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"No Cut In Production" - OPEC Press Conference Begins (Finally) - Live Feed
OPEC is due to start its press conference shortly...
OPEC raises group target in line w/ its recent est. of current crude production, according to a delegate w/ knowledge of decision. Ministers start second session at Vienna mtg.
Change in quota is surprise, though decision reaffirms general policy of maintaining mkt share rather than cutting supply to boost prices
Live Feed: (click image for feed via OPEC - no embed)
But the details were already leaked...
- OPEC SETS TARGET AT 31.5 M B/D AFTER INDONESIA JOINS: DELEGATE
- OPEC HAS AGREED TO OIL OUTPUT POLICY ROLLOVER
OPEC agreed to set a new oil-output ceiling of 31.5 million barrels a day, according to a delegate with knowledge of the decision.
The increase is from a previous ceiling of 30 million barrels and does not include production from Indonesia, which joined the producer group after a break of almost seven years, according to the delegate, who asked not to be identified because the decision hasn’t been made public.
But current production is at 31.5 million barrels, and so this is OPEC adjustinmg up to the current reality.
And Crude is plunging back below $40...
And gold is jumping...
As The Ruble tanks...

The Russians are not happy:
- *ROSNEFT: OPEC DECISION IN LINE W/ MASSIVE DUMPING TREND: RIA
- *ROSNEFT DOESN'T SEE RISK FOR ITSELF FROM OPEC DECISION: RIA
- *ROSNEFT SAYS ITS PRODUCTION COSTS ONE OF LOWEST IN WORLD: RIA
* * *
So what does all this mean for oil prices? Nothing good: according to a WSJ report on an internal OPEC document written to prepare a crucial meeting Friday warns oil prices will remain under pressure in the near future while markets would remain oversupplied even if the cartel cut its production.
The analysis, which was reviewed exclusively by The Wall Street Journal, underscores the conundrum faced by the Organization of the Petroleum Exporting Countries as it tries to respond to an oil price slump. At the meeting Friday in Vienna, a heated debate is expected between a faction that wants a reduction in production to boost prices and another arguing such a move would only give away market share to competitors such as U.S. tight oil.
The document, a transcript of a technocrat meeting last week to prepare the summit, warns that “overall the current surplus, while easing, should continue to cap the upside in oil prices for the coming quarters.” OPEC’s secretariat says in a transcript of its meeting that took place last week. The Economic Commission Board—as the technocratic meeting is called—gathers experts to advise ministers before an OPEC meeting on the possible outcomes of their decisions.
The document shows that, if current production remains unchanged at 31.5 million barrels a day, markets will still be oversupplied by 700,000 barrels a day in 2016—though that would be less than the glut of 1.8 million a barrel a day OPEC estimates for this year.
With non-OPEC production bringing about a global oil glut, countries like Venezuela and Iran have called in recent days for an output reduction to bring back the group’s production to its agreed level of 30 million barrels a day. They won't get it, and the result is that oil may very well trade to Goldman's near-term target in the mid-$20s on very short notice.
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I had to plunge the toliet this morning after finally finishing off the leftover stuffing from Thanksgiving!
Man, I don't know how anyone invests in penny stocks, it's a suckers game.
High fives Stackers, your nerves of steel have paid off and will continue to do so.
Some smart guy on here was calling 20s weeks before goldman.
RIPS
The agenda is moving along nicely......
http://beforeitsnews.com/conspiracy-theories/2015/12/road-to-ww3-time-to...
And he said, "Bye bye miss American Pie, drove my Chevy to the levy but the levy was dry. Good old
Boys drinking whiskey and rye singing 'this will be the day that I die'.
Hope you're wrong.
https://youtu.be/P_o65B1JTiw
Me too
Everybody is betting everybody else will blink first. The only way to win is not to play.......
All these headfakes intentional or are their PR people fucking retarded?
Isn't the rate increase going to fuck these guys hard? Oil could drop so much today by the end of the meeting they tighten production.
I am hoping to BTFD today at 38ish around 2:30
Made easy 5% on a Wednesday to Thursday swing
your right higher rates are going to be the nail in the shale coffin. Probably will take 6-12 months to really start to reduce production. The problem is this is already partially priced into the futures curve. Dec 2016 is about $49 so about $9 higher then spot right now. Still probably some upside to $49 but you can't just buy at $40 and hold for a year unless you want to take delivery.
Maybe they can modify their equipment to frack for gold. At this point, it seems like anything goes. Nutz comes to mind.
we've been through this already... it's a negative feedback loop, they can't tighten production because they all need the money, which means they'll produce full tilt and fight each other for market share... race to the bottom...
the Saudis are already on record that they're going to fund this price war over at least a _five year period_ by going to the global bond markets... five fucking years people, wherein their debt will go from 7% to 50% of their GDP in the process... anyone who sees what's going on and has any hope that oil is going to go up is deluded... it will take a _world war_ to spike oil prices at this point, there simply is too much oil chasing too little demand...
and a world war (which is pretty much already in progress at a low level) is exactly what the banksters want. Gotta cover up all their quadrillions in criminal leveraged debt. The trick to driving up the oil prices though is to somehow plunge the world into a long "conventional" world war w/out nuking the planet and everything ends in a matter of hours rather than several drawn out years.
And the Saudi's announced they are going to build the tallest skyscraper in the world; there is a history or correlation to peak prosperity and the building of skyscrapers and mega construction projects (AKA: China).
Saudi Arabia to build world's tallest tower, reaching 1 kilometer into the sky (Talk about your Tower of Babel)
http://www.cnn.com/2015/11/30/world/meast/saudi-arabia-worlds-tallest-bu...
Look How Skyscrapers Have Predicted Recession Through History
http://www.businessinsider.com/skyscraper-index-skyscrapers-signal-finan...
Better news: Scroll down and watch the Packers and watch Rodgers throw the last second bomb for the touchdown and the win!!
http://www.businessinsider.com/packers-beat-lions-hail-mary-2015-12
$1.64 gas in Houston this week. Could be $1.34 if I saved my Kroger points.
Well.....this is the graphic we need to look at. Let's get this fucker down to 4 cents a gallon like Venezuela. That's the deal. Dig around in my coffee cup holder to fill up the SUV.
http://si.wsj.net/public/resources/images/P1-BL079A_VENGA_G_201304111724...
Fucking EPIC!!!!!
Come on .99 a gallon. Because lets face it. Full retard for all!
SAUDI CAN GO FOR 7 YEARS IN CURRENT STATE. THAT MEANS 3 YEARS MID CASE SCENARIO AND AT LEAST ONE MORE YEAR OF CURRENT PRODUCTION LEVELS. PLAN ACCORDINGLY!
(meanwhile, learn the Russian National Anthem if you care about liberty. Also, buy a world map and do the math. YOu are better off in Russia than America)
this is absolutely correct. and their government budget planning over the next five years reflects that...
Very sad, but very true. Southern Brazil is great too.
There may be a way out for OPEC. Soon, we are going to need a lot more Vaseline. They could divert a sizable amount of this for production.
A "leaked" decision...makes me want to buy some contracts.
Bye Bye Venezuela.
bye bye russia
bye bye brazil.
bye bye shale fields.
But, that was the plan all along, of course.
Venezuela is well and truly fucked... dry with no reach around...
Time to send in ISIS or TX roughneck Paratroopers into Saudi oil fields.
Burn, baby, burn! Disco inferno!
USD/RUB forming a perfect cup and handle base on the weekly here:
http://www.investing.com/currencies/usd-rub-chart
Perfect cup hmmm
Nice pick-up. If I recall O'Neill's description correctly, the measuring implication is the distance btw/ the bottom and the breakout point on the handle or to about 88-90.
http://thepatternsite.com/cup.html
The rubble will see 80 before this is all over. Its all good.
Wake me up when the US oil and exploration companies file for chapter 11. I will start buying oil shares and gold. The Saudi will come out from the fox hole and raise the price for vengence.
If real Agenda 203 is agreed upon, then oil prices will fall even further; it is the means of obtaining a "Brave New World".
http://beforeitsnews.com/conspiracy-theories/2015/12/road-to-ww3-time-to... (Scroll down and look at the 17 objectives and the true translation that fits with Agenda 21 depopulation to 500 million and the dehumanization of people.)
That link: 404
try again
http://beforeitsnews.com/conspiracy-theories/2015/12/road-to-ww3-time-to...
Forex Kong pts it on the line with very, very specific trade instructions.
The US Dollar should make a small retracement here, and the key is to "get underneath it" and allow momentum to pick up the trade.
Suggestion of short USD trade running 11 days and likely even longer allows for some incredible risk vs reward here.
http://forexkong.com/2015/12/03/trend-break-established-drop-to-lower-ti...
Fascinating stuff.
Will Friday be a huge sell-off in the markets?I mean Monday; keep thinking it is Thursday..bang head!
Monday is Pearl Harbor Day; will there be another false flag event?
The PPT is out today in full FARCE; can they sustain? Only the Lord knows and He probably isn't interested in that.
I have worked in both Saudi Arabia and Russia.
Trust me, if you want to be somewhere for the end of the world it is Russia. Between the food, the vodka, the air, the water, the dirt, the views, eta historia, eta devuchka (women), I will gladly die in Russia before I die with the "allied" Saudis in their kitty liter box full of old Jewish and Zorotrosian Icons. I will gladly take the arms of any Russian woman (or even a babshuka!) over the hooves of a fucking Saudi camel or fat Saudi Souka when i die.
Actually, Ukraine would have been better with pretty devuchki and a warmer and friendlier climate---that is until Nuland and McCain showed up in Kiev.
Armenia has some nice places to hide in.
But their devuchkas are mostly poor man's Kardashian types
Gold rises $20 and hits 1080 and silver up .35 cents to 14.45...... Que the SPT (spike protection team)....
Platinum up $33
Somebody explain this to me: If dropping oil is destroying U.S. fracking industry and hurting giants like Exxon, why does U.S. stand for it? (We certainly have the leverage, on Saudi Arabia, have bases there, etc.). Is it simply that that they are cutting off their own nose to try to spite Russia's face?
It's the rush to finish God's work before the bottom falls out of the market.
Cold War II. See my Comment below.
Russia is the target. Has been since at least 1946-1947 w/ the adoption of Nicholas J Spykman's analysis to containment strategy.
Spykman adopted certain of Mackinder's Heartland Theory to his analysis.
https://en.wikipedia.org/wiki/Nicholas_J._Spykman
But, but, but PEAK OIL! 8 years ago expensive oil destroyed the economies of most of the world and spawned food riots. Now you tell me cheap oil is also bad. Get the fuck out of here with that bullshit!
So what US should do in that case? Order frackers to reduce the output? Order banks to bail out frackers at their own expense?
i do not believe that this news is fundamentally bullish. it is just another bullshit excuse to jam equity prices higher so the maggots can get bigger bonuses.
Since NATO now has a Cold War II going with Russia
It would be no surprise if Oil and the Ruble dump ... right?
Cold or slighlty warm since Turkey's actions a few weeks ago. That missile generated a little heat, didn't it?
why is gold up today? given the solid jobs report and dollar strength. genuinely trying to understand ...
Explanation? Look at your name for the answer.....
Looks like we posted the same idea at the same time, see below...
Perhaps due to weather?
Funny, marketwatch states gold is rising because of the payroll data.
I wonder who is right?
I would surmise since the dollar is based on oil, the oversupply weakens the dollar and boosts Gold.
I'm a little slow. Are the prices of high yield etf's (such as JNK and HYG) going to go up or down when the brownies hit the fan??
A Bond's Yield Moves Inversely to Its Price
A bond's yield is the discount rate (or factor) that equates the bond's cash flows to its current dollar price. So what is the appropriate discount rate or conversely, what is the appropriate price?
When interest rates rise, then the discount rate used to calculate the bond's price will increase, making the bond's price drop. It's that simple. The opposite scenario would be true.
http://www.investopedia.com/articles/bonds/07/price_yield.asp
thx much!
And the Saudi's announced they are going to build the tallest skyscraper in the world; there is a history or correlation to peak prosperity and the building of skyscrapers and mega construction projects (AKA: China).
Saudi Arabia to build world's tallest tower, reaching 1 kilometer into the sky (Talk about your Tower of Babel)
http://www.cnn.com/2015/11/30/world/meast/saudi-arabia-worlds-tallest-bu...
Look How Skyscrapers Have Predicted Recession Through History
http://www.businessinsider.com/skyscraper-index-skyscrapers-signal-finan...
Better news: Scroll down and watch the Packers and watch Rodgers throw the last second bomb for the touchdown and the win!!
http://www.businessinsider.com/packers-beat-lions-hail-mary-2015-12
Or, it just could be penis envy...
sorry scratch that, I mean small penis syndrome.
Good news:
1. End of frucking within the sight
2. Regime change in Saudi Kingdom on horizon
And the decision is.... [drumroll]... "We haven't really made one."
It's not just the rouble that has tanked. Its rate against the USD over the past 12 months is not much different from selected other currencies. It has been a lot more volatile than those others, but not because of oil. (You can check it out at this site, by feeding in comparisons with the currencies of Australia, Norway, Mexico and Euroland - or any others you want; those are just the ones I'm personally interested in. I have no stake in the site, by the way; I'm just a user.)
http://fxtop.com/en/currency-converter.php
All OPEC members cheat as much as possible so I'd say it doesn't make a huge difference.
The agenda is moving along nicely......
http://beforeitsnews.com/conspiracy-theories/2015/12/road-to-ww3-time-to...
If oil is heading to $20, the USDX is going to 120.
Nonsense all around. So the world is going to be oversupplied by another 700,000 b/day. And stored in oil tankers or oil farms instead of in the ground.