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2010-03-15 04:47:56
Burwhale
Save the BlobFish!
+136|6508|Brisneyland
source

wsj wrote:

OPEC fears that its grip on the global supply of oil is being threatened by the rising output of Iraq's oilfields and the prospect of billions of dollars of multinational investment in the world's leading untapped oil resource.

Iraqi oil exports in February were at their highest in 20 years, at an average of 2.08 million barrels per day, and the country plans to lift that to 2.15mbpd for the rest of the year.

The relatively peaceful conduct of the Iraqi election and the signing of a clutch of contracts with foreign multinational companies, including BP, Shell and ExxonMobil, raises the prospect of a surge in Iraqi oil output over the next few years.

A continuing rise in Iraqi output, just when the IEA is predicting nil growth in demand from Western oil consumers, would not be welcomed by OPEC members.
Should we expect lower prices for oil any time soon , supply and demand says we might. Conspiracy theorists may also suggest that by starting a war in Iraq was a good way to hamstring OPEC and thus take control of oil prices. Will OPEC try to bring IRAQ back to the fold?
2010-03-15 04:52:52
Spark
liquid fluoride thorium reactor
+874|6960|Canberra, AUS
Part of me wants to tell OPEC to fuck right off.

Another part says that's an idealistic but fundementally silly idea.

And another part is still trying to work out if it really is so.
The paradox is only a conflict between reality and your feeling what reality ought to be.
~ Richard Feynman
2010-03-15 05:07:08
Cybargs
Moderated
+2,285|7002
Fuck OPEC.
https://cache.www.gametracker.com/server_info/203.46.105.23:21300/b_350_20_692108_381007_FFFFFF_000000.png
2010-03-15 05:28:55
Dilbert_X
The X stands for
+1,817|6392|eXtreme to the maX
Duh, its one of the reasons Iraq was invaded.
It'll be funny if Iraq joins OPEC, the US will need to invent another reason to overthrow the govt.
Fuck Israel
2010-03-15 06:27:55
Stingray24
Proud member of the vast right-wing conspiracy
+1,060|6731|The Land of Scott Walker
Aaaaaw, poor OPEC.  Now a couple of sheiks won't get to buy another Lamborghini.
2010-03-15 09:59:43
Turquoise
O Canada
+1,596|6691|North Carolina

Cybargs wrote:

Fuck OPEC.
2010-03-15 10:06:12
13urnzz
Banned
+5,830|6783

fuck, i've been saying for years there was one reason we went into iraq when the real fight was in trashcanistan - we had an oil baron for a president, and the 'dumbass' was a façade for a highly evolved sense of profit taking. the vp tagged along to pick up the change that fell on the ground . . .
2010-03-15 10:09:36
Jay
Bork! Bork! Bork!
+2,006|5644|London, England

burnzz wrote:

fuck, i've been saying for years there was one reason we went into iraq when the real fight was in trashcanistan - we had an oil baron for a president, and the 'dumbass' was a façade for a highly evolved sense of profit taking. the vp tagged along to pick up the change that fell on the ground . . .
Hey, we're not the only ones profiting you know. Even the Norwegians bought a large oilfield in Iraq.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
2010-03-15 10:19:28
Beduin
Compensation of Reactive Power in the grid
+510|6036|شمال

JohnG@lt wrote:

Hey, we're not the only ones profiting you know. Even the Norwegians bought a large oilfield in Iraq.
Ahh... then it ok.
الشعب يريد اسقاط النظام
...show me the schematic
2010-03-16 07:27:42
11 Bravo
Banned
+965|5523|Cleveland, Ohio

Beduin wrote:

JohnG@lt wrote:

Hey, we're not the only ones profiting you know. Even the Norwegians bought a large oilfield in Iraq.
Ahh... then it ok.
thats not what he was saying and you know it.
2010-03-16 07:39:41
Beduin
Compensation of Reactive Power in the grid
+510|6036|شمال

11 Bravo wrote:

Beduin wrote:

JohnG@lt wrote:

Hey, we're not the only ones profiting you know. Even the Norwegians bought a large oilfield in Iraq.
Ahh... then it ok.
thats not what he was saying and you know it.
He is saying : Lay off US, everyone got a piece of the cake.

- Yes/No?
الشعب يريد اسقاط النظام
...show me the schematic
2010-03-16 07:40:55
11 Bravo
Banned
+965|5523|Cleveland, Ohio

Beduin wrote:

11 Bravo wrote:

Beduin wrote:


Ahh... then it ok.
thats not what he was saying and you know it.
He is saying : Lay off US, everyone got a piece of the cake.

- Yes/No?
i dont think so.  what he is saying everyone just blames the US.  to do that you must ignore the other countries.
2010-03-16 07:43:05
Beduin
Compensation of Reactive Power in the grid
+510|6036|شمال

11 Bravo wrote:

Beduin wrote:

11 Bravo wrote:


thats not what he was saying and you know it.
He is saying : Lay off US, everyone got a piece of the cake.

- Yes/No?
i dont think so.  what he is saying everyone just blames the US.  to do that you must ignore the other countries.
wat? It is the same coin, just 2 sides? It is the same, Sir
الشعب يريد اسقاط النظام
...show me the schematic
2010-03-16 07:44:37
Pochsy
Artifice of Eternity
+702|5829|Toronto
No, we won't see lower prices. Supply will be regulated by the major companies when they go ahead and store millions of barrels of oil in warehouses. Artificial supply shortages are the norm for oil companies: keep dreaming. When the wind blows to hard, the pizza is too hot, or the grass is too wet they raise oil prices. This means nothing more than sustained profits for oil companies.
The shape of an eye in front of the ocean, digging for stones and throwing them against its window pane. Take it down dreamer, take it down deep. - Other Families
2010-03-16 07:44:55
11 Bravo
Banned
+965|5523|Cleveland, Ohio
except most never look at the other side, sir.
2010-03-16 07:51:42
Jay
Bork! Bork! Bork!
+2,006|5644|London, England

Pochsy wrote:

No, we won't see lower prices. Supply will be regulated by the major companies when they go ahead and store millions of barrels of oil in warehouses. Artificial supply shortages are the norm for oil companies: keep dreaming. When the wind blows to hard, the pizza is too hot, or the grass is too wet they raise oil prices. This means nothing more than sustained profits for oil companies.
The futures market determines the price of oil, not the oil companies themselves. It's the investors that are the fickle ones and will drive up the price any time they think they spot a potential shortage.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
2010-03-16 07:57:01
Pochsy
Artifice of Eternity
+702|5829|Toronto

JohnG@lt wrote:

Pochsy wrote:

No, we won't see lower prices. Supply will be regulated by the major companies when they go ahead and store millions of barrels of oil in warehouses. Artificial supply shortages are the norm for oil companies: keep dreaming. When the wind blows to hard, the pizza is too hot, or the grass is too wet they raise oil prices. This means nothing more than sustained profits for oil companies.
The futures market determines the price of oil, not the oil companies themselves. It's the investors that are the fickle ones and will drive up the price any time they think they spot a potential shortage.
Surely. But I think you need to note that the investors generally get their information from the companies themselves, although you do correctly point to the importance of world events (which are often reinforced by the companies as being detrimental, who I see as the locus of price control). My approach is less nuanced, but we're saying the same thing. You starting point is investors who then affect prices through companies, mine is the companies who inform investors who in turn do the same.
The shape of an eye in front of the ocean, digging for stones and throwing them against its window pane. Take it down dreamer, take it down deep. - Other Families
2010-03-16 08:00:46
Jay
Bork! Bork! Bork!
+2,006|5644|London, England

Pochsy wrote:

JohnG@lt wrote:

Pochsy wrote:

No, we won't see lower prices. Supply will be regulated by the major companies when they go ahead and store millions of barrels of oil in warehouses. Artificial supply shortages are the norm for oil companies: keep dreaming. When the wind blows to hard, the pizza is too hot, or the grass is too wet they raise oil prices. This means nothing more than sustained profits for oil companies.
The futures market determines the price of oil, not the oil companies themselves. It's the investors that are the fickle ones and will drive up the price any time they think they spot a potential shortage.
Surely. But I think you need to note that the investors generally get their information from the companies themselves, although you do correctly point to the importance of world events (which are often reinforced by the companies as being detrimental, who I see as the locus of price control). My approach is less nuanced, but we're saying the same thing. You starting point is investors who then affect prices through companies, mine is the companies who inform investors who in turn do the same.
Yes, but you're turning it into some conspiracy theory bs when it isn't. How many barrels of oil extracted, how many barrels refined, this is all information that is available to anyone. The oil companies are not conspiring to drive prices up, it's demand in China, India and other places that is driving up demand and therefor prices.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
2010-03-16 08:04:30
Pochsy
Artifice of Eternity
+702|5829|Toronto

JohnG@lt wrote:

Pochsy wrote:

JohnG@lt wrote:


The futures market determines the price of oil, not the oil companies themselves. It's the investors that are the fickle ones and will drive up the price any time they think they spot a potential shortage.
Surely. But I think you need to note that the investors generally get their information from the companies themselves, although you do correctly point to the importance of world events (which are often reinforced by the companies as being detrimental, who I see as the locus of price control). My approach is less nuanced, but we're saying the same thing. You starting point is investors who then affect prices through companies, mine is the companies who inform investors who in turn do the same.
Yes, but you're turning it into some conspiracy theory bs when it isn't. How many barrels of oil extracted, how many barrels refined, this is all information that is available to anyone. The oil companies are not conspiring to drive prices up, it's demand in China, India and other places that is driving up demand and therefor prices.
Oh, I don't hold it as a hidden practice; it's well noted. I also find it to be a rather prudent endeavor and have no real ill feelings surrounding the practice.

Sure, everybody has access to the sum of oil refined, but the sales and demand are a little trickier.

Yes, demand in part drives up cost: well done. Creating a shortage in a period of high demand drives it up further still.
The shape of an eye in front of the ocean, digging for stones and throwing them against its window pane. Take it down dreamer, take it down deep. - Other Families
2010-03-16 08:23:32
Bertster7
Confused Pothead
+1,101|6867|SE London

11 Bravo wrote:

Beduin wrote:

11 Bravo wrote:


thats not what he was saying and you know it.
He is saying : Lay off US, everyone got a piece of the cake.

- Yes/No?
i dont think so.  what he is saying everyone just blames the US.  to do that you must ignore the other countries.
It's quite simple to see why. The US and the UK were the instigators.

Others may reap the benefits, but they didn't start it. Therefore ignoring the other countries is perfectly rational.
2010-03-16 08:29:17
11 Bravo
Banned
+965|5523|Cleveland, Ohio

Bertster7 wrote:

Therefore ignoring the other countries is perfectly rational.
i dont agree.  thats like saying the people who knowingly buy stolen tv's are not criminals.
2010-03-16 08:53:04
ghettoperson
Member
+1,943|6935

I wouldn't say they are to the same extent.
2010-03-16 08:54:47
eleven bravo
Member
+1,399|5545|foggy bottom
about time...


Lol at calling an election with car bombings and assassinations as relatively peaceful
Tu Stultus Es
2010-03-16 09:01:03
Bertster7
Confused Pothead
+1,101|6867|SE London

11 Bravo wrote:

Bertster7 wrote:

Therefore ignoring the other countries is perfectly rational.
i dont agree.  thats like saying the people who knowingly buy stolen tv's are not criminals.
It's not like that.

It's like music prices falling as a result of music piracy and blaming those who pay for their music and have never pirated anything for the fall in the market value of that music, which ultimately benefits them, but they played no part in.

You have to look at instances that affect prices over entire markets.
2010-03-16 11:27:01
11 Bravo
Banned
+965|5523|Cleveland, Ohio

Bertster7 wrote:

11 Bravo wrote:

Bertster7 wrote:

Therefore ignoring the other countries is perfectly rational.
i dont agree.  thats like saying the people who knowingly buy stolen tv's are not criminals.
It's not like that.

It's like music prices falling as a result of music piracy and blaming those who pay for their music and have never pirated anything for the fall in the market value of that music, which ultimately benefits them, but they played no part in.

You have to look at instances that affect prices over entire markets.
no...i am not talking about prices though.  i went off in a different direction.  i didnt think beduin was talking about prices.  if he was then well ya, you are correct.

 

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