Opec readies knife for oil cut

[BTTB]

Opec readies knife for oil cut

Blooming Arabs get more filthy stinking rich by the second.
The price of oil has trebled since 2002.
All that I see is everyone on one big gravy trained lubed with oil, our country and Government included.
I wish The World could cut these Oil Producing Nations out of the picture completely.
Oil has served it's purpose. It is now time to move on to better, cleaner ways of travel.

I yearn for the day and I hope in my lifetime that the world will move away from fossil fuels completely or at least in a meaningful way.
Nature will punish us some way or other for burning billions of years of oil deposits in plus minus 100 years since the discovery of the internal combustion engine. The planet is suffering already and mother nature doesn't work overnight or in years, but she will certainly shows us in time what she has in store for us.

/Grabs car keys and heads for the shop.

 

[mancombseepgood]

Isn't it ironic that the US is the biggest consumer per capita worldwide...

 

[icyrus]

Isn't it ironic that the US is the biggest consumer per capita worldwide...

How is it ironic?

 

[kingrob]

If you want to understand how the world works, read this book :

The Prize : The Epic Quest for Oil, Money & Power

written by Daniel Yergin.

Quote :

The Prize, winner of the 1992 Pulitzer Prize for nonfiction, is a comprehensive history of one of the commodities that powers the world--oil.

Founded in the 19th century, the oil industry began producing kerosene for lamps and progressed to gasoline. Huge personal fortunes arose from it, and whole nations sprung out of the power politics of the oil wells. Yergin's fascinating account sweeps from early robber barons like John D. Rockefeller, to the oil crisis of the 1970s, through to the Gulf War.

*Warning - this is not a 'romantic novel'. The book might seem boring at some times, but after reading it, you'll understand how things work in our world.

 

[mancombseepgood]

No seriously

How is it ironic?

Ironic that they are the country most reliant on Arab states in terms of trade. You don't find that ironic?

 

[chiskop]

Isn't it ironic that the US is the biggest consumer per capita worldwide...

It's like raaaaiiiin on your wedding day.

 

[Leitmotif]

It's like raaaaiiiin on your wedding day.

That's not ironic, it's Mother Nature trying to give you a message...

 

[killadoob]

i think the saddest thing is that petrol went up every 3-4 months and has only come down 50c, but yet oil is nearly 20 dolla cheaper than it was ?

only 50 cents

pfffft idiot thieving government

 

[kilo39]

... and the neocons get richer...

 

[icyrus]

i think the saddest thing is that petrol went up every 3-4 months and has only come down 50c, but yet oil is nearly 20 dolla cheaper than it was ?

only 50 cents

pfffft idiot thieving government

Apparently there is a 6 month market to pump delay. Whether or not it will eventually come down more, I can't say.

 

[kilo39]

The ramifications of Peak Oil are so serious, one of George W. Bush’s
energy advisors, billionaire investment banker Matthew Simmons, has
acknowledged, “The situation is desperate. This is the world’s biggest serious
question,”4 while comparing the crisis to the perfect storm: “If you read The
Perfect Storm, where a freak storm materializes out of the convergence of
three weather systems, our energy crisis results from the same phenomenon.”

In May 2001, George W. Bush himself went on the record as saying,
“What people need to hear loud and clear is that we’re running out of energy
in America.”6 In October 2003, Bush’s nemesis Michael Moore released the
book, Dude, Where’s My Country? Chapter three of the book, “Oil’s Well that
Ends Well,” was dedicated to the coming post-oil die-off.
Life After the Oil Crash

 

[BTTB]

Peak Oil

Life After the Oil Crash

Wow!
What a riveting read.

Read the two pages and I must say it is an eye opener.
The Peak Oil Scenario is reality that is not far off. Our lifetime and our children's lifetime.

Reading this makes me concerned that our own Government is not doing enough on the matter. I.E. Looking for alternative and sustainable/renewable sources of energy other than Fossil Fuels. Every Government around the world sits year in and year out looking at how they can tax our fuel consumption, but little else, but should be putting money into research.
Fuel Taxation may also have also reached it's "Peak"? If the cost of a Barrel of Oil goes to $100 or even $200, how are people like Manuel going to justify the continuous yearly increments he likes to add to the Fuel Levy as the price of a litre of petrol will be in excess of R10 a litre, but probably closer to R20.
It is evident from the article that the Oil Producing Nations have smudged their figures on how much actual reserves they have and are over-reporting their Oil Reserves in the ground deliberately, for very obvious and specific strategic reasons. The world is slave to oil.

And reading this article one really can compute why The USA stays in Iraq.
The whole Iraq War has many question marks and I urge you guys/gal's to read this article to formulate your own opinion on the matter.

The war in Iraq, which has been 23 years in the making, is just the beginning of a worldwide war that "will not end in our lifetime." The reason our leaders are telling us the "war on terror will last 50 years" and that the U.S. engagement in the Middle East is now a "generational commitment" is two-fold:

1. All the countries accused of harboring terrorists - Iraq,
Iran, Syria, West Africa, Saudi Arabia - also happen to
harbor large oil reserves.

2. Within 40-50 years, even these countries will see their
oil reserves almost entirely depleted. At that point, the
"war on terror" will come to an end.

While the Middle East countries find themselves targets in the "war on terror", China, Russia, and Latin America find themselves targets in the recently declared and much more expansive "war on tyranny." Whereas the "war on terror" is really a war for control of the world's oil reserves, this newly declared "war on tyranny" is really a war for control of the world's oil distribution and transportation chokepoints.

 

[BTTB]

Oil climbs over $58 as OPEC prepares output cut

Oil climbs over $58 as OPEC prepares output cut

Seems to me the Arabs/OPEC are trying to keep oil above $60 a barrel.
Not easy as only Saudi Arabia is capable of increasing and decreasing production in a short space of time. I do not think the 1Million Barrels will help them in their price quest as I think the market has already absorbed this move?

What is OPEC's price goal, is perhaps an appropriate question?
I am also wondering why The Yanks have been stockpiling for the last few months before Winter? Perhaps they think the Saudi's are going to try to manipulate the market in the next year or so?
What does Iraq produce nowadays with all that political uncertainty over there?
Iraq is the second biggest producer and has the second largest Oil Deposit after Saudi.
As my above post mentions and questions the USA's strategic intent in the Middle East one can guess the Marines are going to stay there for some time to come to fight the supposed "war on terror".

 

[BTTB]

Opec shocks with bigger cut

Opec shocks with bigger cut

Oil cartel Opec decided to cut production by a greater-than-expected 1.2 million barrels a day on Friday, and some members indicated it was open to further cuts.

"Prices from $57 to $60 is an area they are willing to defend."

$60 today. $80 Dollars next year. $100 year after next. So on and so forth.
Read the article Peak Oil and one can easily see that The Oil Producers are going to maximise profits over the next couple of decades, unless Governments around the world change their policies and look for alternative Fuel other than Fossil Fuels. Not tomorrow, but today.

To add.
South Africa itself may still discover more substantial oil deposits in the future, but do not hold your breath for price cuts as the market isn't determined that way.