world is drowning in oil, price will crash

[VCheng]

hehe lol , seriously no more sedan's for me , time for a chrysler sudbury 300

There are many choices, all good, made better with cheap gasoline.

 

[gambit]

So what happened to the high oil prices will 'collapse' the US predictions that have been going on in this forum for the last several yrs ?

 

[deckingraj]

So what happened to the high oil prices will 'collapse' the US predictions that have been going on in this forum for the last several yrs ?

i am not sure about that however contrary to common belief "too cheap oil" for a longer run is also not good...it is directly going to cut spending power of oil producing world which will spiral down to rest of the world as well...now complement it with China's slowing economy things are not looking rosy....

 

[jaydee]

Oye acche din aa gaye

Yeah,petrol still at Rs 62 !!!

 

[kasper95]

i am not sure about that however contrary to common belief "too cheap oil" for a longer run is also not good...it is directly going to cut spending power of oil producing world which will spiral down to rest of the world as well...now complement it with China's slowing economy things are not looking rosy....

if cheap is not going to help trust me ,oil at higher price will surely won't .
world runs on cheap oil.

 

[deckingraj]

if cheap is not going to help trust me ,oil at higher price will surely won't .
world runs on cheap oil.

agreed...in short there should be an optimal balance between demand and supply...too much demand and too much supply are problematic...

Yeah,petrol still at Rs 62 !!!

well govt. needs lot of money without hitting deficit and this oil glut is helping them like anything...however keep in mind that this will work both ways(or should)...once oil prices start recovering we should not see jumps in what we are paying currently....

 

[AZADPAKISTAN2009]

Opec has to stop production for 20-30 days for prices to normalize

 

[TruthSeeker]

US Cost to Produce Oil is $36 a Barrel
By Paul Ausick November 24, 2015 11:32 am EST

For countries like the U.S. and Canada, where no national oil company exists, the negative impact of low crude prices is felt first in the amount of money that producers spend on drilling and developing new wells. The decline in capital spending has been well-documented and is beginning to have an impact on production. By the end of this year, U.S. production could be half a million barrels a day below its 2014 level.

That should lift the price of crude, but the increase is now expected to be slow developing, not least because there are still about 3 billion barrels of crude sloshing around in storage tanks around the world — and very likely several dozen million more swimming around in circles offshore, waiting for buyers.

Here is Rystad Energy’s list of production costs for the 20 largest oil-producing countries:

1. Kuwait – $8.50 a barrel
2. Saudi Arabia – $9.90
3. Iraq – $10.70
4. United Arab Emirates – $12.30
5. Iran – $12.60
6. Russia – $17.20
7. Algeria – $20.40
8. Venezuela – $23.50
9. Libya – $23.80
10. Kazakhstan – $27.80
11. Mexico – $29.10
12. China – $29.90
13. Nigeria – $31.60
14. Colombia – $35.30
15. Angola – $35.40
16. Norway – $36.10
17. United States – $36.20
18. Canada – $41.00
19. Brazil – $48.80
20. United Kingdom – $52.50

Production costs are a combination of capital and operating costs and are based on a survey of some 15,000 oil fields across the 20 countries.
By Paul Ausick

Read more: US Cost to Produce Oil is $36 a Barrel - 24/7 Wall St. US Cost to Produce Oil is $36 a Barrel - 24/7 Wall St.

 

[genmirajborgza786]

i am not sure about that however contrary to common belief "too cheap oil" for a longer run is also not good...it is directly going to cut spending power of oil producing world which will spiral down to rest of the world as well...now complement it with China's slowing economy things are not looking rosy....

chup kar kali zubaan ! cheap gasoline is public demand !

 

[LeGenD]

Just wait for electric-powered cars to hit the markets around the world in the near future. The days of geopolitical supremacy of all major oil-producing countries will be over then.

 

[srshkmr]

Just wait for electric-powered cars to hit the markets around the world in the near future. The days of geopolitical supremacy of all major oil-producing countries will be over then.

waiting for that day my brother

 

[kaykay]

Its high time India fill its strategic reserves for atleast 3 months.

 

[Zibago]

chup kar kali zubaan ! "Cheap Gasoline" is public demand !

In Pakistan we are paying 50% tax on petrol ಥ_ಥ

 

[kaykay]

Just wait for electric-powered cars to hit the markets around the world in the near future. The days of geopolitical supremacy of all major oil-producing countries will be over then.

You are right bro. Indian company Mahindra has launched a electric car costing 5 lakhs or so( 8k USD).

 

[deckingraj]

chup kar kali zubaan ! cheap gasoline is public demand !