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Nickelless
Administrator
USA
5580 Posts |
 Posted - 01/21/2009 : 20:40:20
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By Douglas McIntyre
Saudi Arabia walked out on OPEC yesterday, saying it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.
As the world's largest crude exporter, the kingdom in the desert took its ball and went home.
As the Saudis left the building, the message was shockingly clear. “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate told the New York Times. “We will see what the market requires and we will not leave a customer without oil."
OPEC will still have lavish meetings and a nifty headquarters in Vienna, Austria, but the Saudis have made certain the the organization has lost its teeth. Even though the cartel argued that the sudden drop in crude was due to "oversupply", OPEC's most powerful member knows that the drop may only be temporary. Cold weather later this year could put pressure on prices. So could a decision by Russia that it wants to "punish" the U.S. and European Union for a time. That political battle is only at its beginning.
The downward pressure on oil got a second hand. Brazil has confirmed another huge oil deposit to add to one it discovered off-shore earlier this year. The first field uncovered by Petrobras has the promise of being one of the largest in the world. The breadth of that deposit has now expanded.
OPEC needs the Saudis to have any credibility in terms of pricing, supply, and the ongoing success of its bully pulpit. By failing to keep its most critical member, it forfeits its leverage.
OPEC has made no announcement about any possibility of dissolving, but the process is already over.
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 01/21/2009 : 20:51:36
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| I thought I remember reading that somewhere. sep 08 |
Trolling is an art. |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 01/22/2009 : 20:11:17
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quote:
The downward pressure on oil got a second hand. Brazil has confirmed another huge oil deposit to add to one it discovered off-shore earlier this year. The first field uncovered by Petrobras has the promise of being one of the largest in the world. The breadth of that deposit has now expanded.
What ever happened to "peak oil"...?
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Nickelless
Administrator
USA
5580 Posts |
Posted - 01/22/2009 : 20:57:25
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quote:
Originally posted by redneck
quote:
The downward pressure on oil got a second hand. Brazil has confirmed another huge oil deposit to add to one it discovered off-shore earlier this year. The first field uncovered by Petrobras has the promise of being one of the largest in the world. The breadth of that deposit has now expanded.
What ever happened to "peak oil"...?
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Here was my reply to a similar thread over on GIM:
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quote:
[quote=blueice;1516241][FONT=Franklin Gothic Medium]Well, oh well, we are now witnessing a whopping 12% [COLOR=DarkOrange]decline[/COLOR] in world consumption of goo...
And so many said it could not be done...Yes, from 84Mbpd to 74mbpd and in only a few short months..
Peak Gooers, please reset your calendars...
Peak oil is not a point of view as one might be regarded conservative, liberal, etc., peak oil is a historical point in time based upon the finite hydrocarbon deposits within the earth's crust. I have no faith in humanity to keep decreasing consumption for any length of time if the economy improves. Having said that, this is no time for us to be complacent about the fact that one day, oil WILL run out.
Maybe you're familiar with the story of the passenger pigeon:
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At the beginning of the 19th century, they were the most abundant bird in North America. Just over 100 years later, they were extinct because humans thought the birds were inexhaustible so they kept killing them by the thousands, even just for sport, leading to their demise. I think our attitude toward oil is very similar--we can't imagine it running out, so we denigrate those who understand that there is a physical limit on the amount of oil the earth can contain and the point at which more oil has been extracted than remains--"peak oil." Analogously, there's only so much oxygen that can be sucked out of a room before, well, there's no more oxygen to breathe. Seems like a simple concept. I'd strongly recommend reading James Kunstler's book about not just "peak oil" but all the facets of our society that depend on cheap oil, from the asphalt on our roads to our plastics to fertilizers to so many other things we take for granted at our own peril:
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Edited by - Nickelless on 01/22/2009 20:58:40 |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 01/22/2009 : 22:38:26
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quote:
based upon the finite hydrocarbon deposits within the earth's crust
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I think our attitude toward oil is very similar--we can't imagine it running out, so we denigrate those who understand that there is a physical limit on the amount of oil the earth can contain and the point at which more oil has been extracted than remains--"peak oil."
There are many examples that this may not be the case.
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Not to mention the oil fields that exist that we're not privy too, you know, the need to know basis, and we the people just don't need to know.
You and I have been around this tree before. 
I just couldn't help taking a shot at you. 
In all seriousness,you should look into some of the other opinions out there.
I can see by what you post that you have no problem not believing what our government tells us about the economy,bailouts and where we're headed (wtshtf). If you didn't have a problem with it, you wouldn't be concerned about hoarding food,gold,silver,protecting yourself,etc,etc.
Why is it so hard to believe that the government and oil companies may be lying about this too ?
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Edited by - redneck on 01/22/2009 22:39:58 |
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The death of OPEC
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