I've never been in a negotiation that WASN'T settled offline by 2-3 guys talking over beers or coffee. I don't know how they do that in this case, but it's a wonder anything gets done with 45 people in the room at once.
Typical negotiation maneuvers, refusal by both sides to accept the others proposals, down to the final minutes. That way both sides can claim they fought for the best deal they could get without losing the whole package. Ever been in a union bargaining session? I have. Meanwhile crude speculators are racking in the profits using hedge limits to play the game, what a farce.
Look for a push to or thru uso $18 tomorrow with markets closed friday.
US CLIMBS MOST IN 2 MONTHS on US crude output decline, n Dakota rules take effect for oil shipments raising costs and slowing production, lenders preparing to cut credit lines to shale oil co by 30% in coming days, gasoline DEMAND IS UP 1.9% OVER 1 YR AGO, WHY IS OIL OIL not hitting phenomenal lows? DEMAND, Demand is phenomenal as we are absorbing a lot of the oil being produced, product inventories are actually pretty low and US refineries are coming out of maintenance as the rest of the world is going in, producers have built up a lot less than people think, 2nd q will be stable with oil rebounding on demand more over the 2nd half of the tear. GS... says the new equilibrium price is around 70 for brent, 65 for wti.
Hello Apple, here`s the EIA report for 2014 on imported oil, and from reading the report we never needed that much oil, its cheaper to buy cheap oil and fill storage, and now they will use it up,,,,,, How much petroleum does the United States import and from where?
The United States imported approximately 9 million barrels per day (MMbbl/d) of petroleum in 2014 from about 80 countries. Petroleum includes crude oil, natural gas plant liquids, liquefied refinery gases, refined petroleum products such as gasoline and diesel fuel, and biofuels, including ethanol and biodiesel. In 2014, about 80% of gross petroleum imports were crude oil, and about 44% of the crude oil that was processed in U.S. refineries was imported.
The United States exported about 4 MMbbl/d of crude oil and petroleum products in 2014, resulting in net imports (imports minus exports) of about 5 MMbbl/d in 2014. Net imports accounted for 27% of the petroleum consumed in the United States, the lowest annual average since 1985.
The top five source countries of U.S. petroleum imports in 2014 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq. The country rankings vary based on gross petroleum imports or net petroleum imports (gross imports minus exports).
"If Shale oil producing companies have been going bankrupt, do you think we are producing more oil or buying all the cheap oil we can get?"
We've been producing more and soon will be producing less. Production reacts to price very slowly.
If Shale oil producing companies have been going bankrupt, do you think we are producing more oil or buying all the cheap oil we can get? NEW YORK (Reuters) - A month ago, it seemed inevitable: a massive global oversupply of crude oil production would overwhelm storage tanks in Oklahoma and fill supertankers off Singapore.
Now, there are growing signs that the U.S. oil market can avoid the doomsday scenario in which it runs out of room to stockpile surplus crude, a development that oil traders worried would send crude prices into another tailspin.
One reason is that refiners, spurred by high profit margins, are rushing to buy crude and churn out more fuel in response to an unexpectedly swift rise in U.S. road travel and soaring Chinese demand for fuel-hungry sport utility vehicles.
Furthermore, shale oil drillers have hit the brakes on new wells faster than many anticipated. This could throw years of unyielding growth into reverse as early as May.
No deal , aint going to happen, nukes for iran...really ? Lol.. Get a grip and get long uso
Sentiment: Strong Buy
If you get a chance checkout the video, that was a huge explosion,,,
April 1, 2015, 2:40 PM
Four people were killed and 16 were injured after an oil rig burst into flame in the Gulf of Mexico Wednesday, Mexico's state-run oil company said.
The Abkatun Permanente platform, which sits in the middle of Campeche Bay, erupted in fire in the early morning and forced the evacuation of nearly 300 workers, Pemex said.
Two people were in serious condition as the injured were treated at a hospital in Ciudad del Carmen.
A city emergency services spokesman contradicted Pemex's account and said at least 45 people were injured, RT News reported.
It wasn't immediately clear how the blaze started as eight firefighting boats tried to extinguish it.
Pemex representatives did not immediately respond to the Daily News' request for comment.
General Director Emilio Lozoya Austin is overseeing
Get a grip and get long uso. The dollar will continue to weaken, the supply glut is no more, us refineries are ramping up for summer , expensive fracking is shutting down and we have war in the middle east.. Hello everyone .. The worm has turned and the bear market in oil is over !!!
Sentiment: Strong Buy
Pretty evident stuck up tone. they're not begging and negotiating from a percieved position of strength! Who in the world's five most power nations send their envoys to Iran? Iran is the epicenter of it all and Obama/Kerry grovels for a deal.
"Iran has shown its readiness to engage with dignity and it's time for our negotiating partners to seize the moment and use this opportunity which may not be repeated," Zarif said, after meeting alone with US Secretary of State John Kerry.