The stubborn drive of OPEC is finally weaning down as the crude cartel has stated that it’s ready to talk to other producers about crashing oil prices, according to a release from an OPEC publication on Monday.
“Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members—indeed for all stakeholders in the industry,” the commentary in the latest OPEC Bulletin said.
Petroleum prices haven’t seen such lows in a decade. The Organization of Petroleum Exporting Countries has kept production at all-time highs as strategy to abolish world competitors. Most notably, OPEC wanted to crush the shale boom in America.
While the bulletin is titled “Cooperation holds the key to oil’s future,” there aren’t real details to how this would play out among oil producing nation. However, OPEC did state that the market “has to be a level playing field,” and that “OPEC will protect its own interests.”
In related news, OPEC is producing at a loss, Ecuador admits.
“OPEC, as always, will continue to do all in its power to create the right enabling environment for the oil market to achieve equilibrium with fair and reasonable prices,” the article stated.
At no surprise, once OPEC announced of a potential deal, crude prices began to rebound on Monday. West Texas Intermediate crude prices rose $3.98—almost 9 percent— to $49.20 a barrel in New York. Brent crude—the international standard—was up $3.61 to $53.60.
In addition, The U.S. Energy Department cut its expectations for U.S. oil production based on lower projected output in Texas. This information mixed with the news from OPEC has given the market a slight boost investors are rallying behind.
The Wall Street Journal reported last week that Venezuela has been contacting other OPEC members in pursuit of an emergency meeting with Russia for a plan to stop the global oil price mess. OPEC leaders have claimed in the past that they would only cut production if Russia and others follow suit. However, the nation, led by Vladimir Putin, has declined to lower supply.
huge!
Haha!!! Looks like prices may be stabilizing soon!
Not hardly. Iranian oil will push price even lower
Jack aren’t the current prices already prepared for Iranian oil to hit the market?
Niceeeeeeeee!
Just wait till the Iranian crude hits the market by years end
Says who?
The sanctions that were recently lifted thanks to his highness.
They will now be able to export their crude
It’s going to take a few years before Iran has a real impact on oil prices. Initially prices will dip but their current production capacity has been overstated and ramp up is going to take major time and foreign investment.
Still a chance the deal won’t pass. Hopefully Congress actually finds their back bone.
I really hope they do also
Deal hasn’t passed but if it does oil will drop more
Deal hasn’t officially passed yet buy it will. It would need veto proof majority which would require 12 democrats to find some integrity. Not going to happen. Also iran already exports 1 million barrels per day, their sanction limit. It won’t be a year before they affect prices, it will be an hour. They are already exporting excess of what they are legally allowed at low prices to other countries. They will just shift the illegal oil to the legitimate market. Also they have wells pinched back as is. They already have the infrastructure in place for 6 million per day from pre sanction times. They will be over 3 million a day in less than 3 months.
Thought that most Iranian oil is already sold through the black market. There might not be quite the increase expected if sanctions are lifted.
I was under the impression Iran could only produce 4 to 500,000 barrels by year end bc they’re so far behind on technology??
About time
Clint Hazelwood
James Meazell
Will be interesting to see how this plays out and what impact it has now.
I hope, pray & wish the oil patch comes back up!
As Obama to do it.
Ask* (I don’t support nor did I vote for him)
You needing to get back to work? You’re big the only one out, I promise.
Lol for what
^^boom:)
27th 2014?
Sorry for the confusion. That is just the photo’s date of the last major OPEC meeting. The announcement happened this morning.
Praying for good news for our oilfield!
Amen
Joshua Shoemaker
Momma needs a new pair of shoes
Nothing but B.S.
It’s funny how these guys have a big effect on the market
Yea like today oil being down almost 4 dollars? This bust is just beginning.
Scott Baker
Yea baby!! Let’s get our oilfield brothers back to work.
Dios quiera que si!!
Asi es, ten fe!!
Woooooo baby!
Amen brother!
Consider the price per barrel from the sandy paradise to that in the Eagle Ford. Less use of well stimulation there, but after you do the math there is no difference in price. There product isn’t as rich and takes a lot more to process and clean. Cut them off and leave them with their “sand”wiches
Ramon Vasquez
Robert Wood Kody Mcmullin
Eric Scott Badillo
Hell yeah, hopefully the it comes back soon so I get my overtime back
Joe
Nick Defilippi did we win?
I believe it when ,I see it.
Good comment
That’s the reason why WTI is now $48.09 and Brent is $52.98…
OPEC is now giving up… 🙂
Jason Davis it will rise
Josh Josh
Lies.
Hopefully So I can leave this s##t job I have lol
David Garza good luck
You get what you pay for, America produces the best oil in the world by the best people in the world. Sell that nasty oil from Iran in the market they’ll throw it right back! God bless America!
Wow are you serious.we have the best OIL in the world we can’t export our oil.I know we have some dumb shots in this country.you proved it!
Do you not know how to read? I said we produce the best oil in the world, I’m also aware that in October there will be another talk about lifting the ban on exporting our oil.
Unfortunately we do not have the best oil the world. Most middle east oil is naturally cleaner. Then add in the fact that most of our wells are fracked and theirs aren’t which lowers aloud quality even further.
Fracking lowers the quality of the oil? How so?
Jeremy Esqueda
Dwight Lindley
Somer Tinsley Kenneth Sean Rotge Travis Mccreless
Bam sucka!!!
Hells yeah!!
Let’s go buy new trucks!!!! Seems like the logical thing to do. Right?
Well f### yeah!!
Slashing prices on a 15 stroke
I’m praying!
Case Jackson
TRUCK DRIVERS ON
Good sign Mark Duren
Yeah kmon!!!
Frank Subia Gonzales Jr.
Mercedes Gomez
Marty Unrein
Colton Jenkins
Daniel Lebednik
I hope its true but it doesn’t mean Squat,unless all countries Agree to cut production.
Jerry Jim Hickman
Ben Kimberly Daniel Adam Matthew Lynn
I wouldnt go around giving high fives just yet.
Let’s go buy boats and $90,000 super duties!
First thing I get is my wife a new set of knockers. I’m not waiting another boom.
Lmfao Chuck Kroll.
Lmfao best money u can spend right
Yep. Jodie will have a ball on, I mean with, those things.
I saw that connection long ago.
http://m.huffpost.com/us/entry/3887037
F’ing Jodie! Screws up everything!!!!
Juan Manuel Esquivel
Joey Daddario
Jeanelle Green
Shawn Smith Hansmann
Mike Ratty Aaron Fisher
It’s about time!
Oil Cartel!
I hope so need a job again
Niceee
Tina Dudley Light
The “best” part is that almost all remaining hedges will expire by 9/30 so production will be driven into barely a pulse shortly thereafter. Sounds horrible but the sooner the market corrects itself, the quicker we put our people back to work.
Exactly I feel the only way it will get better if it hits absolutely bottom were companies stop producing bringing demand back
Thomas Ray Benavides
Screw opec !!!!!! They been screwing the USA for decades!!!!!! They can go f themselves!!!!!!!
Gabe Castaneda
Efren Ramirez
They better recognize Don’t Mess With Texas #7′(8,: OPEC
Tell them to go f### themselves
This means absolutely nothing… The oil field is on life support and slowly dying… I pray that I’m proven wrong but the writing has been on the wall for months now
That’s what you get when you play chicken with real men. Stupid cowards think we are afraid of a price war?
F### OPEC!
I would hope the world could come to a place where both consumers and oil companies can do well. If only we could keep greed from seeping in. Nah I’m freaking dreaming.
Yes you are. That’s like world peace….
It’s not greed, it’s technology. When a new more efficient process is invented it causes a spike in production.
Sorry not convinced. Oil companies are greedy.
No it’s greed. Leases were taken before areas were high graded. If you look at all of these shale plays, you’ll see as many wells drilled in garbage as the fairways. All of them require intense services which gets the service companies too heavy. It is the nature of the beast.
It’s greed nothing to do with tech. If it’s cheaper to get to that just means bigger profits for big oil.
Tres Barrett Keith Alfredo
they screwed us in 80’s now in 15….when will we learn
Lets get tht oil up and goin again we ready !
Joseph Cantu
Jennifer Harrah
Joe Garza Emmanuel Amador
Casey Jones
Joey Paredes
Darrell Dixon
Alice Nabarrette
Shawn Garcia Jordan Peterson Travis Harrel what are yall hearing
I’m hearing it’s opening day and oil price can suck a d###! Haha
Hahaha go on..
We’ve got 25 wells scheduled to be completed my day rates will be pretty this month. But opec is fixing to cut back realized they couldn’t squeeze us out! And I’ll start shooting birds when MLD opens in a few short weeks
Jamie Gonzales thought this might make your day!
Saudi hasn’t piped up yet. They’re the only ones that will make a difference. On a good note, at sub $45 Brent, Saudi loses 20 billion per month out of their 650 billion dollar treasury. Last updated I heard is $45-60 in 2016, 75+ in 2017
All we need is trump, oil field will be stronger then ever!
No
Have fun with Hilary
Taylor Harris
$$$
Jacob Gray
#dontmesswithtexas #permianbasinproud
Matt Wehman
Yupp we will see man!!
I love it one minute everyone says let’s put opec out of business now we’re begging for them to cut production.low oil prices are here got at least two more years.just heard inventories went up 7 million this week.
Prices will settle around 60 to 65 by year end. Ain’t gonna be two more years. I have been in the patch to long. This is the 4th downturn I have seen. It will slowly come back. By this time next year we will be looking at $75 oil again.
Opec is starting to realize their 900 billion dollar mistake
Jeremy Burns
I like that
Me too buddy
Tracy Dowty
Wow
Check out the Eagle Ford song by John Edward Baumann
https://itun.es/us/cGJR1
What about this Iran deal and the tariffs
Isn’t there more important stuff to speculate on?
The slaughtering of innocents by Islamic terrorists?
This is a ruse, people … we have bigger fish to fry than fluctuations in oil prices.
I work in the Oil and Natural Gas industry, also… Terrorism is a larger threat than production.
Oil is going up and down … surprisingly unsurprising, is it not?
James Arredondo
80 will be the median
$80 is profitable. Would be a good avg, for both oil and consumers.
Screw the oil Panama Canal needs to finish its face lift so the big tanker ships China built can get here to take our natural gas!!! Boom on!!!!
Not only will China buy our gas, but also will buy WTI. That will open the flood gates to the rest of Asia and also Europe!!
Charles Scott Thompson
Nice
It was just a matter of time
Kaylie Ullrich
Snakes in the grass !!!
Im ready !
hope everything get fix we need 2 work feed our family 🙁
Big news for Texas!
What do you think about that Casey Thrower
We shall see!!!!
Sounds convincing I suppose. ……
Ha I knew they would eventually .
You mess with a bull you get the horns, if American oil was really given a chance we would crush you. Not just talking about US oil, our brothers and sisters in Canada, and Mexico as well!
Just moved to corpus, I’m a bakken pumper looking for work? Any leads would be appreciated
Dude I saw this and read the article and it looked a lot less promising than the head line lol
You can’t put OPEC out of business when u have Obama in the White House who is not American. And is just like Ale Sharpton who never worked a day in their life.
Aw dang man. I didn’t even read it!
$60 a barrel is the break even, lower that that’s it’s not cost effective to drill and pump ….
Just like being on site… The plan changes by the hour
Sweet!!! Come on with it, no games and start drillin’… Cortinas Cortez
U ready cabron?
hell yeah cabron
something is going to happen cabron
Time I become a millionaire like u cabron
Welcome to the oil business. It’s up and down and big gamble.
I love these low oil prices. Whatever they’re doing keep it going. I don’t care where the oil comes from.
Chris likes men
Chris hates America.
Yeah that’s why I joined the military
Chris doesn’t want me to make 120k this year.
Wash crew needs two hands in Kennedy today on a rig. Call me ASAP to work today. 12 hr shift.
512-913-2740
Screw OPEC
If Iran will be allowed to sell their oil on the world market, the US should be able to do so as well. Lift the export ban!
What about the Bakken
Its about fkn time!!!
Leaves prices low! F raising it back up!
Now I’m convinced. Oil is going lower.