fern01 Posted April 1, 2020 Report Share Posted April 1, 2020 (edited) The world demand for oil has plummeted but the oil rich nations are still producing it at more or less the same level as normal World wide storage capacity is quickly being filled up Canada will be at 100% capacity in days The rest of the world in a matter of weeks even using tankers as floating storage I understand that shutting down the wells causes damage to the underground reservoirs Does anyone know where this is going? Edited April 1, 2020 by fern01 grammar Quote Link to comment Share on other sites More sharing options...
Wb123 Posted April 1, 2020 Report Share Posted April 1, 2020 I’m holding off filling the oil tank in the expectation it will push prices even lower. Quote Link to comment Share on other sites More sharing options...
Smokersmith Posted April 1, 2020 Report Share Posted April 1, 2020 47 minutes ago, Wb123 said: I’m holding off filling the oil tank in the expectation it will push prices even lower. I'm sure the boys at OPEC have got scouts on your tank as we speak Quote Link to comment Share on other sites More sharing options...
WalkedUp Posted April 1, 2020 Report Share Posted April 1, 2020 The Saudis will depress the price for long enough to kill off the fringe competitors. It’s a great time for their sell off as due to weak demand the price has fallen off a cliff and a short period will hurt almost all other suppliers and make their fields unviable. Quote Link to comment Share on other sites More sharing options...
Cosmicblue Posted April 1, 2020 Report Share Posted April 1, 2020 The Saudis will squabble with the Russians and the price will drop lower still... Quote Link to comment Share on other sites More sharing options...
Wb123 Posted April 1, 2020 Report Share Posted April 1, 2020 1 hour ago, Smokersmith said: I'm sure the boys at OPEC have got scouts on your tank as we speak I have even been contemplating trying to rig a bigger one up in parallel with it but it doesn’t look like it’s going to happen. I would love to know why whoever installed the tank put such a small one in. Quote Link to comment Share on other sites More sharing options...
AVB Posted April 1, 2020 Report Share Posted April 1, 2020 (edited) 5 hours ago, WalkedUp said: The Saudis will depress the price for long enough to kill off the fringe competitors. It’s a great time for their sell off as due to weak demand the price has fallen off a cliff and a short period will hurt almost all other suppliers and make their fields unviable. definitely the case for shale oil. The cheapest shale oil producers can do it at $40/barrel. The most expensive at $90. Saudi iirc can do crude for $10. Edited April 1, 2020 by AVB Quote Link to comment Share on other sites More sharing options...
WalkedUp Posted April 1, 2020 Report Share Posted April 1, 2020 Sheep dip is toxic to sheep, but it’s much more toxic to fleas and ticks. Same principle here, bear some pain for long term gain. Quote Link to comment Share on other sites More sharing options...
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