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Crude oil prices are going down. After a 30 per cent drop in oil prices since June, 2014 the OPEC producer club meets in Vienna to consider whether to cut output to shore up prices. It is nice time to hike reserve stock on low prices. But stocking costs enough high. Petrol prices in India has come down, but only a little bit. After enjoying enough margins on low rates buys companies have lowered the prices a little bit. Now Government is confused on further price fall. Whether it should eat the margin by increasing tax on petrol products or should lower the prices. Government seems in no mood to lower the prices, nor oil companies wants so. China takes advantage of situation and planing to explore oil in nearby sea. This intention has created enough mood off in neighboring countries.
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27 November, 2014, China USANEWSCORP
Crude oil prices are going down. After a 30 per cent drop in oil prices since June, 2014 the OPEC producer club meets in Vienna to consider whether to cut output to shore up prices. It is nice time to hike reserve stock on low prices. But stocking costs enough high. Petrol prices in India has come down, but only a little bit. After enjoying enough margins on low rates buys companies have lowered the prices a little bit. Now Government is confused on further price fall. Whether it should eat the margin by increasing tax on petrol products or should lower the prices. Government seems in no mood to lower the prices, nor oil companies wants so. China takes advantage of situation and planing to explore oil in nearby sea. This intention has created enough mood off in neighboring countries. You can share the URL on Facebook or your Social Media Site/ blog.
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Saudis block OPEC output cut, sending oil price plunging
ReplyDeletehttp://www.reuters.com/article/2014/11/27/us-opec-meeting-idUSKCN0JA0O320141127
Oil price falls below $70 US as OPEC leaves output unchanged
ReplyDeletehttp://www.cbc.ca/news/business/oil-price-falls-below-70-us-as-opec-leaves-output-unchanged-1.2852187
I think OPEC is more interested in keeping Iran in its place than in crippling North American domestic petroleum production.
ReplyDeleteThis is a high cost producer versus low cost producer battle. Guess what side Canada falls into? The OPEC group is going to make it hurt so bad for high cost producer jurisdictions.
ReplyDeleteI believe OPEC has misread America's resolve and its motivation.
ReplyDeleteAmerica has developed its shale oil deposits not because of money, but because of security: America will never allow itself to be held hostage by oil cartels again, especially Arab oil cartels.
If there is some money to be made, well, good. But America's interest in domestic oil is all about security.
The OPEC belief that driving the price of oil down so that shale oil is not worth refining ignores the fact that America will subsidize their oil exploration forever and at any cost just to maintain America's security.
Ironically, it's the Arabs who motivated the Americans to end reliance on mid-east oil.
The price of oil dropping will not automatically mean lower oil prices. Oil, as with all commodities, are priced in U.S. dollars. This means that if the price of oil drops, and the Canadian dollar also drops, the cost to Canadians will remain the same. If the Canadian dollar stays the same or rises against the U.S. dollar, we will have cheaper fuel. Everything that you buy that is imported will cost more with a lower Canadian dollar. The only people that will benefit is the Canadian manufacturer, in cheaper wages paid to its workers. The price of oil is ok if the Canadian dollar stays stable. Unfortunately, our dollar is also going down with the price of oil. When oil prices go up, we had better hope that the dollar rises as well. If not, we will see large increases in the price of oil.
ReplyDeleteOpec Secretary-General Abdallah Salem el-Badri: "We will watch how the market will behave"
ReplyDeleteOil prices plunge after Opec meeting
ReplyDeletehttp://www.bbc.com/news/business-30223721
Shale threat
ReplyDeleteAnalysts suggest the strategy of maintaining output may be aimed at retaining dominance of the market in the face of increasing shale oil production in the United States.
The shale boom has been one of the drivers behind the decline in the oil price.
But as the oil price dips, shale becomes less economical to produce.
If oil prices are allowed to remain low for some time that could cap shale production over the longer term. So keeping oil prices low may in fact make sense for Opec.
"The Saudis want Opec to remain relevant,'' said analyst Phil Flynn, speaking before the end of the meeting in Vienna. "The only way in their mind is to subdue the US shale producer."
Opec accounts for a third of the world's oil sales.
Oil prices plummet as OPEC decides against output cut
ReplyDeletehttp://www.usatoday.com/story/money/markets/2014/11/27/opec-vienna-meeting/19570473/
OPEC Votes Not To Cut Production, Oil Prices Plummet
ReplyDeletehttp://www.businessinsider.in/OPEC-Votes-Not-To-Cut-Production-Oil-Prices-Plummet/articleshow/45299559.cms
U.S. Oil Prices Fall Sharply as Glut Forms on Gulf Coast
ReplyDeletehttp://online.wsj.com/articles/SB10001424052702303722104579239831640276094
Venezuela to keep seeking 'fair' oil price despite OPEC reverse
ReplyDeletehttp://finance.yahoo.com/news/venezuela-keep-seeking-fair-oil-183417130.html