OPEC slashes production by 1.5M barrels/day

[BlckBullitt01]

Just in case anybody else is interested in this:

As the results of today's meeting come out, OPEC has promised to cut production by 1.5 million barrels per day, in an effort to countereffect the falling price of oil. The result:

Oil continues to freefall on the market, as of now it is trading right around $64/barrel. It is very likely that we will see oil in the low $50's. Everybody say bye-bye to any momentum alternative fuels have gained recently.

 

[MassCobra]

It's not going to work, demand will get less and less as the world economy continues its freefall. Cheaper energy is the only positive to this whole mess and we can only hope OPEC feels the pinch just like the rest of us.

 

[BlckBullitt01]

It's not going to work, demand will get less and less as the world economy continues its freefall. Cheaper energy is the only positive to this whole mess and we can only hope OPEC feels the pinch just like the rest of us.

Many of the countries in OPEC are already facing major shortages in their projected budgets as a result of the falling price of oil. Nothing like watching OPEC **** themselves over as a result of them being greedy.

 

[thomas91169]

in the meantime we should take advantage of this and start drilling/refining more of our own, so that when the world economies do start to grow again, we are affected less by the raising price for a barrel of oil. The more we drill/refine ourselves, the less of a hit we take when the towelheads raise the prices.

 

[usmcrebel]

exactly!!! do it now while it's cheap to set this shit up!!

 

[Silverstrike]

Well it was a combination of greedy speculators and OPEC and now they both sowed the seeds now they can reap it for what its worth. I think Chinas stock market has lost 15% of its value in a little over a week?? I knowed it was 10% 2 weeks ago havn't been up on what Asia is doing currently

So it looks like the old excuse that China's buying up all the oil is over as well.

 

[Blown_By_You]

Build a refinery!!!!!!!!!!!!!!!!

 

[Hmbre97]

Poor, poor OPEC. Now that prices have fallen, who is going to polish their solid gold toilets and diamond chandeliers?

 

[snake134]

i don't get why they're pissed about lower oil prices....the world's economy is down....people can't afford it anymore. what's the point of cutting production. why can't they understand that there's not enough money to buy their oil. Imbeciles

 

[Common]

lol. We need more threads like this.

 

[BlckBullitt01]

in the meantime we should take advantage of this and start drilling/refining more of our own, so that when the world economies do start to grow again, we are affected less by the raising price for a barrel of oil. The more we drill/refine ourselves, the less of a hit we take when the towelheads raise the prices.

Yes, we should take every advantage of this to start to produce our own oil so that in 20 years, when oil spikes again, we will be able to take a step back and not let it affect us. However, that will never happen. In case you haven't noticed, America is full of pussys.

 

[s_x_i]

I work for an Energy Company... we'll be laying people off soon. Recession is Recession, it doesn't matter what industry you're in.

 

[inuswo]

Many of the countries in OPEC are already facing major shortages in their projected budgets as a result of the falling price of oil. Nothing like watching OPEC **** themselves over as a result of them being greedy.

QFT

Extreme crude oil prices have helped us get into this mess quite a bit too. When your weekly 'driving to work' gas bill quadruples is only the tip of the iceberg. And now they want to try to make oil keep soaring while the rest of the world economy is falling? What the hell are these idiots smoking?

At the end of the day, this move they did right here today... is going to cause oil to go even LOWER than it was already going to go. Demand started falling weeks and months before the 'crisis' started.

 

[nitemarestang]

Poor, poor OPEC. Now that prices have fallen, who is going to polish their solid gold toilets and diamond chandeliers?

Well if all the workers left U.A.E., all workers come from India,Pakistan,etc.. The U.A.E. would probably not last very long. As these people are some of the laziest around, its like doing some work and manuel labor is beneath them.

 

[crew_dawg16]

Well if all the workers left U.A.E., all workers come from India,Pakistan,etc.. The U.A.E. would probably not last very long. As these people are some of the laziest around, its like doing some work and manuel labor is beneath them.

+1, but they are raised that way, never have to work a day in their lives. If the U.S. keeps going the way it is, we may have more TCNs than citizens as well, then I can just sit on my ass and watch football all day.

 

[blackvenom77]

I love it OPEC cuts 1.5M barrels a day, that's a lot of money they won't get back.
Had a taste of the good life and don't want to let it go.
****'em!