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Crude Oil Prices Crash As 'OPEC+ Is Dead'
With All Production Limits Gone

Original Article

Posted By: MDConservative, 3/6/2020 1:14:02 PM

Crude oil prices plunged as talks at the OPEC+ meeting Friday collapsed without a deal, meaning all prior agreements to curb production will end next month. Not only did they not agree to additional output curbs, but starting in April, current limits of 2.1 million barrels per day will no longer continue.


The story notes that U.S. crude oil prices plunged 8.3% to $42.08. For those folks thinking opening Alaska to drilling is a good thing, this is why it will not happen anytime soon. Exxon Mobil said it will cut drilling rigs in the Permian by 20% this year and estimated capital spending at $33 billion, the low end of its previously announced range. One only wonders how low the prices will drop. Low cost producers can flood the market; and the high cost producers, such as the US, can only look on.

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Reply 1 - Posted by: bpl40 3/6/2020 1:32:05 PM (No. 338645)
Who does it hurt most? Russia, Venezuela, Saudi Arabia.... Keeps Canada, Mexico in line. I don't see a problem.
22 people like this.

Reply 2 - Posted by: ssholland 3/6/2020 1:37:31 PM (No. 338653)
Everyone can thank American fracking.
27 people like this.

Reply 3 - Posted by: Proud Texan 3/6/2020 1:50:29 PM (No. 338671)
#1 I see a huge problem. Most of the other big producers are Countries, not just companies. They can lower prices so that we can't compete here. Wait a while while our production slows. Prices go sky-high because you can't just open a spigot and let the oil flow. It takes a lot of capital and time to get production flowing. That capital will have gone elsewhere slowing the process even more. meanwhile fuel prices skyrocket, we become dependent on other countries for fuel again, a Democrats wet dream.
9 people like this.

Reply 4 - Posted by: Ida Lou Pino 3/6/2020 2:04:21 PM (No. 338683)
I'm with #3. I have great - - almost tearful - - nostalgia for those wonderful bygone days - - when OPEC meetings brought us fear and trepidation. When we cowered at the thought of what they were going to do to us next. And politicians of all stripes came up with cockamamie proposals - - like the "excess profits" tax - - which only made things worse. But fracking - - pipelines - - and massive deregulation have brought an end to that. The good old days are gone - - and probably won't come back. I'm sad.
15 people like this.

Reply 5 - Posted by: DVC 3/6/2020 2:04:35 PM (No. 338685)
The frackers broke the cartel! This is great news. Many of the cartel have been "cheating" and shipping more oil than they are "permitted" to ship under cartel limits. I was in college when those pukes held us up at the pumps, and it was a real pain to see a sudden doubling or more of gas prices, and a massive shortage of gas, too. When gas has been between $0.20 in 1930 and rose up to about $0.28-30 per gallon by the time I was in HS - almost 40 years later, to have it jump to $0.60-65 per gallon overnight was a real shock. I filled up my VW on "gas wars" at 20.9 cents in HS, so a full tank of 10 gallons for about $2. Suddenly that was $6 for a tank full, in a VW in college. And for those who forget why "Motel 6" and "Super 8" motels were named that, it was because a room for a night was $6 or $8. Paying the same as a motel room for the night for a tank of gas in a VW, twice that for a full size American car was a shock. Russia will be hurt the most by this. Pretty much the main product that earns money for the Russian government is oil and gas, and lower world prices just cripple them, since they have almost nothing else to sell, certainly no significant consumer products, a few military items - but the more wars that their customers get wiped out in, the harder it is to sell Russian weapons systems.
15 people like this.

Reply 6 - Posted by: DVC 3/6/2020 2:05:13 PM (No. 338686)
Trump's fault. 🇺🇸
8 people like this.

Reply 7 - Posted by: NorthernDog 3/6/2020 2:05:38 PM (No. 338687)
On the bright side the price of gas is down to $2.11/gallon in our area. Demand for electric skooter-cars will be at a all time low.
11 people like this.

Reply 8 - Posted by: chumley 3/6/2020 2:09:59 PM (No. 338692)
I'm liking this just fine. The gas savings may help offset the massive losses my retirement funds have taken. Since it looks like I may never be able to retire, it seems only right that it be a little cheaper to get to work.
10 people like this.

Reply 9 - Posted by: Enoch Powell 3/6/2020 2:12:35 PM (No. 338697)
A real professor told me we have at least a thousand years left of oil. And the other point, which is hilarious, is that electric cars, because of their weight, have a far 'higher" "footprint" than gas cars. That's a great metaphor for Dems... All good intentions and everything gets lost in the translation.
19 people like this.

Reply 10 - Posted by: Enoch Powell 3/6/2020 2:17:11 PM (No. 338703)
Ah, random here...what's up with this site? tried to correct something... not possible. It is all automated and just post your posts and ignore the site. Which I've Always Done. There's an issue with this site... I don't know what it is, but I suspect.
0 people like this.

Reply 11 - Posted by: Clinger 3/6/2020 2:30:58 PM (No. 338719)
This is why #3 there is no such thing as free international trade. Free trade would necessitate the exact same set of rules which isn't going to happen. If a foreign entity or cabal of such were to conspire to drop prices to kill our production that is a legitimate situation for our government to step in and slap on tariffs.
10 people like this.

Reply 12 - Posted by: jeffkinnh 3/6/2020 2:53:07 PM (No. 338744)
The reality is, they cannot keep prices low for long. It causes too much economic damage to them. They tried it a few years back and our new capabilities to produce oil broke them and they had to give it up. Yes, we can see some short term impact. Tariffs are one way to deal with it. Temporary government supports might be another. Time will tell.
5 people like this.

Reply 13 - Posted by: droopydog 3/6/2020 2:58:45 PM (No. 338747)
Foreign countries can't compete with a domestic supply and pipelines to bring the product to market. Ever since I was a kid and OPEC started turning the screws, I've heard from politicians that we must be free from foreign oil dependence. I actually thought they were serious. Thank you, domestic producers and our great President for actually freeing us from that dependence.
14 people like this.

Reply 14 - Posted by: Blue-Z-Anna 3/6/2020 2:59:14 PM (No. 338748)
Don't confuse drilling with pumping. Oil in the ground is money in the bank. It's not going any where. And yes, we CAN turn on and off the production spigot. I'm not guessing. I pump crude in the Midland / Odessa area and when it pays badly we simply pump more slowly. We still have plenty of DUCS (Drilled uncompleted) wells. Buy stocks and oil futures now. The market cycles as it always will. Profits go to those who have the courage to buy when it's cheap and unfashionable and scary. The smart money is buying 'stem' and 'bits' and trucks and pumps from the marginal 'players' right now. When the tide goes out we see who is swimming naked. Strap on yer brass balls and come on out to Odessa. Even shiny new Diesel Duallies are cheap today. Come git you some.
13 people like this.

Reply 15 - Posted by: John C 3/6/2020 3:05:29 PM (No. 338756)
Glad I didn't buy into the stock in the Saudi's oil corporation
5 people like this.

Reply 16 - Posted by: bad-hair 3/6/2020 3:14:41 PM (No. 338765)
OPEC had a nice run until the Rooshians tried to take them out. ALLPEC has run up against the LARGEST Energy driven economy in the world which is EXPORTING crude and LNG of a QUALITY far exceeding any thing they can suck out of the ground. Sorry Muhammed. We've got you covered.
4 people like this.

Reply 17 - Posted by: worried 3/6/2020 3:18:13 PM (No. 338769)
#8, invest a little in stocks like Exxon, or others that pay a good dividend. Then reinvest the dividends and watch how fast the value grows. Don't worry about the price once you own the stocks. Long term, they will always rise, and often split.
4 people like this.

Reply 18 - Posted by: Jethro bo 3/6/2020 3:34:54 PM (No. 338781)
Only goes to prove, when America is great again, the world benefits. Sure there are those that believe high oil proces are good. Mainly those that depend on the taxes based on the price of oil. But the rest of us, the customer that actually pays, will benefit. Oh, and terrorist money is about to get scarce as well. Win-win all around. Lower proces for consumers and less money to fund terrorist (well, except for the terrorism Chuckie Schumer uses).
10 people like this.

Reply 19 - Posted by: franq 3/6/2020 5:11:51 PM (No. 338825)
This should lower the price of plastics too.
7 people like this.

Reply 20 - Posted by: TJ54 3/6/2020 5:21:24 PM (No. 338837)
Obozo the Magnificent said we could not drill our way to energy independence. Wrong again.
7 people like this.

Reply 21 - Posted by: red1066 3/6/2020 5:47:25 PM (No. 338859)
This is a temporary decrease in oil prices. Demand is strong. Just sit back and enjoy the lower gas prices. Even at $42 a barrel, profits are being made.
4 people like this.

Reply 22 - Posted by: unionriverman2316 3/6/2020 8:19:21 PM (No. 338952)
I hope I live to see the day those Opec bastiges have to eat their oil. What goes round comes around fellas. Sucks to be you now. How good does corn and potatoes grow in the desert?
2 people like this.

Reply 23 - Posted by: baxter1 3/7/2020 11:48:17 AM (No. 339494)
All this doom and gloom! I filled up yesterday for $1.81 here in OKC
0 people like this.

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