Shale producers face ‘acute financial distress’
- Thread starter Jack
- Start date
Teflon Don
I'm back baby
Not right now. How long do you think Saudi Arabia can act irrationally? And let's be clear. They are acting irrationally
I think they can produce oil from their older wells at $5.
Teflon Don
I'm back baby
for how long?
I think it's their break even point on the older wells.
But, thanks to your Petro Dollars, Saudis have invested in Corporate America and can live off the Labor of Americans (and the other Developed Countries).
"The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $320 billion.[2][3] It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. Thus, PIF is working on managing assets worth $400 billion by 2020.[4] The PIF has a portfolio made up of approximately 200 investments, of which around 20 are listed on Tadawul, the Saudi Stock Exchange."
https://en.wikipedia.org/wiki/Public_Investment_Fund_of_Saudi_Arabia
Teflon Don
I'm back baby
actually thanks to your party that has limited domestic production, Saudi Arabia is more powerful
Make no mistake, propping up Saudi Arabia has been a bipartisan clusterfuck for generations
This should make you happy; does it not?
cancel2 2022
Canceled
.
Putin must think all his prayers have been answered, just needs to get Colonel Sanders in the White House and he'll be positively orgasmic.
Covid-19 and Russia collusion to kill shale! Film at 11.
David Middleton / 12 hours ago March 9, 2020
Guest “Russia collusion” by David Middleton
As the Democrat-media-fueled Covid-19 panic continues to batter the global economy, Russia thinks they see an opportunity to kill the evil capitalist “shale” players…
Mar 7, 2020, 09:58am EST
Russia Yanks A Leg From U.S. Shale’s Three-Legged Stool
David Blackmon Contributor
Energy
For the last two-plus years, the U.S. shale industry has been able to continue its oil boom thanks to the existence of a figurative 3-legged stool of support. Those three legs have been easily identifiable:
*The ability to legally export crude oil to other countries;
*An ongoing license to build pipelines and conduct fracking operations; and
*The continuation of the OPEC+ deal limiting exports by other oil producing nations.
So long as all three legs of that stool remained in place, crude prices have remained healthy enough to allow shale operators to continue drilling wells, increase overall U.S. production and for the most part remain fairly profitable. But, as with any stool, the removal of any one of the legs upsets an undeniably delicate balance, potentially spelling disaster for anyone sitting atop it.
On Friday, Moscow yanked one of the three legs from the stool by refusing to agree to additional export cuts that had been unilaterally proposed by the OPEC member nations on Thursday without Russian representatives in the room. Crude prices immediately collapsed, experiencing their worst day in more than 5 years with a drop of 10%.
[…]
On Thursday the OPEC nations proposed additional cuts that would have taken an additional 1.5 million barrels of oil per day off of the market, 1 million of which would have been born by the OPEC members, with the remaining 500,000 in cuts obligated to Russia and its fellow non-OPEC participants. On Friday, though, Russian Energy Minister Alexander Novak returned to Vienna and informed the group that his country would not agree to any further cuts.
[…]
Forbes
https://wattsupwiththat.com/2020/03/09/covid-19-and-russia-collusion-to-kill-shale-film-at-11/
Putin must think all his prayers have been answered, just needs to get Colonel Sanders in the White House and he'll be positively orgasmic.
Covid-19 and Russia collusion to kill shale! Film at 11.
David Middleton / 12 hours ago March 9, 2020
Guest “Russia collusion” by David Middleton
As the Democrat-media-fueled Covid-19 panic continues to batter the global economy, Russia thinks they see an opportunity to kill the evil capitalist “shale” players…
Mar 7, 2020, 09:58am EST
Russia Yanks A Leg From U.S. Shale’s Three-Legged Stool
David Blackmon Contributor
Energy
For the last two-plus years, the U.S. shale industry has been able to continue its oil boom thanks to the existence of a figurative 3-legged stool of support. Those three legs have been easily identifiable:
*The ability to legally export crude oil to other countries;
*An ongoing license to build pipelines and conduct fracking operations; and
*The continuation of the OPEC+ deal limiting exports by other oil producing nations.
So long as all three legs of that stool remained in place, crude prices have remained healthy enough to allow shale operators to continue drilling wells, increase overall U.S. production and for the most part remain fairly profitable. But, as with any stool, the removal of any one of the legs upsets an undeniably delicate balance, potentially spelling disaster for anyone sitting atop it.
On Friday, Moscow yanked one of the three legs from the stool by refusing to agree to additional export cuts that had been unilaterally proposed by the OPEC member nations on Thursday without Russian representatives in the room. Crude prices immediately collapsed, experiencing their worst day in more than 5 years with a drop of 10%.
[…]
On Thursday the OPEC nations proposed additional cuts that would have taken an additional 1.5 million barrels of oil per day off of the market, 1 million of which would have been born by the OPEC members, with the remaining 500,000 in cuts obligated to Russia and its fellow non-OPEC participants. On Friday, though, Russian Energy Minister Alexander Novak returned to Vienna and informed the group that his country would not agree to any further cuts.
[…]
Forbes
https://wattsupwiththat.com/2020/03/09/covid-19-and-russia-collusion-to-kill-shale-film-at-11/