing, with extremely negative economic effects within the United States. It is well-established that U.S. antitrust laws apply to international trade!!
OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
http://www.opec.org/opec_web/en/about_us/24.htm
Do you honestly believe this is new? Are you aware of the embargo from 1973?
>>>OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Of course, perhaps you forgot the preamble to OPEC’s start.
1) Before there was an OPEC (the Organization of Petroleum Exporting Countries), the great oil companies of the West ruled the roost. Oil is the lifeblood of the industrialized nations. It is used in planes, cars, tanks, skyscrapers, fertilizer, drugs and synthetics. Yet back before the days of OPEC, the great oil companies often retained 65% or more of the revenue from a product that was produced on someone else’s property. Then in 1960, many of the oil producing nations, from both the Middle East and elsewhere, formed a cartel to protect their interests.
2) The goal of OPEC was to present a common front in negotiations with the giant oil companies, which themselves worked closely together. OPEC set the stage for a new process in which the producer nations would eventually take over the functions of the companies, at least in production, and retain much more of the revenues. But OPEC really had little impact from its founding in 1960 until 1973. Then all hell broke loose.
>>>Do you honestly believe this is new? Are you aware of the embargo from 1973?
3) In 1973, the U.S. and the Western world were in the midst of an inflationary spiral. The world had become highly vulnerable to commodity cartels, as twenty years of prosperity and accelerating population growth had created heavy demand for raw materials. In the U.S., consumer prices were rising at an 8.5% clip, while inflation rates in other nations were often much higher. The demand for Middle Eastern oil had been increasing throughout the industrialized world and the needs of these countries grew far faster than production. OPEC was growing stronger and it was determined to increase its share of the profits.
4) President Nixon, as part of his ill-fated price control program, had slapped controls on oil in March 1973. The U.S., which had been self-sufficient in energy as recently as 1950, was now importing some 35% of its energy needs. U.S. petroleum reserves were nearly gone. Governments, corporations and individuals were entirely unprepared for what would happen next.
in part & credit to...
https://www.buyandhold.com/bh/en/education/history/2002/arab.html
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