Oil Prices

[Wildreamz]

EV will displace demand for gasoline (petrol): https://cleantechnica.com/2016/05/15/ev-...rward-yet/
Electricity will be generated by a combination of Renewables +  Battery Storage and Natural Gas.

Solar will displace demand for natural gas, coal (in some countries like, Saudi Arabia, crude oil too) : https://cleantechnica.com/2014/02/04/cur...ar-panels/

Crude oil will still be needed to make plastics though.

Not in our life time.

It's already happening. Let's see.

(vested in BYD and Tesla)

[BlueKelah]

just found this interesting website for news on oil related news...

The Single Biggest Threat To An OPEC Deal Extension

[Behappyalways]

Oil's Big American Glut Is Resting Elsewhere
https://www.bloomberg.com/gadfly/article...-elsewhere

[cyclone]

Oil's Plunge Accelerates Below $45 as U.S. Shale Confounds OPEC

by Ben Sharples , Serene Cheong , and Sharon Cho
May 5, 2017, 8:06 AM GMT+8 Updated on May 5, 2017, 1:15 PM GMT+8

Oil slid below $45 a barrel for the first time since OPEC agreed to cut output in November as U.S. shale confounds the producer group’s attempts to prop up prices.

In less than 10 minutes on Friday, futures slumped more than $1 amid a surge in volume. They have collapsed 10.5 percent this week, sliding to the lowest since Nov. 15 -- two weeks before the Organization of Petroleum Exporting Countries signed a six-month deal to curb production aimed at easing a global glut. The decline is being driven by expanding U.S. output before OPEC is set to decide whether to prolong its cuts.

While OPEC’s curbs drove oil in early January to the highest since July 2015, that increase encouraged U.S. drillers to pump more. The result has been 11 weeks of expansion in American production in the longest run of gains since 2012. Prices are still more than 50 percent below their peak in 2014, when surging shale output triggered crude’s biggest collapse in a generation and left rival producers such as Saudi Arabia scrambling to protect market share.

More details in https://www.bloomberg.com/news/articles/...c-cut-gain

[CY09]

As of writing oil prics has plunged back to where it was before news of Opec agreed cuts.

The problem with oil is simply due to insufficient real demand to meet the supply. Until that is resolved, oil prices will remain this low. Either countries have to agree to a production cut or hope the world demand grows large enough. The past year's demand has been artificially inflated by countries buying more to stock up as reserves.

Till then many oil support industries will struggle and it will be interesting to see how many such o&g companies will be propped up by their financial backers

As of now, the same problem still persists. At the current low oil price level, real demand and real supply are likely at equilibrium but with no significant draining of oil inventories and countries's stockpiles.

If Opec wants to see the draining of inventories and higher oil price (which will reduce real demand), OPEC definitely has to initiate more production cuts or continue on this road and suffer 2-3 more years.

[brattzz]

OPEC already losing market shares... if they cut production somemore, eventually US shale oil will dominate, achieve cost efficiency and effectiveness due to economy of scale and scope! then they become almost infallible.

OPEC will have to hold off US Shale Oil with increased production and low prices, aramco MEGA IPO will fund this counter-attack...

low oil prices are here to stay! (abit war situations if that happens, China/Russian.NK Vs USA!

watch show now! :O

[Wildreamz]

On other news:
http://www.autonews.com/article/20170503...my-and-evs
-Delphi to spin off powertrain business, focus on autonomy and EVs

https://seekingalpha.com/article/4067449...april-2017
-Tesla currently has the largest global market share of EV year to date at 25% (2017).
-Tesla set to release first profitable mass market EV (Model 3) at scale late 2017.
-Bloomberg forecasts electric cars to become cheaper than ICE cars by about 2025

[brattzz]

i am ALL for EVs!! but i am still waiting and waiting and waiting.... affordable technology pls!!

[cyclone]

Oil prices hold near seven-month lows, glut keeps dragging

By Aaron Sheldrick
Mon Jun 19, 2017 | 10:38pm EDT

Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.

Brent futures were up 4 cents at $46.95 at 0214 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel.

That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut output for six months from January.

More details in https://www.reuters.com/article/us-globa...SKBN19B01W

[lilvestor]

OPEC already losing market shares... if they cut production somemore, eventually US shale oil will dominate, achieve cost efficiency and effectiveness due to economy of scale and scope! then they become almost infallible.

OPEC will have to hold off US Shale Oil with increased production and low prices, aramco MEGA IPO will fund this counter-attack...

low oil prices are here to stay! (abit war situations if that happens, China/Russian.NK Vs USA!

watch show now! :O

OPEC cannot cut production to stabilise the market, they are selling into the market, like everyone else. 

Besides, most of OPEC aren't even cutting production, Libya and Nigeria are expanding production, Iran is already producing nearly 4m b/d and they, like Iraq, have plans to expand production once the deal expires next year.