pete black
Well-known Member
What's up with the price per barrel? At $74 it is up about $10 in two weeks. Thought opec was increasing production.
- Thread starter pete black
- Start date
Russ from MN
Well-known Member
- Location
- Bemidji MN
Yes, I noticed, and gas just went down in MN. Go figure!
Skyhighballoon(MO)
Member
- Location
- Pilot Grove, MO
It's the newly imposed sanctions on Iran. USA is pushing everyone to stop buying oil from them too, potentially taking that supply off the market if nobody buys it (or most of it).
Saudi Arabia can not keep up or meet the targets they set themselves, they are adding over 60 rigs this year to try to increase production but the markets recognize that there is little to no spare capacity worldwide. The US has replaced OPEC as the worlds swing producer and the US companies will smoke SA this fall right when they want to hold an IPO, oil below 60 before Christmas.
Andy Martin
Well-known Member
So Russ in MN just said gas went down?
If the big collusion existed everybody likes to claim, "they" would have left it over $4 per gallon when we had gotten used to that. And we did get used to it.
It is just free market competition by companies and countries trying to maneuver to make the most money they can. Delta Airlines thought they would cut a fat hog when they bought Trainer Refinery. They learned it is a competitive business.
gtractorfan
Well-known Member
I filled up @ $2.56 gal. this morning. Surprised there isn't a hike (yet) for the holiday. w.c. Ohio
Traditional Farmer
Well-known Member
- Location
- Virginia
Oil is bought and sold at auction on the open market just like wheat,corn,Gold, etc so you need to find some of the buyers of oil futures to really get an accurate answer
to why they were willing to pay more this week than last week.An answer from anyone else is pure guessing.
to why they were willing to pay more this week than last week.An answer from anyone else is pure guessing.
Many OPEC member countries can't increase production like Venezuala which is currently self destructing. Also a major supplier here in Northern Alberta by the name of Syncrude is once again off line so they are not producing oil sands oil. Canada is the largest supplier of foreign oil in the US market.
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