Saudi Arabia considers disbanding oil production cartel OPEC

[Rune]

from a saudi pov i dont see any upside to this

They are running out of oil and therefore planning their post oil economy. Minus certain glitches they managed to sell a lot of oil over the years at fair ( to them) prices but recently have been forced to sell for less than what they think is fair ( to stay relevant since the US now has the largest reserves [of oil] in the world).

Now they want to remove the false market constraint which OPEC has become with the rise of US reserves and the constant pressure from the US to keep the barrel prices low ( in order to keep Russia cash poor).

They are investing heavily in solar and want to get the most out of what remains in their reserves.

 

[kudzu]

They are running out of oil and therefore planning their post oil economy. Minus certain glitches they managed to sell a lot of oil over the years at fair ( to them) prices but recently have been forced to sell for less than what they think is fair ( to stay relevant since the US now has the largest reserves [of oil] in the world).

Now they want to remove the false market constraint which OPEC has become with the rise of US reserves and the constant pressure from the US to keep the barrel prices low ( in order to keep Russia cash poor).

They are investing heavily in solar and want to get the most out of what remains in their reserves.

KSA isn't running out of oil.. They have wells in Ghawar that they capped 50 years ago.

Oil prices are falling because we currently have a glut of oil.. and that will negatively impact domestic producers who have high lift costs.

 

[PostmodernProphet]

Zaki Yamani came to my house for dinner a few times.

did you really think anyone here gives a fuck?.....

 

[tsuke]

They are running out of oil and therefore planning their post oil economy. Minus certain glitches they managed to sell a lot of oil over the years at fair ( to them) prices but recently have been forced to sell for less than what they think is fair ( to stay relevant since the US now has the largest reserves [of oil] in the world).

Now they want to remove the false market constraint which OPEC has become with the rise of US reserves and the constant pressure from the US to keep the barrel prices low ( in order to keep Russia cash poor).

They are investing heavily in solar and want to get the most out of what remains in their reserves.

thank you for answering in a civilized manner instead of screaming like an npc brother rune : )

 

[Rune]

thank you for answering in a civilized manner instead of screaming like an npc brother rune : )

Believe it or not I simply responded in kind.

 

[Rune]

KSA isn't running out of oil.. They have wells in Ghawar that they capped 50 years ago.

Oil prices are falling because we currently have a glut of oil.. and that will negatively impact domestic producers who have high lift costs.

Not quite as aware as you could be.

The world is running out of oil, the Saudis are too smart to ignore the truth.

 

[kudzu]

Not quite as aware as you could be.

The world is running out of oil, the Saudis are too smart to ignore the truth.

Most of KSA hasn't been explored for oil.. and YES they are transitioning from being so dependent on oil.. They have been intensely pursuing solar solutions since 1982 and have diverted a lot of oil directly to manufacturing in Yanbu and Jubail... Six or seven years ago they added a half million new manufacturing jobs.

 

[MagaMaggot]

Saudi Arabia's leading government-financed think tank is looking into the possible effects on oil markets of a breakup of OPEC.

The Organization of the Petroleum Exporting Countries, founded in 1960, coordinates petroleum prices among producers and maintains a regular supply to consumer nations.

However, in a remarkable move for a country which has dominated oil exportation for 60 years, a study into the cartel's dissolution has been demanded by top Saudi officials who see it as a high priority economic-policy.

https://www.dailymail.co.uk/news/article-6370263/Saudi-Arabia-considers-disbanding-OPEC.html

I don't trust the bastards.

 

[hvilleherb]

Just goes to show you can't trust Muslims.

When Muslims behave like this, how can people think the Muslim ban was a bad thing?

 

[MagaMaggot]

People need to realize that oil is a renewable energy supply. It only takes a few million years so why worry?

 

[hvilleherb]

People need to realize that oil is a renewable energy supply. It only takes a few million years so why worry?

Yeah, let's go with the liberal option and drive solar cars that have a top speed of six miles an hour.

 

[MagaMaggot]

Yeah, let's go with the liberal option and drive solar cars that have a top speed of six miles an hour.

You should have stayed in school.

BTW, solar cars equipped with batteries will burn rubber.https://science.howstuffworks.com/science-vs-myth/everyday-myths/how-fast-can-solar-cars-go.htm
,

 

[cancel2 2022]

Perhaps she's gathering case material for a thesis, maggot- like I am. You've got half a chapter all to yourself.

Only half, that's disappointing!

 

[kudzu]

Only half, that's disappointing!

She's being an ass.

 

[moon]

Not at all. maggot features as an aging Conservative and xenophobic British man who has learned to use the Internet as a defence-mechanism in the face of criticism of the society he has given himself over to. He's an establishment dependent. The analytical terminolgy doesn't belong here. Ass ? I don't even vote.

I guess that plenty of other people post here without actually having a primary intent. Yours is evident, kudzu.