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How will OPEC move affect us?

How will OPEC move affect us?

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by: HollyHobby Active Indicator LED Icon 9 OP 
~ 7 years ago   Nov 30, '16 3:19pm  
Curious if someone here can explain what affect, if any, this will have on us here in the Houston area re: oil & gas?https://www.bloomberg.com/news/articles/2016-11-30/opec-agrees-to-cut-output-by-1-2-million-barrels-a-day 4951
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ET Active Indicator LED Icon 17
~ 7 years ago   Nov 30, '16 3:35pm  
In the short term it made most O&G stocks go up (yay!).  In the long term it should provide pricing strength.  In reality what happens is anybody's guess, they are all cheating bastards.  It will be difficult to keep everybody corralled and within any type of quota. 4951
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yankeejessica Active Indicator LED Icon 12
~ 7 years ago   Nov 30, '16 8:13pm  
Curious if someone here can explain what affect, if any, this will have on us here in the Houston area re: oil & gas?https://www.bloomberg.com/news/articles/2016-11-30/opec-agrees-to-cut-output-by-1-2-million-barrels-a-day
 
@HollyHobby:
 
Lets just wait and see what happens. They have said this before and didn't do anything. 4951
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Odin Active Indicator LED Icon 10
~ 7 years ago   Nov 30, '16 8:22pm  
In the short term it made most O
 
@ET:
Thank goodness.I've sitting on an energy stock for a while now.  Really want to unload it. Almost did a few weeks ago.  Glad I waited. 4951
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jpm Active Indicator LED Icon 3
~ 7 years ago   Nov 30, '16 8:31pm  
If you dont need the money sit on them a couple years you get paid trust me. 4951
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Odin Active Indicator LED Icon 10
~ 7 years ago   Nov 30, '16 8:39pm  
If you dont need the money sit on them a couple years you get paid trust me.
 
@jpm:
No hurry finance wise, but my concern is that fracking will kick back up again and OPEC members will cheat... once more knocking the price down.We'll see how it goes.  I'll keep it until it starts to slide downwards in a trend again. 4951
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ET Active Indicator LED Icon 17
~ 7 years ago   Nov 30, '16 9:12pm  
Really going to need some sort of international disruption to really ramp up oil prices. Too much production right now and efficiency keeps improving, dampening demand.
Trump might be just the thing, if we all survive it. 4951
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doddlebug Active Indicator LED Icon 17
~ 7 years ago   Nov 30, '16 9:22pm  
Actually there is still a bit of oil glut BUT we are not producing much anymore; very low output and some rigs only have a few more months in them.  Rigs have been dismantled, oil leases let go; many high tech oil people and rig workers let go and will not be coming back.  Oil companies no longer, at this point, able to expand.  We were almost energy independent until the Saudis dumped extra oil to cripple our energy companies and development.  Thousands of jobs lost.  Obummer trying to sell oil out of our reserves.  Price is too low to make that feasible since it was purchased at over $100/barrel.  It will take awhile for the US oil industry to recover......meantime get ready to purchase some Saudi oil at their prices.  The "glut" is almost gone. 4951
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ET Active Indicator LED Icon 17
~ 7 years ago   Nov 30, '16 9:31pm  
Wouldn't take much to turn up West Texas, just announced a huge find last week. Still, it is a lot cheaper to pump it out of the Middle East. Their B/E is a lot lower and they still have lots of it. 4951
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Odin Active Indicator LED Icon 10
~ 7 years ago   Nov 30, '16 10:15pm  
Their B/E is a lot lower and they still have lots of it.
 
@ET:
Yep, and I hope we suck them dry while we still have huge reserves.  They must reform, educate and diversify if they expect to have any relevance in the future. 4951
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TXtransplant Active Indicator LED Icon 13
~ 7 years ago   Dec 1, '16 3:00am  
The Saudis dumped oil purposely due to a brilliant John Kerry St. Dept. agreement that took place last year to try to squeeze Russia.   They agreed to help us and then OPEC F'd us back.  Iran's opening into the market just made things worse. Oil prices are extremely collusive and don't exist on supply and demand.  The demand side is studied well, forecasted and predictable.  Many international economies depend on this as well as the benchmark USD....it's not by accident. The same, yes...higher prices will help bring back speculation due to reduced ROI.  Although I have mixed feelings of the whole issue I am still of the opinion of our energy corridor suffering and welcome the re-ignition. 4951
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ET Active Indicator LED Icon 17
~ 7 years ago   Dec 1, '16 6:22am  

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>> Their B/E is a lot lower and they still have lots of it.
 
@ET:
Yep, and I hope we suck them dry while we still have huge reserves.  They must reform, educate and diversify if they expect to have any relevance in the future.
 
@Odin:
 
I somewhat agree. Long term controlled production will keep OPEC from jamming us on price. The hard part is keeping a hat on domestic drillers to avoid endlessly repeating the boom/bust cycle. Production was already ramping up before this latest news.
While the loss of jobs was tough, a lot of those were new in in the last few years and mostly unsustainable. 4951
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