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Economy

Oil output freeze - meaningless, says US expert

2016-03-05

The agreement on freezing the oil output at January levels, which has already received support from a number of countries, is theater and is not meaningful, Arthur Berman, an independent US geological consultant with thirty-seven years of experience in petroleum exploration and production believes.

“It has contributed to a sentiment-based rally in crude oil prices over the last several weeks but is otherwise meaningless,” Berman told Trend.

Gasoline jumped 40 cents a gallon last couple weeks in Chicago. That's some sentiment...

Energy ministers of Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze the oil output at Jan.11 level. Later, Russia’s Energy Minister Alexander Novak said that over 15 countries have joined this initiative.

Posted by:Steve White

#6 It is my opinion that the current oil prices are mainly the result of Saudi Arabia and the major international oil cartel's attempt to destroy not only the Canadian oil tar sands industry, but also the U.S. oil fracking industry, but more than anything the small independent oil companies in the U.S.

A short summery of my research and reasoning can be read here:
Saudi Arabia and Oil Supply and Demand

Posted by: junkiron 2016-03-05 19:30

#5 Not against exports. Shipping oil helps balance all the imports of plastic trinkets. Just be prepared to pay the price.

Posted by: Procopius2k 2016-03-05 17:07

#4 Doc, much of the recent price increase is probably due to refinery 'turnaround' - scheduled maintenance work generally done at time of lowest demand, which is now for many markets.

Posted by: Glenmore 2016-03-05 11:40

#3 The biggest over producers? Snort. Idiot.

Posted by: Sven the pelter 2016-03-05 09:04

#2 ProK, the U.S. Is the largest exporter of fuels on the planet, should we keep that at home too and remove any profit incentive from refining? Coal, should we keep that unused at home as well? Our ideas, keep them at home where they are too expensive to build?

We do have farmland tho, how do you feel about corn and wheat exports? Why should the rest of the world free ride off our agricultural efficiency? It's time for an export tax on grains, the government will buy any surplus at half the market rate.

Posted by: Shipman 2016-03-05 08:56

#1 Gasoline jumped 40 cents a gallon last couple weeks in Chicago. That's some sentiment...

It's called supply and demand. The new demand is the now authorized export market. You are now competing against the world. First you shipped your jobs and employment overseas. Now something as fundamental as energy is now open to world demand. You compete with a hungry giant of China and disruptions in other geographical locations. Your product will sell well and at the highest price it can be got. It was a nice honeymoon while it lasted.

Posted by: Procopius2k 2016-03-05 07:51

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