Bloomberg Dec. 12th, 2014
World Oil Demand Outlook Cut Again
"Any hope that global demand would provide a floor for oil’s freefall was dashed as the leading energy forecaster cut its [demand] outlook for the fourth time in five months and crude extended its tumble."
“These low prices aren’t spurring an uptick in demand. Economies aren’t as energy intensive as they once were so the relationship isn’t that strong anymore.”
OPEC to the rescue. NOT
"Brent crude is too low for 10 of OPEC’s 12 members to balance their budgets, yet not low enough to force producers to scale back output."
Let me get this logic straight, the price of oil is low enough to cause rioting and insolvency, but not low enough to spur total anarchy and voluntary bankruptcy via production cuts? Holy fuck, we're doomed...
December 8th, 2014: OilPrice.com
[All facts and data to the contrary]
OPEC has not reduced production since 1986
According to this article above, there has not been one recorded reduction in output by OPEC SINCE 1986. Oil peaked at $100/bbl in 1980 and then slid for 18 years straight down to $10/bbl in 1998. Stay tuned for future events.
According to this article above, there has not been one recorded reduction in output by OPEC SINCE 1986. Oil peaked at $100/bbl in 1980 and then slid for 18 years straight down to $10/bbl in 1998. Stay tuned for future events.
Long-term price chart (WTIC):
What is falling demand saying about the global Ponziconomy?
Emerging Market stocks and Oil: "Let's pretend these bearish rising wedges are not identical"
