Economy 53,131 Posted May 8, 2016 Share Posted May 8, 2016 http://www.telegraph.co.uk/business/2016/05/08/oil-price-lows-to-drag-on-after-saudi-minister-is-ousted/ Saudi Arabia has a new oil minister and the new oil minister is in agreement witg the Saudi Prince... In this new era where oil demand grows slower, and new alternatives exist to liquid oil (such as Oil Sands, Shale and Deep Sea Drilling), it is no longer in Saudi Arabias best interest to try and cordinate production cuts or freezes with others EVER as they will simply loose market share to competitors Instead Saudi Arabia will pump as much as it can while it will focus on diversifying its economy to not be so dependent on oil. As for oil prices, the Saudi Minister says it is now up to the free market to determine prices, Saudi Arabia will not attempt to interfear This essentially makes OPEC useless from this day forward! Link to post Share on other sites More sharing options...
dannydevito 10,658 Posted May 8, 2016 Share Posted May 8, 2016 and there goes the @Economy Link to post Share on other sites More sharing options...
brizoda 4,203 Posted May 8, 2016 Share Posted May 8, 2016 Saudi Arabia will not attempt to interfear please be true. Dont interfere in Yemen Link to post Share on other sites More sharing options...
johnpe 916 Posted May 8, 2016 Share Posted May 8, 2016 You're my favorite member I sometimes think you're a bot MAKE IT WORK Link to post Share on other sites More sharing options...
Economy 53,131 Posted May 8, 2016 Author Share Posted May 8, 2016 12 minutes ago, johnpe said: You're my favorite member I sometimes think you're a bot A bot? Why? Link to post Share on other sites More sharing options...
TheFamousLM 635 Posted May 8, 2016 Share Posted May 8, 2016 So is Venezuela's economy going to get even worse? Link to post Share on other sites More sharing options...
Shipper 13,114 Posted May 8, 2016 Share Posted May 8, 2016 This means cheaper oil prices, yeah? 🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶🩶 Link to post Share on other sites More sharing options...
Economy 53,131 Posted May 8, 2016 Author Share Posted May 8, 2016 5 minutes ago, Shipper said: This means cheaper oil prices, yeah? Means it will stay relatively low for now. Although in the short term, if these fires dont stop here in Canada prices could rise. We are one of the biggest producers in the world (Saudi Arabia is the only OPEC and middle east Country that produces more than Canada actually). Already 1 million barrels a day have been shut down and more soon may he tapped off. Longer term we will see. If demand globally keeps rising for now, prices should still rise at some point before end of decade because there isnt enough investment to replace depleating fields with current prices Link to post Share on other sites More sharing options...
Economy 53,131 Posted May 8, 2016 Author Share Posted May 8, 2016 11 minutes ago, TheFamousLM said: So is Venezuela's economy going to get even worse? Venezuela has gotten themselves in such a deep hole that i think even high oil prices wont save them at this point Link to post Share on other sites More sharing options...
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