OPEC Stand Off As Saudi Arabia Tries To Help Obama's Reelection Chances By Hiking Crude Output; Iran, Venezuela, Iraq Not Convinced

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Tue, 06/07/2011 - 10:28 | 1346717 Alcoholic Nativ...
Alcoholic Native American's picture

Camel Fuckers FTW.

Tue, 06/07/2011 - 10:36 | 1346735 BigMike
BigMike's picture

Fuck you

Tue, 06/07/2011 - 11:14 | 1346872 russki standart
russki standart's picture

Noooooo! Fock you!

Tue, 06/07/2011 - 10:36 | 1346736 Internet Tough Guy
Internet Tough Guy's picture

They certainly have you over a barrel, Mr. western oil importer. Do you have one hump or two?

Tue, 06/07/2011 - 10:40 | 1346770 Alcoholic Nativ...
Alcoholic Native American's picture

For your information, I don't even drive.  I bike everywhere.  I'm smug like that.

Tue, 06/07/2011 - 10:59 | 1346828 mickeyman
mickeyman's picture

Naturally you don't use any asphalt roads when you cycle. You go cross country.

Tue, 06/07/2011 - 11:00 | 1346842 Ahmeexnal
Ahmeexnal's picture

And your bike's tires are made of fucking wood?
And you ride on golden roads instead of asphalted ones?

Tue, 06/07/2011 - 11:30 | 1346939 JW n FL
JW n FL's picture

he uses water to lubricate the chain and sprocket!

he uses gold handle bar grips!

he wears natural fiber hemp when biking.. the seat is made of silver, as to not communicate bacteria / viruses.


that has got to chaffe his ass! all the time!

Tue, 06/07/2011 - 13:20 | 1347384 camaro68ss
camaro68ss's picture

o man you guys make me lol

Tue, 06/07/2011 - 10:35 | 1346730 LawsofPhysics
LawsofPhysics's picture

Energy independence will come to America one way or another.  That "deal" that was forced upon the middle east in the 70's by the baby boomers can no longer be enforced and is coming to an end.  Just wait until oil is no longer priced in dollars.  If you have not already hedged accordingly, it may be too late to do so.

Tue, 06/07/2011 - 11:22 | 1346731 TruthInSunshine
TruthInSunshine's picture

Obama's new re-election campaign slogan for 2012:

'$1.79 per gallon gas and $55 per hour, 9-4 government jobs as cartographers with full bennies and a full pension at 52 for those who didn't get any of the Hope or Change. I pinky promise swear. 4 more years?'

Tue, 06/07/2011 - 10:39 | 1346737 css1971
css1971's picture

I for one aplaud Saudi's decision. Bravo! Bravo! <claps enthusiastically>

I'm looking forward to purchasing oil and other commodities at temporarily bargain basement prices.

God I love politics and politicians. Don't get me wrong, I hold both in utter contempt, but they are just so predictable.


Tue, 06/07/2011 - 10:36 | 1346739 Flakmeister
Flakmeister's picture

Jawboning at its finest... I think the Fed took the PR course offered at KSA-U

Tue, 06/07/2011 - 12:12 | 1347124 trav7777
trav7777's picture

concur 100%....jawboning or surge production in heavy sour

Tue, 06/07/2011 - 10:36 | 1346752 e1618978
e1618978's picture

OPEC only really matters when the price is low, they can cheat all they like at $100/barrel. 

Tue, 06/07/2011 - 10:37 | 1346755 Spastica Rex
Spastica Rex's picture

Saudi Arabia Tries To Help Obama's Reelection Chances

Do the Saudis prefer the Democrats? Is there a possible American president who won't do what they want?

Tue, 06/07/2011 - 12:18 | 1347150 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Yeah, the Israeli run U. S. Government is doing what the Saudis want. Ha, ha.  Hell, we might as well move our nation's capital to Tel Aviv!



Tue, 06/07/2011 - 13:55 | 1347486 Spastica Rex
Spastica Rex's picture

I hear you, but the interests of Israel and the House of Saud don't seem to be too much in conflict at the present moment.

Wasn't it Donald Trump who said something like, "If I'm president, I'll just go take all our oil lying under the ragheads' sand, darn tootin' I will!"

Not a possible president.



Tue, 06/07/2011 - 13:05 | 1347313 Problem Is
Problem Is's picture

Obama Bin Lyin' bowed down to King Abdulla...

A harlot like Palin McMILF can be bought any day with sovereign wealth fund expenditures like so many concubines...

Ditto the eunuch Willard Romney...

Tue, 06/07/2011 - 10:37 | 1346756 DaveyJones
DaveyJones's picture

"Iraq is not convinced" of a lot of things

Tue, 06/07/2011 - 10:41 | 1346761 hedgeless_horseman
hedgeless_horseman's picture

Et vous, le Canada?

Total Imports of Petroleum (Top 15 Countries)
(Thousand Barrels per Day) Country Mar-11 Feb-11 YTD 2011 Mar-10 YTD 2010 CANADA 2,666 2,831 2,773 2,517 2,535 MEXICO 1,319 1,104 1,269 1,265 1,178 SAUDI ARABIA 1,108 1,114 1,108 1,149 1,007 VENEZUELA 1,067 989 1,030 1,061 993 NIGERIA 913 978 966 962 970 RUSSIA 690 437 556 488 459 ALGERIA 500 394 489 455 472 COLOMBIA 399 211 318 251 318 IRAQ 382 263 375 475 506 ANGOLA 280 370 320 502 371 UNITED KINGDOM 197 110 155 267 318 BRAZIL 161 177 205 302 296 KUWAIT 161 118 143 218 173 NORWAY 156 69 104 59 94 VIRGIN ISLANDS 149 182 203 228 243



Tue, 06/07/2011 - 10:48 | 1346782 mayhem_korner
mayhem_korner's picture

Is there a reason the U.S.'s 9M bbl/day is not on this chart?

Tue, 06/07/2011 - 10:49 | 1346790 hedgeless_horseman
hedgeless_horseman's picture

It is a list of exporters to the US.

Canada remained the largest exporter of total petroleum in March, exporting 2,666 thousand barrels per day to the United States, which is a decrease from last month (2,831 thousand barrels per day). The second largest exporter of total petroleum was Mexico with 1,319 thousand barrels per day.


Tue, 06/07/2011 - 10:47 | 1346792 magis00
magis00's picture

It's really cute that Venezuala is 4th.

Tue, 06/07/2011 - 10:48 | 1346797 mayhem_korner
mayhem_korner's picture

Thx.  My bad...

Tue, 06/07/2011 - 11:10 | 1346848 hedgeless_horseman
hedgeless_horseman's picture

At $100/bbl, just add two zeros to the data and my guess is that this chart becomes a pretty good approximation of the top importers of US Dollars, and thus inflation, less China and Japan.

What is Hugo doing with all of those US Dollars? 

Also, someone please direct me to the country on this list that is doing so well that it is not already maximizing production, and thus income.

Tue, 06/07/2011 - 12:10 | 1347131 trav7777
trav7777's picture

we don't produce 9mbpd and haven't for like 30 years...we're around 6 now

Tue, 06/07/2011 - 14:29 | 1347633 Flakmeister
Flakmeister's picture

I am jealous.... I want to be able to post figures!!

Tue, 06/07/2011 - 16:22 | 1348249 css1971
css1971's picture

Hey! I just noticed something!


Does that look like a peak to anyone else?



Tue, 06/07/2011 - 11:04 | 1346846 Cheeky Bastard
Cheeky Bastard's picture

Virgin Islands? I presume they're in this select group because of all the trading companies set up there to move the crude from REAL producers?

Tue, 06/07/2011 - 11:34 | 1346959 JW n FL
JW n FL's picture

Shhhhhhhh..... we dont discuss off shore irrevocable trusts in mixed company Cheeky.. really, you know better.

Tue, 06/07/2011 - 11:48 | 1347009 hedgeless_horseman
hedgeless_horseman's picture

St. Croix is home to HOVENSA, one of the world's largest oil refineries.  This chart is for total petroleum imports, which includes gasoline.


Tue, 06/07/2011 - 11:12 | 1346860 Kevin... Who su...
Kevin... Who suffers from Cassandras curse's picture

If you go to the site, at the bottom you will find this, which he didn't put in.

Tue, 06/07/2011 - 10:39 | 1346767 mayhem_korner
mayhem_korner's picture

When should we expect the next "reducing our dependence on foreign oil" speech, Mr. Prezident, sir?

Tue, 06/07/2011 - 10:40 | 1346769 RobotTrader
RobotTrader's picture

Gasoline prices have totally collapsed in L.A. from $4.40 to $3.79/gal.

Peak Oil nowhere to be found, 4 years after we heard:

"John, I've ready 281 books on Peak Oil, and I can assure you....."

"Every quarter, we get a new report like the BP Statistical Review that says....."

"Production is declining, car sales in China are booming....."

"Soon, we will have gas lines, rationing, etc........."

"Within 90 days, a big gooey blob in the Gulf of Mexico will land ashore and ruin thousands of miles of coastline....."



Tue, 06/07/2011 - 10:52 | 1346807 Spastica Rex
Spastica Rex's picture

Your troll-fu is ghey.

Tue, 06/07/2011 - 11:18 | 1346885 DaveyJones
DaveyJones's picture


are all your price quotes off by 20 cents?

Tue, 06/07/2011 - 11:45 | 1347008 Idiot Savant
Idiot Savant's picture

Now you're just being a dick, RT.

Gasoline prices have totally collapsed in L.A. from $4.40 to $3.79/gal.

Congratulations, you've been conditioned by big oil, much like Pavlov's dogs, and now perceive $3.79 to be a collapse.

Peak Oil nowhere to be found - Right, BP is drilling a mile under the ocean surface, and then an additional three to five miles into the crust, because the world is awash in easily retrievable oil. /sarc/

"Within 90 days, a big gooey blob in the Gulf of Mexico will land ashore and ruin thousands of miles of coastline....."

Would have happened if it wasn't for the hundreds of thousands of gallons of Corexit dumped in the gulf. We won't know the effects of these chemicals on the ecosystem for years to come.

Tue, 06/07/2011 - 11:59 | 1347075 MisterMousePotato
MisterMousePotato's picture

I agree with your other points; however, this?:

"Right, BP is drilling a mile under the ocean surface, and then an additional three to five miles into the crust, because the world is awash in easily retrievable oil. /sarc/"

If you read ZeroHedge, then surely you know why BP is/was drilling where it is/was? The reasons are more an outgrowth of (bad) politics than geology.

Tue, 06/07/2011 - 12:20 | 1347156 Idiot Savant
Idiot Savant's picture

The reasons are more an outgrowth of (bad) politics than geology.

I'm an avid ZH reader, but am unaware of the politics involved in with the DH. A link or explanation would be appreciated.

I thought it was about new reserves, profit, and tapping the Tiber oil field.

Tue, 06/07/2011 - 12:56 | 1347286 Flakmeister
Flakmeister's picture

Umm, so what was the politics that made them drill the Macondo? I suggest you read up on a project called Thunderhorse and how it performed.

Tue, 06/07/2011 - 10:41 | 1346772 101 years and c...
101 years and counting's picture

it's ZH's stance that the economy is in the toilets...yet oil demand is surging.  ROFL.


Tue, 06/07/2011 - 10:51 | 1346796 rdenner
rdenner's picture

Every time that the economy surges, oil prices sky rocket.. There is no more spare capacity that OPEC or anyone else can deliver. Now whether that is Peak Oil or an unwillingness of those holding oil to sell at the low prices(sub 100) is of little consequence.. The reality is that it sows its own demise... Economy heats up, prices rise and hits a ceiling as production does not ramp up to meet demand... Demand crosses supply and we have a pricing disconnect... This causes the economy to sputter and reverse into recession.. Oil prices dislocate to the downside setting up another recovery... This is happening on a faster and faster cycle.. we are now cycling in and out of recessions on a nearly 12 month schedule and it is compressing even more as we speak.



Tue, 06/07/2011 - 10:58 | 1346839 css1971
css1971's picture


God damn it. Don't tell everyone. I'm making 50% pa on this.


Tue, 06/07/2011 - 11:07 | 1346853 MachoMan
MachoMan's picture

It's not an economy surging, it's the flogging of the dead economic horse via concentrated stimulative efforts (dishonest at best) to club members...  dollar devaluation and fear of dollar devaluation (outpacing demand) causes oil to increase in price per dollar...  but yes, to the extent the economy would organically heat up, the price of oil provides a hard ceiling.

Tue, 06/07/2011 - 11:04 | 1346854 DaveyJones
DaveyJones's picture

we're like hamsters really except they're not as stupid 

Tue, 06/07/2011 - 11:51 | 1347054 Ace Ventura
Ace Ventura's picture

LOL! Great, now I've got copious amounts of nose-spewed water to clean off the monitor!

Nominate for best comment on this thread!

Tue, 06/07/2011 - 11:07 | 1346851 Cheeky Bastard
Cheeky Bastard's picture

China demand offsets the decline in western economies. It is now the largest energy consumer in the world, and consumes more bpd than US did at it's peak in late '07. You know, USA is not the only fucking economy on the planet.

Tue, 06/07/2011 - 11:07 | 1346857 DaveyJones
DaveyJones's picture

but we like to pretend we are. We have big guns too. Welcome back Cheeky hope you're feeling well.

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