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Page added on December 4, 2014
Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel
OPEC’s biggest oil producer, Saudi Arabia, now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation.
The shift in Saudi thinking suggests the de facto leader of the Organization of the Petroleum Exporting Countries won’t push for supply cuts in the near-term, even if oil prices fall further. Brent crude dropped 62 cents a barrel to $69.92 on Wednesday.
The change in Saudi mind-set also suggests OPEC members may have to adapt swiftly to shifts in the oil market caused by a surge in supply from the U.S. shale revolution and slowing global demand growth. As recently as early November, OPEC officials were talking about $70 a barrel as the sustained level at which there would be “panic” within its ranks.
The Gulf states “don’t have a price target, and if prices drop further below $60, it won’t be for a long time,” a Gulf oil official said.
Before last week’s OPEC meeting in Vienna, the Saudis had been considering a Venezuelan proposal to cut the producer group’s oil output sharply. The possible deal finally fell apart when Russia, a major oil producer that isn’t a member of OPEC, refused to participate in a general supply cut, according to people familiar with the situation.
That gave Saudi Arabia and its Gulf allies cover to push an unpopular strategy at OPEC’s main meeting last Thursday of not changing the cartel’s production target, in an attempt to defend market share rather than prices. That view prevailed, leading Brent crude to fall 10% in the past week.
Analysts said the new insight into Saudi Arabia’s views on the oil market was likely to keep prices subdued in the coming months and would thwart chances for a strong rebound.
ENLARGE “It’s just another factor that solidifies the bearish outlook,” said Kyle Cooper, managing partner of research consultancy IAF Advisors in Houston. The Saudis “have seen their market share be continually diminished, especially in the U.S., and I think they’ve grown weary of it.”
During an early November meeting on the Venezuelan resort island of Margarita, Saudi Arabia’s oil minister, Ali al-Naimi, had told Venezuela’s foreign minister and OPEC representative, Rafael Ramirez, he would support a cut only if the Venezuelan minister could convince others both inside and outside of the cartel to participate, according to people familiar with the situation.
It was a “mission impossible,” said one OPEC delegate. Struggling OPEC members like Iran, Libya and Iraq argue they should be exempted from any move to cut output. Historically, persuading non-OPEC members to join the group in reducing supply has met with limited success.
However, just 48 hours before OPEC’s semiannual meeting last Thursday, Mr. Ramirez gathered senior energy officials from Saudi Arabia, Russia and Mexico—another non-OPEC member—in Vienna’s Hyatt hotel.
On the table was a proposal to take two million barrels a day of oil supply out of the global market of more than 90 million barrels a day, according to people familiar with the situation. The bulk of the cut was to be shouldered by OPEC, but Russia and Mexico combined were expected to contribute a reduction of 500,000 barrels a day, the people said.
The meeting ended without any deal to cut supply, Mr. Ramirez told reporters immediately afterward. Within hours, Russian state oil company OAO Rosneft said it wouldn’t cut its oil output.
Mr. al-Naimi finally decided it would be better to endure short-term pain from low oil prices than risk losing market share in the long run, according to people familiar with the situation.
“The market will stabilize itself eventually,” he told reporters.
He conveyed this message first to his Gulf allies—countries such as Kuwait and the U.A.E.—and then during a four-hour debate among all of OPEC’s ministers last Thursday, according to delegates briefed on the gathering.
Mr. al-Naimi rebuffed calls led by Venezuela for the oil-producing cartel to reduce its output by 5%, arguing it would cost OPEC market share without guaranteeing prices would improve, the people said.
Mr. al-Naimi told the ministers that enduring lower prices would force high-cost oil producers outside of OPEC, like U.S. shale-oil companies, to cut back production themselves, tightening the market by the second half of 2015, the people added.
The rest of OPEC gave in to Saudi pressure and the cartel reluctantly agreed to maintain its oil production at 30 million barrels a day. On Tuesday this week, the kingdom’s cabinet said OPEC’s decision reflected the group’s “cohesion and unity.”
43 Comments on "Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel"
Makati1 on Thu, 4th Dec 2014 7:06 pm
Guess we will have to wait and see. But so far, all there seems to be is a lot of misinformation and propaganda in the ‘news’.
Plantagenet on Thu, 4th Dec 2014 7:07 pm
The Saudis have started a price war with Russia and with US shale producers. KSA looks to have all the cards—legacy oil fields like Ghawar with very expensive production costs. But KSA is forgetting one important thing—Ghawar is very close to peaking.
The more oil KSA sells now at bargain basement prices, the less oil they’ll have later when oil prices go back up.
Plantagenet on Thu, 4th Dec 2014 7:08 pm
Make that: —legacy oil fields like Ghawar with very INEXPENSIVE production costs.
The water cut is already quite high at Ghawar. Aramco has been doing a water flood there for decades.
When Ghawar peaks and then rapidly declines, KSA will no longer be dominant in the oil market.
Welch on Thu, 4th Dec 2014 7:18 pm
I say KSA and USA are conspiring to undermine Venezuela, Russia and Iran.
GregT on Thu, 4th Dec 2014 7:27 pm
I say KSA and USA are conspiring to undermine Venezuela, Russia, and Iran, to maintain USD global hegemony. The FED has run out of options.
Makati1 on Thu, 4th Dec 2014 9:38 pm
GregT & Welsh, I think you are both correct. There does not seem to be any other reason for it. Certainly not a sudden oil glut or severe decrease in demand to drop prices 40% in a few months.
But, if that is their goal, I think, like everything the Us has touched in the last 20 years, it will go to shit and boomerang. But then, the powers want to get rid of the US middle class anyway so, two birds with one oily stone? We shall see.
rockman on Thu, 4th Dec 2014 9:50 pm
“I say KSA and USA are conspiring to undermine…Russia…”
OK, lets see how the conspiracy is working. During 2Q 2014 Russia brought in oil exports at a rate $162 billion/year with an oil price of $101.13/bbl. Assuming they will export the same volume in 2015 at the current price they earn about $110 billion from oil exports. Thus in 2015 Russia will earn $8 billion more then they earned from oil exports in 2005 when they sold it for $45/bbl and 400% more then they earned in 2001 when they sold it for $21/bbl. So the conspiracy is to force Russia to sell their oil for the same price ($66/bbl)they did not too long ago in 2007?.
Not exactly stabbing Russia in the back IMHO. LOL.
rockman on Thu, 4th Dec 2014 10:26 pm
M – “Certainly not a…severe decrease in demand to drop prices 40% in a few months.”
From the EIA consumers were buying 42.0 million gal/day in Sept 2011 ($150 million/day) and 20.8 million gal/day Sept 2014 ($72 million/day). We decreased how much we spent on gasoline by more than 50% in just 3 years. And just about 3 months later we’re only spending $57 million/day for gasoline.
So a 20% reduction in how much Americans spent on gasoline IN JUST 3 MONTHS doesn’t strike you severe?
GregT on Thu, 4th Dec 2014 11:10 pm
It’s all a confidence game at this point Rock. Russia weathered the global economic crisis better than the West. In this race to the bottom, TPTB will do whatever it takes to make sure that their Ponzi scheme appears better than any other Ponzi scheme. This isn’t about earnings, it is about control.
Bandits on Thu, 4th Dec 2014 11:44 pm
“Not exactly stabbing Russia in the back IMHO. LOL.”
……….You could claim the same for the USA or Canada or any oil producing state.
What matters is the cost of production and it varies of course, regions, quality and plays differ.
As the oil price drops the USA will not produce the same as when oil was $44, nor will anyone else that resuscitated old wells, or brought online or developed marginal plays. These things you have made clear yourself. I (humbly)agree that there is definitely no conspiracy to force Russia into liquidation
Now it’s about demand and who is not demanding to cause the price drop and I have only speculation but no solid information. I suspect simple deflationary pressures affecting trade world wide but no clue really.
Davy on Fri, 5th Dec 2014 4:57 am
Well, if there is any global conspiracy out there you better throw the US into it to increase the spice and keep it tasty. Everyone hates the US including many Americans. We have our own special US hater here on this board that has made it his life’s passion.
Mark Twain said this about conspiracy:
The wronger a conspiracy is, the better it is.
– Tom Sawyer’s Conspiracy
You can take that either way.
There is flimsy evidence on the US being a part of this conspiracy. If the US is or is not they surely are enjoying Put’s ass pucker. Iran is already with a black eye. Venezuela is tearing apart their own house. The US need not interfere there or it may mess that destructive process up. You can be sure the US authorities are worried about the energy sector in the US. We have read widely here about the market risks, the local economy effects, and lost tax revenue possibilities. If there is a conspiracy from the US it is a localized one because this is not a win win for the US. I would not put it past the den of thieves and the incompetent US TPTB to shoot themselves in the foot by pursuing economic measures on their opponents with or without side effects. It is possible they have weighed the tradeoffs or they fail to see them. I think the case of KSA is stronger. Putting the US in that mix tastes good doesn’t boys. Now prove it.
Davy on Fri, 5th Dec 2014 5:27 am
Greg, you have been giving bold Russian statements of late. Are you getting a feeling of desperation with Russia’s plight? I know Russia is special to you. I admire Russia. It is a fascinating country. I have said here on this board that Czar Putt is a bold and charismatic leader of the highest caliber. That is not saying much these days with the bar so low. Obama is an abysmal failure.
Greg, I see no evidence Russia weathered the financial crisis better than the US. All Russia did was skim some easy pickins from the fat that resulted from the oil price rise since 2008. They have done nothing but pursue Chevez economics of militarism, adventurism, and milk the petroleum industry. The mafia Oligarchs have enriched themselves. Moscow is one of the most expensive cities in the world. Russian tycoons live large throughout the world. Notice how Put had to offer an amnesty for all that capital that left the country that is because a significant portion is mafia money. Russia is a mafia state and by extension a gangster no different in the respect of corruption and manipulation from the US. There is no need to list the negative US examples because they are so numerous and understood so you get the point.
It is a confidence game Greg and a global confidence game. Putt is affecting this global confidence no different than the US. You all can bitch about the FED but please answer the 25TRIL Chinese question and for that matter Japan’s and Europe’s stink. Greg, earnings are control in this world. It is about proxy wars and trade wars. Economics are survival. Both sides are guilty of destabilization. It takes two to tango. This global system is interconnected far too much for any kind of decouple without a BAU disaster.
Put’s ass is puckering and he is behind the podium with no pants on. His is one bold SOB but he will still have to show his stuff at some point. Putt’s west decouple is a gamble. Personally I see it as an end game gamble. Putt is smart so that may be his thinking. It could be his end and ours. Putt is playing with all our lives no different than the den of thieves in DC/NY.
It is best to see this situation as a no win for all parties if global BAU fails. At this point no die is ready for that. Billions are at risk of starvation if this goes wrong so blood will be on these leaders’ hands. All parties are in this fight and doing their own dirty. Russia wants their own regional BAU. It may not be what Putt thinks when the global BAU is ripped apart. The US wants to be top dog and the same unintended consequences are appearing true for the US. The US must yield power for the global system to mitigate instability. The US is pursuing its own self-interested end game of power maintenance that will surely crash global BAU.
You guys can take sides if you like. I hope it makes you feel better. I am spitting on all of them because I need 3-5years and global TPTB assholes may screw that up. At a higher dimension I want mitigation policies for the top so less people suffer and die. That is what is ahead pain, suffering, and death. These self-interested nationalistic policies will surely lead to dangerous instability. I have no respect for corruption, manipulation, and distortions of the truth. That is what is at the top everywhere. If anyone want to say they have a super hero I will say bullshit prove it.
Makati1 on Fri, 5th Dec 2014 7:27 am
We all know the Us is in bed with the KSA and has been for a long time. But, just maybe, that game is over and KSA is moving to their new main customer, China. After all, the Yuan is likely to survive the end of the USD better than most currencies as it will likely be backed with gold in the near future.
As for the banking powers (and they are the only ones that count) they want to see the end of the middle class in the West. That is no secret. Look around and you can see the evidence that they are being very successful in their goal. The EU is a dead man walking and the zombie USSA is there with dead Japan propped up with stacks of worthless yen. The Western wannabees. Australia, New Zealnd, etc, are right behind. The countries in the Empire’s (Central bankster’s)cross hairs are all the ones that are independent of the banking cartel for the most part. Russia, Iran, N.Korea, China, Venezuela. There were more, (Iraq & Libya) but they are now chaos countries, thanks to the USSA.
Davy on Fri, 5th Dec 2014 8:13 am
Mak said – independent of the banking cartel for the most part. Russia, Iran, N.Korea, China, Venezuela
Mak, you might be talking about Iran and N. Korea but you are dead wrong with China and Russia. Venezuela is caught in a trap of its own making. Last I saw they are still an integral part of the global financial system or maybe is this news just propaganda:
http://www.zerohedge.com/news/2014-12-04/putin-offers-full-amnesty-money-repatriation-threatens-crackdown-against-fx-speculat
Surely if Mighty Czar Putt has decoupled this speech must be a false flag or something. I love when Mak talk up his super heroes its great entertainment makes me want to pop up some popcorn. Mak, got any butter?
On a friendly note – Mak, are you prepping for:
http://www.bbc.com/news/world-asia-30324209
shortonoil on Fri, 5th Dec 2014 8:25 am
Everyone seems to think that the nations of the world are all conspiring with each other in some dire plot by using the oil weapon. Of course, when haven’t they been doing that? Over the last century the nations of the world have acted like a bunch of 3’rd graders when the teacher leaves the room. Pull Peggy’s pig tail, and bite Johnny on the arm. The only difference is that the blood flow is a little bit big greater.
But, with 48,000 oil fields scattered across the globe, and over 1,500,000 oil companies, all working in their own best interest, now who exactly has enough influence over them to drop oil prices 34% in six months? The Great Satan can funnel a few bucks to some cow pasture in North Dakota, and Ahab the Arab can keep his pumps primed, but outside of that not much will effect the world’s oil market to the degree that we have seen.
Actually, the price fell because the value of oil fell; it’s called depletion. We saw a big bump down because the central banks have been printing vast quantities of funny money in an attempt to keep their cohorts in the banking industry in Mercedes, and South Hampton $10 million bungalows. That kept the stock market up, but wore thin in commodities. Not much of that reached the real economy, and it wasn’t real money to begin with.
In 2012 we reached the energy half way point; the point where it required one half of the energy in a barrel of oil to produce it, and its products. The end consumer got left with a rapidly shrinking bag, and the economy ran out of bucks to buy high priced oil. The price fell. We outline what is happening here:
http://www.thehillsgroup.org/depletion2_022.htm
We are approaching the end of the oil age. That is not Putin’s, Obama, Turban Head, or Chevaz’s fault. We burned it.
http://www.thehillsgroup.org/
Kenz300 on Fri, 5th Dec 2014 9:34 am
The WSJ is now owned by the Murdoch Empire of Faux Noise fame……..
Everything they now report is with the spin of their agenda driven reporting……
The WSJ and Faux Noise are the spokesmen for the top 1%, the fossil fuel industry and the RepubliCON party that they fund.
Everything they say needs to be viewed with some agenda driven bias.
bobinget on Fri, 5th Dec 2014 9:47 am
End of the oil age? Not so fast, articulate FOB (friend of board)
War itself has been somewhat downsized. Weapons systems, drones, spy satellites, for instance are more killing efficient then just a few years ago.
Shortonoil has seen this all before but somehow, ‘this time it’s different’. In the 1980’s oil prices dropped when US auto makers downsized. We saw the same thing again when SUV’s suddenly became not badges of wealth, safety and prosperity but spendthrift waste.
When latest auto news releases stress economy instead of power and sex appeal, then I’ll begin to listen closely to thehillsgroup.
When airline (jet fuel) consumption drops for three months, then I’ll pay close attention.
When truck, tractor and auto sales slow instead of
increasing yearly, (seventy two million, this year)
http://www.statista.com/statistics/200002/international-car-sales-since-1990/
I become a believer.
But here I believe the topic is Saudi Arabia and it’s
‘Hail Mary’ effort to bring down Russia.
(the chief cause of a 40% price drop, IMO)
IMO Putin is doing ‘rope-a-dope’ on KSA.
Every oil investor knows, it’s better to leave oil in the ground, if you can afford it, rather then sell below cost. Putin or the Royals are not afraid of losing the next ‘election’. However…
Saudi Royals are sitting on an exploding population and diminished income needed to keep a restive society from rebellion. (not to mention, palace coup rumors)
WHEN (not if) rebellion comes to KSA SA will look
like Syria. At that point Russia makes its move
to dominate OPEC with the help of Iraq, Iran, Venezuela, Syria, Ecuador. (the latter five hurting)
Nony on Fri, 5th Dec 2014 9:52 am
Rock:
1. Sales volume of oil is constant (slightly up)! Why the heck are mooning about a well known SEASONAL gasoline variation in one country when WORLD volume for oil (and oil is a global product) has NOT dropped. Are you dense?
2. Every price drop, you blame on demand. Every price increase you blame on supply. Don’t you see how screwed up and biased that is?
3. Not to mention other silliness, like blaming 20 YEARS of low oil prices (1986-2006) on a recession that ended in 1982. Not to mention you completely ignoring the MASSIVE demand increase in the 2000s (China duh) while price increased and instead mooning about “POD”.
——-
Sometimes I wonder about you. You do understand the mudlogger and the gamma and the carbonate silicate and all that, don’t you? (Please.) How’d you do in calc and chemistry class?
poaecdotcom on Fri, 5th Dec 2014 9:52 am
“We saw a big bump down because the central banks have been printing vast quantities of funny money”
DISARGEE…..
DEFLATION is the culprit here. Demand destruction. All those humming printing presses are simply trying to mask it.
GregT on Fri, 5th Dec 2014 10:34 am
Davy,
I’m not taking sides. The bankers and the oligarchs are playing their geopolitical games in an attempt to maintain control over the masses. The people, you and I included, are no more to them than a source of income, and cannon fodder. If you believe for one second that they are playing these games with the people’s best interests at heart, you are sadly mistaken. The continual destabilization of the ME is exactly what I had expected to occur, with Iran as the ultimate goal. Russia and China vetoed the US attempt at overthrowing Assad 3 times. The response was to impose sanctions on Russia. When that didn’t work, the US struck closer to the Russian homeland.
Many US officials in the past have made it very clear as to the threat that the FED imposes on the USA. The FED is an independent private institution that has control over the federal government through monetary policy and debt. The money didn’t exist in the first place. It was created out of thin air. There is no good reason for mountains of debt, other than to line the pockets of those in control behind the scenes. They have instigated wars before, and they will instigate wars again. They could care less how many millions will be brutally massacred.
It is you Davy that is taking sides, you are taking the side of the FED.
penury on Fri, 5th Dec 2014 11:42 am
Everone here should read Smedley Butler’s book and understand that nothing has changed in the last hundred years. Only the names (some of them) have changed. Wars are being fought because of resource availablety and control. Those with the resources make the rules, and the powers which control the most resources rule the world. The only thing which frightens TPTB is the spectre of diminished resources rapidly approaching. All of which merely means maximum war is rapidly approaching from the other direction. Humanity is trapped in an era of increasing needs married to decreasing supplies and without a viable option to increase supply, we must lower demand. War will decrease much demand.
Davy on Fri, 5th Dec 2014 11:48 am
Greg, this is not a matter of taking sides on my part. You know how I feel about TPTB inUS. I feel is it is BS to say the U.S. is the only problem. Russia, China, Iran, and especially Syria are gangster states. Having these countries as the states in the right and the U.S. in the wrong is unbalanced and simplistic.
I am here to admit due to the extent of power projection the U.S. TPTB can be considered at the top of the list of bad. Your so called good states are filthy with blood and deceit. I am not saying either side is good. I am saying both sides are bad. That is a long way from taking sides.
Perk Earl on Fri, 5th Dec 2014 12:06 pm
“We saw a big bump down because the central banks have been printing vast quantities of funny money in an attempt to keep their cohorts in the banking industry in Mercedes, and South Hampton $10 million bungalows. That kept the stock market up, but wore thin in commodities. Not much of that reached the real economy, and it wasn’t real money to begin with.”
I agree with that, short, so I’m trying to figure out how the US economy has in the past few quarters clocked such good GDP numbers at the same time the rest of the world’s economies seem flat to contracting. Any insight as to why that contrast is occurring?
Davy on Fri, 5th Dec 2014 12:07 pm
NOoster, your corn porning son. You are frozen in a different age and it is going to lead to your clock getting cleaned. I imagine your well invested in the market this is the reason for your desperation. Times are getting dark and moody and that is scary for a hardcore optimist that sees the world in Econ 101 terms. Snap out of it boy. At least be cautious before you lose your ass on a bad bet.
GregT on Fri, 5th Dec 2014 12:07 pm
Davy,
I never called any ‘states’ good, and I am not taking sides. I am merely pointing out what I see as occurring geopolitically, and why.
Davy on Fri, 5th Dec 2014 12:13 pm
Alright Greg, you have enlightened me to some very good criticism of the U.S. TPTB. I am looking for truth not sides. I hope you acknowledge my comments on the antiAmerica axis headed up by Russia. You have to admit Russia has a special place in your heart. This emotional attachment can clouds ones feelings as I know my are clouded by being American. That is my point.
GregT on Fri, 5th Dec 2014 12:32 pm
Davy,
I have no political affiliation, and I do not love one group of people any more than another. Most people only want to live their lives in peace. It is the power mongers that I have a problem with. All of them.
My feelings are not clouded by my emotional attachment to my space in an imaginary border drawn in the sand. I call a spade a spade. I am on the outside looking in. Again, I have no horse in this race.
shortonoil on Fri, 5th Dec 2014 12:32 pm
Any insight as to why that contrast is occurring?
Economics is not my suit, so this is just a guess based on what I have read, and what I have seen with my own eyes. As the last relative bastion of stability left in the industrialized world, the US has attracted a huge amount of foreign money recently. Half the houses sold in my area over the last year have been to Asians. Most of them tell me they are looking for someplace safe to put their money.
I think it would also be prudent to take into consideration just how accurate those growth numbers really are. The FED has, until recently, been printing a huge amount of money that shows up in the GDP figures. That printing hasn’t generated any real goods, and services but it appears on the government ledger sheets as revenue.
The real question is how long is this growth going to last?
Apneaman on Fri, 5th Dec 2014 12:47 pm
I would not use the auto industry as a gauge of the economy. How viable is an industry that needs constant bailouts and special favors by governments?, had to recall 20% of their product this year and has to offer up to 8 year financing to an ever growing number of broke citizens. How many unsold vehicles are they storing in a half assed attempt hide them? Whats next? A 30 year mortgage on a Prius? This ain’t your grand daddy’s auto industry or economy, but it is a grand daddy – in hospice.
http://www.leftlanenews.com/record-recall-year-affects-20-percent-of-all-cars-on-the-road.html
tahoe1780 on Fri, 5th Dec 2014 2:43 pm
GDP – Who calculates/reports it for each country? Do they all use the same math? Does Russia use hedonics and substitution in their calcs? Is their (other country’s) inflation calculated the same way? Do they use “core” inflation, chained CPI, etc.? Can anyone show me that we’re comparing apples to apples?
tahoe1780 on Fri, 5th Dec 2014 2:46 pm
http://www.shadowstats.com/alternate_data/gross-domestic-product-charts
Perk Earl on Fri, 5th Dec 2014 3:13 pm
“The FED has, until recently, been printing a huge amount of money that shows up in the GDP figures. That printing hasn’t generated any real goods, and services but it appears on the government ledger sheets as revenue.”
So they print it then take credit for it? Oh my, it’s getting real hard to know the real state of the economy these days.
I see your point too in foreign investment in the US. I’ve read about large sums being parked in equities, so that makes sense.
We’re watching a high wire act that progressively gets more desperate.
Makati1 on Fri, 5th Dec 2014 6:49 pm
Davy, BBC is another propaganda outlet and is not worth listening to. At least not for real news. I’ll take news out of Asia for what is happening there. And from my own observations on the Ps.
And if the USSA is so good…
http://www.huffingtonpost.com/2013/02/01/military-suicides-us-veterans_n_2602602.html
Yes, it’s Hufpost but it was the first of many articles saying the same thing.
Then there is: “More people now die of suicide than in car accidents, according to the Centers for Disease Control and Prevention, which published the findings in Friday’s issue of its Morbidity and Mortality Weekly Report.”
Davy on Fri, 5th Dec 2014 8:17 pm
Your a weirdo Mak, my BBC link was a report on the typhoon. I was trying to be friendly and see if you have an opinion on the situation. I instead get a slap in the face. No wonder you have so few friends here.
Keith_McClary on Sat, 6th Dec 2014 12:04 am
“OPEC’s biggest oil producer, Saudi Arabia, now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation.”
Or, that’s what they want us to think that they believe.
Makati1 on Sat, 6th Dec 2014 5:37 am
Keith, it’s funny that if you read enough, you get every explanation in the book. Nowhere outside the USMSM have I read that OPEC can sustain $60 oil for very long before they explode. Lies are more plentiful than oil these days.
Davy on Sat, 6th Dec 2014 6:47 am
I would like to know when is KSA media USMSM? Please explain or is this more propaganda stretching to support your iron curtain plagerism?
Davy on Sat, 6th Dec 2014 7:12 am
Mak, what is not said is as bad as what is said. Tell me how this link is not Chinese media distortions. Nowhere are these facts in the link bellow being allowed in Chinese media? Asia has its own distorted media that has you in your own distortions and denial. Hypocrisy is often a redirection of the truth away from one’s own denial and distortions. IOW you like to show USMSM propaganda in an attempt to hide and deflect the propaganda you are living in.
I feel sorry for you Mak because you are in a mental deception. I in no way am denying USMSM propaganda but blowing Asian honesty up my ass will get you nowhere. It just reinforces how effective Asian MSM propaganda is by its hypocritical claims on USMSM. It is called repackaged hypocrisy which you excel at Mak. This repackaged hypocrisy is a vicious circle. Vicious circles are nothing more than madness. Is that what is going on in your head?
http://www.zerohedge.com/news/2014-12-05/welcome-arcadia-ca-chinese-billionaires-mistress-city
Makati1 on Sat, 6th Dec 2014 11:10 pm
ALL media is suspect today, but if you read dozens of articles from many countries, you can get a fair idea of reality.
Davy on Sun, 7th Dec 2014 6:10 am
Mak, you should show some humility because I am not impressed with the 10,000 articles and the many books you have read. You crowed about this fact the other day. The problem is what you are reading comes out propaganda puk. That is entropic decay because it is good information coming out like goose shit. Many balanced and mature folks on this board know this.
To show my humility I am obsessed with doom. I constantly and obsessively fight the unfair unbalanced anti Americans here. I talk too much and act like I know more than I do. Yet the difference between you and I is I admit to the crimes of the US. You are a one sided propagandist trying to support your ideologue. I am in search of truth and balance not an agenda. The propaganda bitches on this board are no better than the thieves in DC they seek to demonize.
Makati1 on Sun, 7th Dec 2014 7:42 am
Davy, maybe my extensive reading comes out closer to the truth and your patriotic blindness cannot accept it? Doesn’t matter does it? You on your farm in the ‘wilds’ of America or me on a farm in the jungles of the Philippines. Only the future will tell who is more correct.
At least I am open to the real world. Apparently you are still tied to it financially. Maybe Wall Street is holding your future ransom? Trust fund? Retirement Fund? Insurance policy? I have none of those to blind my vision. I do get a SS check, but it is not my future. I am covered in ways you can only dream of. If my SS stopped tomorrow, I would be fine. Not that that will happen as long as they can print USDs and keep the welfare hoards from rioting, not to mention the 20% who get SS checks like me. How is it going there in Ferguson Land?
So, we shall wait and see who comes out better in the chaos ahead.
Davy on Sun, 7th Dec 2014 10:13 am
Oh Mak, I am sorry you have nothing but a SS check to show for your 70 years. You forget I have twenty good years ahead of me. How many do you have and without hope of assisted care. Sounds pretty bleak to me.
Kenz300 on Mon, 8th Dec 2014 9:41 am
Climate Change will impact all of us…….
Pretty severe storm in the Philippines…..