Oil: how low can it go?

Author
Discussion

Digga

40,324 posts

283 months

Thursday 18th February 2016
quotequote all
fblm said:
Quite. Scary how a drop in the rate of growth is interpreted as a slow down. I blame GCSE maths.
TBF, looked at through the kaleidoscope of Chinese political elite, it is as problematic as a decline; they need to grow at the high end of single-digit percentages in order to keep the dream alive and avoid discontent with the aspiring working population. They also have increasing amounts of debt to consider; even current GDP growth is only being sustained by a growing deficit.

GT03ROB

13,263 posts

221 months

Sunday 17th April 2016
quotequote all
Indefinite oil workers strike started here today, most GCs shut down, loading operations greatly reduced.

5th or 6th largest world producer effectively shut down. Wonder what happens to oil price in the morning!

HD Adam

5,152 posts

184 months

Sunday 17th April 2016
quotequote all
GT03ROB said:
Indefinite oil workers strike started here today, most GCs shut down, loading operations greatly reduced.

5th or 6th largest world producer effectively shut down. Wonder what happens to oil price in the morning!
Where is here?

GT03ROB

13,263 posts

221 months

Sunday 17th April 2016
quotequote all
HD Adam said:
GT03ROB said:
Indefinite oil workers strike started here today, most GCs shut down, loading operations greatly reduced.

5th or 6th largest world producer effectively shut down. Wonder what happens to oil price in the morning!
Where is here?
Kuwait.

frank hovis

457 posts

264 months

Sunday 17th April 2016
quotequote all
What's the reason for the strike ?

GT03ROB

13,263 posts

221 months

Sunday 17th April 2016
quotequote all
frank hovis said:
What's the reason for the strike ?
Money, benefits, severance payments. It's only the Kuwaiti's that are on strike!

hidetheelephants

24,357 posts

193 months

Sunday 17th April 2016
quotequote all
Small bounce maybe; the world economy is so sluggish that even this seems unlikely to tighten supply enough to frighten the horses unless the Kuwaitis don't send in the riot police and get them back to work reasonably quickly. I don't imagine labour laws and employment rights are that great in Kuwait even if you're Kuwaiti.

anonymous-user

54 months

Monday 18th April 2016
quotequote all
GT03ROB said:
Indefinite oil workers strike started here today, most GCs shut down, loading operations greatly reduced.

5th or 6th largest world producer effectively shut down. Wonder what happens to oil price in the morning!
So, the markets not impressed with your strike then?

emicen

8,585 posts

218 months

Monday 18th April 2016
quotequote all
REALIST123 said:
So, the markets not impressed with your strike then?
Markets not impressed with zero agreement on production freeze.

The hedge funds had already priced up the market last week expecting a freeze.

GT03ROB

13,263 posts

221 months

Monday 18th April 2016
quotequote all
REALIST123 said:
GT03ROB said:
Indefinite oil workers strike started here today, most GCs shut down, loading operations greatly reduced.

5th or 6th largest world producer effectively shut down. Wonder what happens to oil price in the morning!
So, the markets not impressed with your strike then?
Nope more impressed with the Iranian decision not to freeze production!!

Probably also gives an indication of how much there is slopping around still.

emicen

8,585 posts

218 months

Monday 18th April 2016
quotequote all
Could have some impact if it lasts a few weeks, but the sheer volume stockpiled is going to offset any short term impact.

The summer is going to interesting with the reduced production of Brent with Ekofisk going down for maintenance.

Mr GrimNasty

8,172 posts

170 months

Monday 18th April 2016
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Iran is going to want as sell as much as it can produce, and the USA has started exports.

The days of the OPEC cartel having any meaningful influence on prices are gone.

GT03ROB

13,263 posts

221 months

Monday 18th April 2016
quotequote all
emicen said:
Could have some impact if it lasts a few weeks
Unlikely to last that long it's costing too much & the longer some of this stuff stays down the longer it will take to get back up again.

ianrb

1,532 posts

140 months

Monday 18th April 2016
quotequote all
emicen said:
Could have some impact if it lasts a few weeks, but the sheer volume stockpiled is going to offset any short term impact.

The summer is going to interesting with the reduced production of Brent with Ekofisk going down for maintenance.
But it's stockpiled in the expection of a much higher oil price, and we're no where near that yet, so little or none of it's going to be on the market yet.