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OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN

 
Uncle Fuck Stick
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09/09/2013 11:32 PM

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OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
[link to thenationonlineng.net]

The Organisation of Petroleum Exporting Countries(OPEC) may cut oil production by half a million barrels a day when its meets in December, the International Energy Agency(EIA) has said.

The body said if all go accoridng to plans, the reduction in production would be the first in five years since the last time such exercise was carried out was 2008.

It said: “ The last time OPEC cut its oil output was in late 2008 when it reduced production to 4.2 million barrels a day. During this time, oil demand fell and prices crashed amid the financial crisis.

Lately, Gulf countries, including Saudi Arabia, have supported keeping the production ceiling at 30 million barrels a day, The organisation could reduce production by half a million barrels a day due to the surge in the North American shale boom,”

OPEC’s latest report, released last week, projected that demand for its crude will slide 500,000 barrels a day next year to 29.4 million barrels of oilper day (MMbpd), or about 2.6 per cent less than the organisation is currently producing,’

More at link
Anonymous Coward
User ID: 46275384
09/10/2013 12:20 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
thank you for posting this. at a time of war production goes up.

on a side note I wanted to suggest you give up the retard name. but if it "fits" you then that's ok; when you turn 15 you will probably have tired of it
Anonymous Coward
User ID: 46607664
Australia
09/10/2013 12:36 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
I have been waiting for our next crash...which Im sure is not that far away, I never felt that the crash in 2008 was a crash but more of a stumble, the crash is yet to come.

And on a side note , I agrre with the other poster who suggested a name change for you..not because I may or may not find your name derogatory but more so because you have some really good information and for those that are not aware of how cool you can be , might think you are a bit of a donkey , considering the name.
Either way....I now always read your threads because I have learnt that UFS is pretty knowledgeable.. that not what I first thought.

Luv ya stuff...yer information is pretty cool too...lol
Anonymous Coward
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Canada
09/10/2013 12:55 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Wake Up. They peeked out along time ago. Aside from the Hawtaw field there have been no other discoveries in almost 15 years. They have to cut back otherwise it will deplete the field to rapidly.

We all peaked and dipite these marvelous new finds they are drops in the bucket period. Were all done.

Time for the Sun!
Anonymous Coward
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Hong Kong
09/10/2013 01:09 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Using less oil is good for humanity.

One of the reasons why there are so many earthquakes is because the mankind has sucked too oil from the ground.

The ground needs some support. Right now, there are huge void spaces underneath the ground.
Bear Drinker
go fer a rip?

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Canada
09/10/2013 01:10 AM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Using less oil is good for humanity.

One of the reasons why there are so many earthquakes is because the mankind has sucked too oil from the ground.

The ground needs some support. Right now, there are huge void spaces underneath the ground.
 Quoting: Anonymous Coward 46598833


fuckstickmoron
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Sikhed
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09/10/2013 01:10 AM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
It's their way of raising oil prices.
Less output = more petrodollars for less oil.
(It also may be payback for obama not doing his master's bidding; bombing Syria.)
doom360
Sikhed
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09/10/2013 01:13 AM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
The ground needs some support. Right now, there are huge void spaces underneath the ground.
 Quoting: Anonymous Coward 46598833


No. As oil is pumped out, it is replaced with sea water.
doom360
Anonymous Coward
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09/10/2013 01:23 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
The organisation could reduce production by half a million barrels a day due to the surge in the North American shale boom
 Quoting: Uncle Fuck Stick


Look at all the dumb people in this thread. Hey, there's a completely reasonable explanation for this. Must be a massive conspiracy...
Anonymous Coward
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09/10/2013 01:28 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
What about the horses in revelations?
Nikola Tesla

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09/10/2013 01:29 AM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
It's their way of raising oil prices.
Less output = more petrodollars for less oil.
(It also may be payback for obama not doing his master's bidding; bombing Syria.)
 Quoting: Sikhed


^^ Yes indeed! Punishment it is.
Anonymous Coward
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09/10/2013 01:33 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
It's their way of raising oil prices.
Less output = more petrodollars for less oil.
(It also may be payback for obama not doing his master's bidding; bombing Syria.)
 Quoting: Sikhed


^^ Yes indeed! Punishment it is.
 Quoting: Nikola Tesla


Look how dumb you are. There's a simple explanation for this. US production is expanding, and OPEC is lowering their output by the same amount.

But yea, keep being dumb.
Anonymous Coward
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Hong Kong
09/10/2013 01:33 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
The ground needs some support. Right now, there are huge void spaces underneath the ground.
 Quoting: Anonymous Coward 46598833


No. As oil is pumped out, it is replaced with sea water.
 Quoting: Sikhed


you are right if the area you are refering to is a coastal area. this means every huge tidal wave can shake the ground.

simple civil engineering
Anonymous Coward
User ID: 46598833
Hong Kong
09/10/2013 01:38 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Using less oil is good for humanity.

One of the reasons why there are so many earthquakes is because the mankind has sucked too oil from the ground.

The ground needs some support. Right now, there are huge void spaces underneath the ground.
 Quoting: Anonymous Coward 46598833


:fuckstickmoron:
 Quoting: Bear Drinker



I could not understand what you were trying to say until I read your user name. Are you drunk or not?
Anonymous Coward
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09/10/2013 02:54 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
LOL 500,000 from 30million

IS NOT EVEN 2% HAHAHAH WHO GIVES A CRAP! SHEESH omg emofying over nothing
Anonymous Coward
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09/10/2013 02:55 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
That is the threat opec will make And fullfil unless the US goes to war to build a new pipeline through syria.Thst
Anonymous Coward
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Australia
09/10/2013 04:27 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Aparrently Australia curently only has three weeks supply of fuel.. with our dollar weakening the fuel price is set to roar in the next week and continue to do so as the dollar drops. 500,000 barrels this way would be nice
Anonymous Coward
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United Kingdom
09/10/2013 04:42 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
LOL 500,000 from 30million

IS NOT EVEN 2% HAHAHAH WHO GIVES A CRAP! SHEESH omg emofying over nothing
 Quoting: Anonymous Coward 36550476


This ^
Anonymous Coward
User ID: 46618567
United States
09/10/2013 04:49 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Using less oil is good for humanity.

One of the reasons why there are so many earthquakes is because the mankind has sucked too oil from the ground.

The ground needs some support. Right now, there are huge void spaces underneath the ground.
 Quoting: Anonymous Coward 46598833


:fuckstickmoron:
 Quoting: Bear Drinker


LMFAO!!!!!!!!!!!!


cruisecruisecruisecruisecruisecruise
Anonymous Coward
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India
09/10/2013 05:09 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
I expected OPEC will flood the market.

It is interesting cut in production resulting higher prices of oil.
Anonymous Coward
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09/10/2013 05:49 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
So the connection between Syria and this is?
Citizenperth
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09/10/2013 05:57 AM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Aparrently Australia curently only has three weeks supply of fuel.. with our dollar weakening the fuel price is set to roar in the next week and continue to do so as the dollar drops. 500,000 barrels this way would be nice
 Quoting: Anonymous Coward 548450


we RIDE THE ROO!

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Anonymous Coward
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09/10/2013 06:39 AM
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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
The poster formerly known as unkle fuck stick
Nikola Tesla

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09/10/2013 03:15 PM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
[link to thenationonlineng.net]

The Organisation of Petroleum Exporting Countries(OPEC) may cut oil production by half a million barrels a day when its meets in December, the International Energy Agency(EIA) has said.

The body said if all go accoridng to plans, the reduction in production would be the first in five years since the last time such exercise was carried out was 2008.

It said: “ The last time OPEC cut its oil output was in late 2008 when it reduced production to 4.2 million barrels a day. During this time, oil demand fell and prices crashed amid the financial crisis.

Lately, Gulf countries, including Saudi Arabia, have supported keeping the production ceiling at 30 million barrels a day, The organisation could reduce production by half a million barrels a day due to the surge in the North American shale boom,”

OPEC’s latest report, released last week, projected that demand for its crude will slide 500,000 barrels a day next year to 29.4 million barrels of oilper day (MMbpd), or about 2.6 per cent less than the organisation is currently producing,’

More at link
 Quoting: Uncle Fuck Stick


You bet your ass they are expecting a drop in demand, just like in 2008. When the economy of any Country "shits the bed", the consumption of fuel decreases.

Teslahf

bump
Bear Drinker
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09/10/2013 03:20 PM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN

[link to www.youtube.com]
I have the honor of creating a GLP meme so now I am waiting for my endorsement deal from Coors Light Bear

Thread: What's your favorite bear?

" It's only when you see a mosquito landing on your testicles that you realize that there is always a way to solve problems without using violence. "
Uncle Fuck Stick (OP)
WAKE THE FUCK UP !!!!!!!!

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09/10/2013 08:46 PM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
The poster formerly known as unkle fuck stick
 Quoting: Anonymous Coward 3304978


POPCORN EATER ...WHO DAT
Uncle Fuck Stick (OP)
WAKE THE FUCK UP !!!!!!!!

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10/01/2013 06:04 PM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Maybe this gubment shutdown is all part of the show
Uncle Fuck Stick (OP)
WAKE THE FUCK UP !!!!!!!!

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10/01/2013 06:05 PM

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Re: OPEC to cut Oil production by 500,000 barrels a day.....last time they did was fall of 2008 ..ARE THEY EXPECTING A CRASH IN DEMAND AGAIN
Maybe this gubment shutdown is all part of the show
 Quoting: Uncle Fuck Stick

Thread: ROFL.....(CLOSE THE DOORS & KEEPEM LOCKED!!) Extended government shutdown could mean even lower gas prices

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