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BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

 
$5-7 A GALLON ?
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05/14/2010 09:14 AM
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BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
May 14 (Bloomberg) -- Refiners must be ready for oil prices to rebound to more than $100 a barrel on growing consumption in Asia, said Mukesh Ambani, Asia’s richest man.

“We have to again be actively prepared to see a three- digit oil price” amid sluggish refining growth and higher marginal cost of production at new fields, Ambani, chairman of Reliance Industries Ltd., said in a speech at a conference in Mumbai today.

more@
[link to www.bloomberg.com]
Anonymous Coward
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05/14/2010 09:17 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
yuuuupp

I believe it.

Right now, it's the calm before the storm.
Not enought people realize what's going on and will be taken back.
Anonymous Coward
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05/14/2010 09:21 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Totally.

Thread: Gulf Oil Spill Disaster: The Trigger of American Economic Collapse?

Speculation of $10 bucks a gallon is what I read right after the rig disaster.
1-2-Follow

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05/14/2010 09:24 AM

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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Totally.

Thread: Gulf Oil Spill Disaster: The Trigger of American Economic Collapse?

Speculation of $10 bucks a gallon is what I read right after the rig disaster.
 Quoting: Anonymous Coward 970354



why? it was an EXPLORATORY rig. do you know what that means? that oil had not even been figured into production.


you're all suckers for the game they play. they could say it's too windy outside and that oil has to go up to $100 a barrel because of it and you fools would believe it.

past has shone though the price per barrel doesn't make much difference at the pump. i've seen it above $100 and it be $4.00 at the pump, i've seen it above $100 and seen it around $2.00 at the pump.

it's all a fucking charade.
"As of 10:18 a.m. EST, on the 23rd day of July, I officially declare this the day your DOW DOOM died. 9000 has just been breached." - the 1-2

Truth is schilling in the empire of retards.

"Yep but for now we dub you toast guy." - AC520845

*PROCLAIMED PROPHET OF THE DOW* ®
Anonymous Coward
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05/14/2010 09:27 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Totally.

Thread: Gulf Oil Spill Disaster: The Trigger of American Economic Collapse?

Speculation of $10 bucks a gallon is what I read right after the rig disaster.



why? it was an EXPLORATORY rig. do you know what that means? that oil had not even been figured into production.


you're all suckers for the game they play. they could say it's too windy outside and that oil has to go up to $100 a barrel because of it and you fools would believe it.

past has shone though the price per barrel doesn't make much difference at the pump. i've seen it above $100 and it be $4.00 at the pump, i've seen it above $100 and seen it around $2.00 at the pump.

it's all a fucking charade.
 Quoting: 1-2-Follow

I totally agree. It's always about speculation. They will use anything.
Matrix
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05/14/2010 09:34 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Now that the stock market numbers have regained most of their lost value from the last price spike, it will soon be time for yet another round of profit taking....sell high, buy low Idol1
Cultivator
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05/14/2010 09:38 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Think you missed the point 1-2 Follow.....

The statement was in regard to demand in ASIA....
not in regard to the oil rig leak issue....

There is no evidence of any 'hidden' supplies of super oil fields not being tapped and none new ones found for decades - so with population and consumption (and demand) growing massively and unsustainably - I think there is no doubt that geological limits and supply limits (along with this peaking demand and our entire lifestyle and economy addicted to cheap oil) are very real issues behind increasing oil prices....

as much as we know how many things are manipulated - we cant escape that fact - that humans are demanding and using more oil than can be produced...

so perhaps this issue is less manipulated than you imply....

get ready for oil prices to continue increasing....
recessions to follow
further oil and energy wars....
and a forced downsizing and a turn towards healthy re-localisation rather than relying on unsustainable globalisation - completely dependent on endless amounts of cheap oil....
Anonymous Coward
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05/14/2010 09:44 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Walk...ride a bus...ride a bike!!! I live in a small city where everything I need does not require a car. If I want one I just rent it for what I need to do...I have not spent a dime on gas/oil for over 5years...
1-2-Follow

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05/14/2010 09:48 AM

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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Think you missed the point 1-2 Follow.....

The statement was in regard to demand in ASIA....
not in regard to the oil rig leak issue....

There is no evidence of any 'hidden' supplies of super oil fields not being tapped and none new ones found for decades - so with population and consumption (and demand) growing massively and unsustainably - I think there is no doubt that geological limits and supply limits (along with this peaking demand and our entire lifestyle and economy addicted to cheap oil) are very real issues behind increasing oil prices....

as much as we know how many things are manipulated - we cant escape that fact - that humans are demanding and using more oil than can be produced...

so perhaps this issue is less manipulated than you imply....

get ready for oil prices to continue increasing....
recessions to follow
further oil and energy wars....
and a forced downsizing and a turn towards healthy re-localisation rather than relying on unsustainable globalisation - completely dependent on endless amounts of cheap oil....
 Quoting: Cultivator 967260


yeah i guess i jumped to the oil leak and didn't read the whole thing.

they've been using the asia excuse for a few years now. it's still all just an excuse though. it's been up and down since then. does use in asia fluctuate that much over the last year or two to make the price go up and down between $60 and $140?
"As of 10:18 a.m. EST, on the 23rd day of July, I officially declare this the day your DOW DOOM died. 9000 has just been breached." - the 1-2

Truth is schilling in the empire of retards.

"Yep but for now we dub you toast guy." - AC520845

*PROCLAIMED PROPHET OF THE DOW* ®
Anonymous Coward
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05/14/2010 09:52 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.
Anonymous Coward
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05/14/2010 09:55 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.
 Quoting: Anonymous Coward 970401


EAT you forgot to login
Anonymous Coward
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05/14/2010 09:56 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.
 Quoting: Anonymous Coward 970401



Not from OUR POCKETS, Thank you!
Anonymous Coward
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05/14/2010 09:57 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
He's probably just trying to unload his long positions and missed the recent top.
spiritnut nli
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05/14/2010 10:04 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
I read on another thread that this oil pocket was full of natural gas....that had recently been discovered. This should not affect the current peak oil scenario at all.
They are LYING..
Anonymous Coward
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Poland
05/14/2010 10:19 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
[link to www.google.com]
------
HEY BEASTS - what did you do, when the TRUTH was revealed by the LAST PROPHET?
[link to www.google.com]

For the record, the only page as of today belongs to the same blog where the article of 2005, "Last glimpse of an age coming to an end - Satellite Photo", includes this photo
[link to engforum.pravda.ru]

"Coincidentally", what are the news from today? (1)

Did I read in those news that it begun with a sinking oil rig?
LAST PROPHET's words from 1998, with photo archived first 2002
[link to web.archive.org]

Note
(1) previous text was posted by Last Prophet immediately after the news broke out about a drilling rig that sank in the Gulf of Mexico
Anonymous Coward
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05/14/2010 11:24 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Totally.

Thread: Gulf Oil Spill Disaster: The Trigger of American Economic Collapse?

Speculation of $10 bucks a gallon is what I read right after the rig disaster.



why? it was an EXPLORATORY rig. do you know what that means? that oil had not even been figured into production.


you're all suckers for the game they play. they could say it's too windy outside and that oil has to go up to $100 a barrel because of it and you fools would believe it.

past has shone though the price per barrel doesn't make much difference at the pump. i've seen it above $100 and it be $4.00 at the pump, i've seen it above $100 and seen it around $2.00 at the pump.

it's all a fucking charade.
 Quoting: 1-2-Follow

The only way to stop it is to quit using the gasoline, right now, act like it's 10.00/gal . Let the specs eat that shit for a summer, burn em at their own game.

Or, just wait for Obmama to save your day, after the fact, and you're broke, and take some windfall profits for the socialist regime, and blame conservatives in November.
Anonymous Coward
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05/14/2010 11:37 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.



Not from OUR POCKETS, Thank you!
 Quoting: Anonymous Coward 849411





Yes from Your pockets THANK YOU..... You act like WE are the ones taking it.... I mean seriously WE are honest people doing an honest job but yet You act like We are the enemy..... You blaming us is like blaming the construction workers on the rise of home prices...

We just wan't to be able to work thats all. Our jobs are related to the price of oil and natural gas. When the price is high WE have unlimited work while when its low We might get lucky to get 5 months a year...

All were asking for is the potential to work nothing more nothing less. It's not like were breeding like roaches and living on welfare which You seem to think we are.
Nailer45

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05/14/2010 11:39 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
oil has went down $15 a barrel in 3 weeks and still slowly dropping.

Light Crude 72.52 -2.53%

[link to money.cnn.com]

Markets OverviewDow

-173.15 / -1.61%
10,609.80
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny.
Thomas Jefferson
Anonymous Coward
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05/14/2010 11:41 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.



Not from OUR POCKETS, Thank you!
 Quoting: Anonymous Coward 849411





Another fact You probably don't know. The gulf of mexico is primarily natural gas. The gulf provides 25% of our countries energy needs mainly for electricity. I'm not saying its 100% natural gas I am saying more than likely close to 80%..


So even if petroleum goes through the roof We could still be sitting at home. Now if natural gas goes up to 6 to 8 We would be working our butts off.....


Another thing whats all the fucking hostility.... I don't see You attacking the evil insurance companies which produces nothing but a promise. At least the oil company produces a product that can be used and touched unlike the insurance companies.
Anonymous Coward
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05/14/2010 11:43 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
welcome 2 ww3 there is not enough oil for everyone the only way for life to go on as it has in the u.s. is to stop other country's from growing.
Anonymous Coward
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05/14/2010 11:46 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
NO ! Not possible !

The demand is not here, the market is bad, the growth inexistant...
Blueacres

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05/14/2010 11:57 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
BP's Statistical Review of World Energy, published yesterday, appears to show that the world still has enough "proven" reserves to provide 40 years of consumption at current rates. The assessment, based on officially reported figures, has once again pushed back the estimate of when the world will run dry.

However, scientists led by the London-based Oil Depletion Analysis Centre, say that global production of oil is set to peak in the next four years before entering a steepening decline which will have massive consequences for the world economy and the way that we live our lives.

The end is nigh! [link to www.independent.co.uk]
"Two roads diverged in a wood and I, I took the one less traveled by." The Road Not Taken — Robert Frost, 1916
[link to www.bartleby.com]
Anonymous Coward
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05/14/2010 11:59 AM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
...people won't be able to afford it at that price and will cut the demand even more.
Blueacres

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05/14/2010 12:04 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
A North Sea oil and gas exploration rig is on its way from Scotland to the North Falkland Basin to explore reserves. Scientists believe that the territory could have up to 60 billion barrels of oil underneath its coastal waters.

The world's biggest oilfield is Ghawar in Saudi Arabia. It is thought to contain 80 billion barrels. The largest oilfield in the North Sea is Forties, which has five billion barrels.


Or is it? hf
"Two roads diverged in a wood and I, I took the one less traveled by." The Road Not Taken — Robert Frost, 1916
[link to www.bartleby.com]
Anonymous Coward
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05/14/2010 12:04 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Ambani is wishing and wishing big. I read an interview in the Economic Times with Dave Ernsberger of Platts. He says Reliance is essentially losing money hand over fist, so I'm quite sure Mr. Ambani would love nothing more than to see $100+ / barrel oil in the very near future. The article even discusses the Chinese factor, especially with the upcoming World Expo in Shanghai and the possible demand increase in direct proportion to that event. However, he states that supplies are plentiful right now, so much so that fully loaded tankers are anchored offshore in many locations due to the lack of demand. Refineries have ramped down production because of the drop in demand as well. He even goes as far to say that this year's hurricane season will likely not have a dramatic effect on oil prices due to the overwhelming surplus in the world.
So, essentially it appears Mr. Ambani is most assuredly trying to stir the pot to create a panic scenario for the sheeple, as they always seem to do when profit margins fall short.
Not buying this line of bs anymore from the fat cats. Hope you all do the same.
peace peace
Blueacres

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05/14/2010 12:05 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
[link to www.telegraph.co.uk] This may help...lol.
"Two roads diverged in a wood and I, I took the one less traveled by." The Road Not Taken — Robert Frost, 1916
[link to www.bartleby.com]
Anonymous Coward
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05/14/2010 12:05 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Expensive Oil means Stronger Canadian Dollar.

America gonna get boned up the bum by a Canadian Loony
Anonymous Coward
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05/14/2010 12:11 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
this summer will be the summer of RAGE!!!!!!!!!
Punk A$$ets

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05/14/2010 12:32 PM

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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Dont believe it. When Chinas economy starts to tank, oil will too. China is USA about 2006.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $,1204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
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Canada
05/14/2010 12:43 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Corporations always use these media spectacle to hike up prices

thank god its warm right now in Canada i get to bike to work
Anonymous Coward
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05/14/2010 12:50 PM
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Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm
Expensive Oil means Stronger Canadian Dollar.

America gonna get boned up the bum by a Canadian Loony
 Quoting: Anonymous Coward 847175

Good, the auto companies won't be hiring many Canadians, and anything else you manufacture.

Careful what you wish for.

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