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More downward pressure on oil prices coming
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miko33 Offline
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Post: #1
More downward pressure on oil prices coming
https://www.nytimes.com/2017/07/12/busin...s-oil.html

Quote:When Mexico gambled on ending decades of state control of its energy industry, officials said they hoped the move would promote investment and give the country access to technical expertise. That wager now appears to be paying off.

The government began auctioning off rights two years ago to drill in parts of the Gulf of Mexico. On Tuesday, an international consortium of energy companies said they had discovered a large oil field, and another firm said it had discovered more oil than expected in a separate area.

The overhaul of the Mexican oil and gas sector in recent years eventually ended the state energy company’s seven-decade domestic monopoly on exploration and production. The aim was to arrest years of declining oil output, blamed on a slow-moving public sector that lacked the technology to exploit opportunities in deep-sea drilling, or shale oil and gas.

The two announcements on Tuesday appeared to suggest that Mexico’s strategy, which was met with criticism when it was first pushed through, was succeeding.

The consortium, made up of Premier Oil of Britain, as well as Talos Energy of Texas and the Mexican company Sierra Oil and Gas, said that it had discovered a field containing more than one billion barrels of oil in shallow water 40 miles off the Mexican coast. Riverstone Holdings, an American private equity firm that specializes in energy investments, owns 45 percent of Talos Energy and 43 percent of Sierra Oil and Gas.

More and more economic pressure coming to countries in the Middle East, Russia and Venezuela. I'd bet foreign policy will become even more important moving forward - especially since the Saudi's and Iranians are getting clobbered by cheap oil. SA's gambit to put U.S. shale oil companies out of business backfired, and we're finding out that more and more oil is being discovered.

http://oilprice.com/Energy/Crude-Oil/OPE...Shale.html

Quote:In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to bring supply and demand in balance, the oil cartel confirmed it is pumping too much, not only in 2017, but that it was also set to produce too much oil in 2018, blaming shale production as the primary reason behind the oversupply.
(This post was last modified: 07-13-2017 07:31 AM by miko33.)
07-13-2017 07:25 AM
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Ohio Poly Offline
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Post: #2
RE: More downward pressure on oil prices coming
More downward pressure:

"https://www.tesla.com/model3"
07-13-2017 07:43 AM
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HeartOfDixie Offline
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Post: #3
RE: More downward pressure on oil prices coming
(07-13-2017 07:43 AM)Ohio Poly Wrote:  More downward pressure:

"https://www.tesla.com/model3"

LOL!
07-13-2017 08:20 AM
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HeartOfDixie Offline
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RE: More downward pressure on oil prices coming
(07-13-2017 07:25 AM)miko33 Wrote:  https://www.nytimes.com/2017/07/12/busin...s-oil.html

Quote:When Mexico gambled on ending decades of state control of its energy industry, officials said they hoped the move would promote investment and give the country access to technical expertise. That wager now appears to be paying off.

The government began auctioning off rights two years ago to drill in parts of the Gulf of Mexico. On Tuesday, an international consortium of energy companies said they had discovered a large oil field, and another firm said it had discovered more oil than expected in a separate area.

The overhaul of the Mexican oil and gas sector in recent years eventually ended the state energy company’s seven-decade domestic monopoly on exploration and production. The aim was to arrest years of declining oil output, blamed on a slow-moving public sector that lacked the technology to exploit opportunities in deep-sea drilling, or shale oil and gas.

The two announcements on Tuesday appeared to suggest that Mexico’s strategy, which was met with criticism when it was first pushed through, was succeeding.

The consortium, made up of Premier Oil of Britain, as well as Talos Energy of Texas and the Mexican company Sierra Oil and Gas, said that it had discovered a field containing more than one billion barrels of oil in shallow water 40 miles off the Mexican coast. Riverstone Holdings, an American private equity firm that specializes in energy investments, owns 45 percent of Talos Energy and 43 percent of Sierra Oil and Gas.

More and more economic pressure coming to countries in the Middle East, Russia and Venezuela. I'd bet foreign policy will become even more important moving forward - especially since the Saudi's and Iranians are getting clobbered by cheap oil. SA's gambit to put U.S. shale oil companies out of business backfired, and we're finding out that more and more oil is being discovered.

http://oilprice.com/Energy/Crude-Oil/OPE...Shale.html

Quote:In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to bring supply and demand in balance, the oil cartel confirmed it is pumping too much, not only in 2017, but that it was also set to produce too much oil in 2018, blaming shale production as the primary reason behind the oversupply.

I think the effect will be small. That's still more expensive to produce than what has already created the paradigm shift.
07-13-2017 08:21 AM
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Niner National Offline
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Post: #5
RE: More downward pressure on oil prices coming
While it like to see us get away from oil, I'm a realist and know it'll be around the rest of my lifetime. During that time, if like to see us and our allies crushing the likes of Saudi Arabia, Venezuela, and Iran.
07-13-2017 08:46 AM
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Post: #6
RE: More downward pressure on oil prices coming
(07-13-2017 07:25 AM)miko33 Wrote:  https://www.nytimes.com/2017/07/12/busin...s-oil.html

Quote:When Mexico gambled on ending decades of state control of its energy industry, officials said they hoped the move would promote investment and give the country access to technical expertise. That wager now appears to be paying off.

The government began auctioning off rights two years ago to drill in parts of the Gulf of Mexico. On Tuesday, an international consortium of energy companies said they had discovered a large oil field, and another firm said it had discovered more oil than expected in a separate area.

The overhaul of the Mexican oil and gas sector in recent years eventually ended the state energy company’s seven-decade domestic monopoly on exploration and production. The aim was to arrest years of declining oil output, blamed on a slow-moving public sector that lacked the technology to exploit opportunities in deep-sea drilling, or shale oil and gas.

The two announcements on Tuesday appeared to suggest that Mexico’s strategy, which was met with criticism when it was first pushed through, was succeeding.

The consortium, made up of Premier Oil of Britain, as well as Talos Energy of Texas and the Mexican company Sierra Oil and Gas, said that it had discovered a field containing more than one billion barrels of oil in shallow water 40 miles off the Mexican coast. Riverstone Holdings, an American private equity firm that specializes in energy investments, owns 45 percent of Talos Energy and 43 percent of Sierra Oil and Gas.

More and more economic pressure coming to countries in the Middle East, Russia and Venezuela. I'd bet foreign policy will become even more important moving forward - especially since the Saudi's and Iranians are getting clobbered by cheap oil. SA's gambit to put U.S. shale oil companies out of business backfired, and we're finding out that more and more oil is being discovered.

http://oilprice.com/Energy/Crude-Oil/OPE...Shale.html

Quote:In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to bring supply and demand in balance, the oil cartel confirmed it is pumping too much, not only in 2017, but that it was also set to produce too much oil in 2018, blaming shale production as the primary reason behind the oversupply.

So govt, even the Mexican variety, is not efficient here either.
07-13-2017 08:53 AM
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miko33 Offline
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Post: #7
RE: More downward pressure on oil prices coming
(07-13-2017 08:21 AM)HeartOfDixie Wrote:  
(07-13-2017 07:25 AM)miko33 Wrote:  https://www.nytimes.com/2017/07/12/busin...s-oil.html

Quote:When Mexico gambled on ending decades of state control of its energy industry, officials said they hoped the move would promote investment and give the country access to technical expertise. That wager now appears to be paying off.

The government began auctioning off rights two years ago to drill in parts of the Gulf of Mexico. On Tuesday, an international consortium of energy companies said they had discovered a large oil field, and another firm said it had discovered more oil than expected in a separate area.

The overhaul of the Mexican oil and gas sector in recent years eventually ended the state energy company’s seven-decade domestic monopoly on exploration and production. The aim was to arrest years of declining oil output, blamed on a slow-moving public sector that lacked the technology to exploit opportunities in deep-sea drilling, or shale oil and gas.

The two announcements on Tuesday appeared to suggest that Mexico’s strategy, which was met with criticism when it was first pushed through, was succeeding.

The consortium, made up of Premier Oil of Britain, as well as Talos Energy of Texas and the Mexican company Sierra Oil and Gas, said that it had discovered a field containing more than one billion barrels of oil in shallow water 40 miles off the Mexican coast. Riverstone Holdings, an American private equity firm that specializes in energy investments, owns 45 percent of Talos Energy and 43 percent of Sierra Oil and Gas.

More and more economic pressure coming to countries in the Middle East, Russia and Venezuela. I'd bet foreign policy will become even more important moving forward - especially since the Saudi's and Iranians are getting clobbered by cheap oil. SA's gambit to put U.S. shale oil companies out of business backfired, and we're finding out that more and more oil is being discovered.

http://oilprice.com/Energy/Crude-Oil/OPE...Shale.html

Quote:In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to bring supply and demand in balance, the oil cartel confirmed it is pumping too much, not only in 2017, but that it was also set to produce too much oil in 2018, blaming shale production as the primary reason behind the oversupply.

I think the effect will be small. That's still more expensive to produce than what has already created the paradigm shift.

This in and of itself is small; however, a series of these types of discoveries spread throughout the world will have sustained downward pressure. The 3rd world HAS to produce oil to get the revenue streams needed. Mexico will fall into this trap too.
07-13-2017 09:35 AM
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HeartOfDixie Offline
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RE: More downward pressure on oil prices coming
(07-13-2017 09:35 AM)miko33 Wrote:  
(07-13-2017 08:21 AM)HeartOfDixie Wrote:  
(07-13-2017 07:25 AM)miko33 Wrote:  https://www.nytimes.com/2017/07/12/busin...s-oil.html

Quote:When Mexico gambled on ending decades of state control of its energy industry, officials said they hoped the move would promote investment and give the country access to technical expertise. That wager now appears to be paying off.

The government began auctioning off rights two years ago to drill in parts of the Gulf of Mexico. On Tuesday, an international consortium of energy companies said they had discovered a large oil field, and another firm said it had discovered more oil than expected in a separate area.

The overhaul of the Mexican oil and gas sector in recent years eventually ended the state energy company’s seven-decade domestic monopoly on exploration and production. The aim was to arrest years of declining oil output, blamed on a slow-moving public sector that lacked the technology to exploit opportunities in deep-sea drilling, or shale oil and gas.

The two announcements on Tuesday appeared to suggest that Mexico’s strategy, which was met with criticism when it was first pushed through, was succeeding.

The consortium, made up of Premier Oil of Britain, as well as Talos Energy of Texas and the Mexican company Sierra Oil and Gas, said that it had discovered a field containing more than one billion barrels of oil in shallow water 40 miles off the Mexican coast. Riverstone Holdings, an American private equity firm that specializes in energy investments, owns 45 percent of Talos Energy and 43 percent of Sierra Oil and Gas.

More and more economic pressure coming to countries in the Middle East, Russia and Venezuela. I'd bet foreign policy will become even more important moving forward - especially since the Saudi's and Iranians are getting clobbered by cheap oil. SA's gambit to put U.S. shale oil companies out of business backfired, and we're finding out that more and more oil is being discovered.

http://oilprice.com/Energy/Crude-Oil/OPE...Shale.html

Quote:In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to bring supply and demand in balance, the oil cartel confirmed it is pumping too much, not only in 2017, but that it was also set to produce too much oil in 2018, blaming shale production as the primary reason behind the oversupply.

I think the effect will be small. That's still more expensive to produce than what has already created the paradigm shift.

This in and of itself is small; however, a series of these types of discoveries spread throughout the world will have sustained downward pressure. The 3rd world HAS to produce oil to get the revenue streams needed. Mexico will fall into this trap too.

I think Mexico fell into that trap sometime ago.

I don't even think a series of these discoveries are going to make much of a difference.

Off-shore discoveries all fall into a price bracket above where the paradigm shift occurred, on-shore shale. I also think that these have largely already been placed into the market price since we know that there are several fields in various parts of the world that contain a whole hell of a lot of oil but we just aren't sure how much since nobody has been crazy enough to waste money to find out.
07-13-2017 09:42 AM
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Tom in Lazybrook Offline
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Post: #9
RE: More downward pressure on oil prices coming
Guys, there's something out there that can cause even further downward pressure on oil prices....Maduro's regime falling. Right now, the country with the largest known reserves for oil, is producing at about 10 percent of output. If Maduro falls, all that production will come back, quickly.
07-13-2017 12:20 PM
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Post: #10
RE: More downward pressure on oil prices coming
(07-13-2017 12:20 PM)Tom in Lazybrook Wrote:  Guys, there's something out there that can cause even further downward pressure on oil prices....Maduro's regime falling. Right now, the country with the largest known reserves for oil, is producing at about 10 percent of output. If Maduro falls, all that production will come back, quickly.

Not to mention tank supplies and national reserves are largely filled to brim. Last time we saw this sort of imbalance, it took nearly 2 decades for oil prices to bounce back. Granted, last time there was less 3rd World use, so I do think prices will bounce back a bit quicker this time around----but I do believe low oil prices are going to be a fixture for quite some time---likely at least 10 to 15 years.
(This post was last modified: 07-13-2017 12:39 PM by Attackcoog.)
07-13-2017 12:38 PM
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RE: More downward pressure on oil prices coming
Trigger a liberal....drive something really huge and expensive that gets 12 miles a gallon.
07-13-2017 12:46 PM
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Ohio Poly Offline
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Post: #12
RE: More downward pressure on oil prices coming
Electric driverless cars could make petrol and diesel motors 'socially unacceptable'

https://www.theregister.co.uk/2017/07/13..._vehicles/
07-13-2017 01:58 PM
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Post: #13
RE: More downward pressure on oil prices coming
(07-13-2017 07:43 AM)Ohio Poly Wrote:  More downward pressure:

"https://www.tesla.com/model3"

LOL. Tell that to Australia.
07-13-2017 02:08 PM
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rath v2.0 Offline
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RE: More downward pressure on oil prices coming
(07-13-2017 01:58 PM)Ohio Poly Wrote:  Electric driverless cars could make petrol and diesel motors 'socially unacceptable'

https://www.theregister.co.uk/2017/07/13..._vehicles/

Driverless cars will eventually end up making the alternative uninsurable.
07-13-2017 02:25 PM
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Ohio Poly Offline
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Post: #15
RE: More downward pressure on oil prices coming
(07-13-2017 08:20 AM)HeartOfDixie Wrote:  
(07-13-2017 07:43 AM)Ohio Poly Wrote:  More downward pressure:

"https://www.tesla.com/model3"

LOL!

Gamechanger.
07-13-2017 04:13 PM
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HeartOfDixie Offline
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RE: More downward pressure on oil prices coming
(07-13-2017 04:13 PM)Ohio Poly Wrote:  
(07-13-2017 08:20 AM)HeartOfDixie Wrote:  
(07-13-2017 07:43 AM)Ohio Poly Wrote:  More downward pressure:

"https://www.tesla.com/model3"

LOL!

Gamechanger.

#purefantasy
07-13-2017 04:33 PM
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Post: #17
RE: More downward pressure on oil prices coming
(07-13-2017 02:25 PM)rath v2.0 Wrote:  
(07-13-2017 01:58 PM)Ohio Poly Wrote:  Electric driverless cars could make petrol and diesel motors 'socially unacceptable'

https://www.theregister.co.uk/2017/07/13..._vehicles/

Driverless cars will eventually end up making the alternative uninsurable.

We are a long way from there for multiple reasons. The technology is available---but the installed base of existing cars makes that impossible.

There are lots of issues holding up implementation, but here's one few ever mention----ethics. Currently, when an accident occurs, a person is faced with a split second situation and reacts to that situation. So, when a driver is faced with an imminent accident and moves instinctively to the shoulder, injuring a pedestrian in the proceess---we accept the outcome---good or bad---simply as an accident because one doesnt rehurse life of death situations--one simply reacts.

For an AI controlled car---the idea of what to do in an unavoidable accident must be considered, decided, and programmed into the software with fore thought. The AI in the car already knows what it will do and the writer of the software is totally liable for the results. So, the question of do you T-bone the car with an infant passenger on the passenger side or sideswipe the pedestrian has to be decided and defended.

Another issue is liability. Because the AI will be driving every car at some point, the AI provider who designed and writes the software, is essentially going to be responsible for and liable for all damages from every accident and traffic death in the US after the program is 100% implemented. Thats potentially a tremendous liability.
(This post was last modified: 07-13-2017 06:21 PM by Attackcoog.)
07-13-2017 06:14 PM
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Post: #18
RE: More downward pressure on oil prices coming
(07-13-2017 07:43 AM)Ohio Poly Wrote:  More downward pressure:

"https://www.tesla.com/model3"

I don't get the left's hard on over Tesla.

You don't solve the problem of conspicuous consumption (cars) by USING conspicuous consumption. If you think you have to rape the Earth to get the raw materials to make a Chevy small block V8 ... just what the hell do you think has to happen to mine enough lithium for the batteries in ONE Tesla?
07-13-2017 06:52 PM
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RE: More downward pressure on oil prices coming
(07-13-2017 01:58 PM)Ohio Poly Wrote:  Electric driverless cars could make petrol and diesel motors 'socially unacceptable'

https://www.theregister.co.uk/2017/07/13..._vehicles/

I drive a car with batteries... every Sunday....on the fcking golf course. That is my limit.
When they make a "real" car without a combustion engine that I can drive as far and and as fast?...Ill think about it. Im not interested in wearing a damn automobile that has no power, size or range.
07-13-2017 07:17 PM
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RE: More downward pressure on oil prices coming
(07-13-2017 04:13 PM)Ohio Poly Wrote:  
(07-13-2017 08:20 AM)HeartOfDixie Wrote:  
(07-13-2017 07:43 AM)Ohio Poly Wrote:  More downward pressure:

"https://www.tesla.com/model3"

LOL!

Gamechanger.

I call fabrics.07-coffee3
07-13-2017 07:18 PM
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