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WTI Crude Jumps As Saudi Oil Minister Meets With Russian, Finnish, And Norwegian Ambassadors
The Swiss-Franc-inspired spike in crude oil (crazy but true) as Europe opened has seen its highs broken as WTI Crude tests $46 once again following reports of Saudi Oil Minister Ali Al-Naimi meeting with Rolf Willy Hansen - ambassador of Norway, Oleg Ozerov - ambassador of Russia, and Pekka Voutilainen, ambassador of Finland; to discuss "market stability." Why would that spike oil prices? Because the three are plotting the final destruction of US shale... just as Obama makes an appearance at Abdullah's funeral?
"Stability"
oh and this...seriously!! Everything correlated.. and nothing fundamentally based.
Charts: Bloomberg
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Why would they need to plot the destruction of shale oil? Most shale companies have negative cash flow even when oil is $100. It seems like reality is the biggest enemy of shale oil.
They'd better get Yellen on board if they really want to pull it off.
The shale ain’t going anywhere, but it is there in case the over-priced oil conspiracy gets out of hand.
Why are the Finns there? Maybe they're the only one the others could agree on to mediate -- and make sure the meeting didn't turn into a brawl?
Or maybe Finland will be where the new pipeline from Russia to the EU runs?
Why do I have the nagging feeling that Putin is Judo tossing US straight into oblivion?
Where in the world is John Forbes Kerry?
I believe he was spotted on Easter Island with his relatives.
http://www.zicasso.com/sites/default/files/styles/original_scaled_down/p...
Now we know where that horse rode in from.
Cuddling with James Taylor at the George V
Not US. Obama. Putin is the head of a democratic White country. Remember those; we used to have one.
The US used to be a "red" country, using your parlance.
Whats your point?
Yup, and Putin's winning move is to stand still and watch while we trip over our feet and lose the match.
#89 - Finland
http://www.indexmundi.com/g/r.aspx?c=fi&v=88
idea_hamster , here's an answer to your question.
The Finns are there for a few reasons:
1) Finland is truly respected, historically, by Norway, Russia & Saudi Arabia.
2) Modern Finland has ALWAYS shown these Big3 oil producers a mutual respect/'neutral position'/non-critical foreign policy postion with respect to social/political/economic aspects of these and all countries.
3) Finland has very good neighborly relations with Norway & Russia.
4) Finland has been hard hit by the EU sanctions on Russia. A real boomerang effect.
5) The Finns are there to mitigate for the other 3.
btw, I've lived in Finland, speak Finnish & my wife is Finnish
The shale ain’t going anywhere, but it is there in case the over-priced oil conspiracy gets out of hand.
dunno why you are downvoted. pretty sure that shale oil will be there for a few more years, unless there is an expiration date on it, or a new model comes out.
pfft, if you dont have shale oil 2.0 youre a nobody
Wait till the ground water comes out. Then you may be happy about the stop.
Of course shale and fraking is going out of business because of the debt attached to it (junk bonds) once they have closed down they will not be able to raise capitol to start again , this is exactly what odummer want's the last nail in the coffin for amerika , give it to about April and then the price will go back up over 100 dpb just about the time when we send troops to Ukraine to start a shooting war with Russia
Agree with the point re access to finance. But $100+/barrel by April?
Which year, or which currency?
The Saudis will have another "Arab Spring" bloodbath on their hands if they don't keep making obscene money on their oil to keep placating their serfs
and that differes from the USA how
the usa will never have a 'spring'. Dont know why but i dont see it ever happening no matter how bad it gets.
Rednecks with rifles doesnt equal 'murrican spring?
Have you ever seen a worse case of Dutch disease as in the Middle East? The Free Shit Armies of the US and Europe are missing out.
Yep, They've created a huge welfare state to control their population and while they have a large cash reserve its not infinite. the Saudi's are going to cover their ass...no matter what....
As I pointed out yesterday commenting on the "lower for longer" article; 50% odds the bottom is already in. Just increased to 60%. I'll be going Long when I like the Chart.
Bouight Dec.'15 WTI @ $53.75 / 7 minutes ago.
Dec.'15 volume over 23,000 contracts; verrry un-usual. My trade alreaady in the money.
The power of ZH :)
Correlation does not mean causation.
Does it?
The banks create value
.
not profits
I think you mean wealth transfer.
It's just a meeting to discuss what's on for the next meeting. duh //
Or to check out the new batch of hookers!
I love those.
and obama will bail out the shale industry. the deficit is shrinking and he's needs to blow a few hundred billion on something....so the fed can print and monetize this new "debt".
I would pay a dollar to see Obama do that and then watch MSNBS praise the shale miracle.
That's just good entertainment.
So, they are going to keep it at around $50.
72 is enough to destroy the shale industry and oil sands and still make a profit so there’s you’re first target.
Secondly, the saudi government is buying shale companies for peanuts on the dollar right now in North America.
So once their operation "fuck america in the ass and than let them suck and swallow it" is finished, they’ll raise the bar to 160 and learn their dogs the old tricks again like roll over and fetch the ball.
Three men are in a race to scale a mountain.
Can you guess their nationalities by what they are doing?
The first guy just started running the race.
The second guy is taking a nap.
And the race just ended for the third guy.
(Answers below)
The first guy is Russian up the mountain.
The second guy is Himalayan on the mountain.
The last guy is Finnish.
What about the gay eskimo with the snowblower?
Too busy smoking a Pole out in the parking lot?
CRB (commodity basket) almost back to 2009 low
http://www.marketwatch.com/investing/index/CRB/charts?symb=XX%3ACRB&coun...
Wonder what the Sauds excuse will be down the road when they shut off the spigots. Will it be their love and compassion for the US? Their direct line to Allah ringing "Thou must decrease production or you shall not have many virgins"? Or, maybe ISIS will pull off an attack on their infrastructure with supernatural skill.
Unexpected maintenance. Right out of the Enron book when they bent California over.
I just want to know how Obama will show this as being positive for the US? He is making the headchopper's funeral - can't make the "Je suis Charlie" bullshit, but he can pay his respects to an old, bloody oil tick. Too soon?
Je suis Abdullah's rotting butthole
Expect face saving type comments by the Saudi's as they rethink their stupid oil give away scheme.
They just have to hold out until half of USA oil industry is closed down or merged. Then they can raise the price again without fear of oversupply from the Americans. But I notice that we have said nothing in the WTO about "dumping" oil on the US market. Is SA not a member?
Yeah I wondered about that but I think the real big reason it's not getting any notice is because the Canadian oil is being dumped even more cheaply and of course they would really be screwed if they couldn't sell their oil. That hasn't been talked about much but the Canadians are dumping more oil at lower prices than SA I am fairly sure. For certain we import more from Canada. The oil sands stuff is just about being given away at less than $20 already I think.
We're seeing a pretty good size game of chicken unfolding with Saudi vs US shale, but not to worry Obama is in Saudi working out the details, I'm breathing easier knowing that.
Oil for gold meeting. Why give up oil for endlessly printed fiat.
The Swiss and the franc control the gold, gold controls oil, the Swiss control oil.
and Finland is Russia's towel-boy? There isn't a lot of reported oil in Finland but they do have a close relationship to Mother Russia.
Maybe they were the ones that got everybody else to talk civilly to each other.
What are the Finns doing there????
ANd- what has this to do with shale oil, in particular???
According to a previously linked chart, Finland is 89 in oil and Lithuania is 93. I live in Lithuania and we don't have any oil (cept that which we might spill). So what IS Finland doing there?
Clowns sitting around trying to figuring out how to get back to $100. per barrel. Peak oil, my ass.
Your ass doesn't change the fact that we are right at it, but whatever suits you ...
After stating wanting to block AWNR drilling...the prez just opened up 1000 sq km of eastern seaboard to drilling. Beginning to think he is bipolar...
Jump didn't last too long,guess the circlejerk was uneventful
It would seem to me the US should be happy to leave it's tight oil in the ground for future exploitation and let the Saudis sell us theirs for now. The procducers won't like it but the whole charade was not economic from the beginning. We did this back in the 80s so why not now? Exactly who is plotting what?
More Hanky Head wetdreams!
We're in Peak Oil? Who gives a shit? My Global Recession/Depression can kick your Peak Oil's ass.
US reserves are at their highest in years. Iranian production comes back to the market in a couple months. An OPEC agreement is a goddamned waste of time. OPEC members are a bunch of cash hungry, lying, cheating, thieving, cocksuckers. Fracking wells are declining but production is out of sequence ahead of the decline and will continue for some time. The European economy sucks. The Chinese economy sucks. The American economy sucks. What do these things do to oil prices???
$35/bbl, bitches. Get used to it.
Goldman Sachs’s Cohn Says Oil Prices May Hit $30 in Extended Slump
26 January 2015, by Elizabeth Dexheimer (Bloomberg)
http://www.bloomberg.com/news/print/2015-01-26/goldman-sachs-s-cohn-sees-oil-falling-to-30-in-extended-slump.html
+Saudi and Russia tumblin' under the sheets together
-Saudi and Russia bitter enemies, no mutual co-operation
Been tellin' ya for months that Saudi and Russia are in bed together on the destruction of U.S. shale.....