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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (187044)	12/10/2014 7:28:27 AM
From: elmatador	Respond to of 206093

Iraq has cut the official selling price (OSP) to Asia and the United States in January for its main crude oil export grade, Basrah light, but raised the OSP slightly to Europe, the state oil marketing company said on Monday. The move follows a sharp reduction to Saudi Arabia’s crude oil OSPs to Asia and the United States last week, in what many analysts and traders have said suggests countries are competing to hold on to market share in an oversupplied market. Iraq cuts official crude oil selling price to Asia, U.S. By David Sheppard, Reuters \| London Tuesday, 9 December 2014 Iraqi state oil marketer SOMO cut the Basrah Light crude OSP to Asia in January to minus $4.00 a barrel versus the Dubai/Oman average from minus $2.50 a barrel in December. SOMO cut the Basrah Light OSP to the United States in January to Argus Sour Crude Index (ASCI) minus 40 cents a barrel from ASCI minus 10 cents a barrel in December, while prices to Europe rose slightly to dated Brent minus $4.35 a barrel in January from minus $4.45 a barrel in December. The state oil marketer also published prices for Kirkuk crude, which is expected to flow through the Kurdistan Regional Government’s independent pipeline for sale at the Turkish Mediterranean port of Ceyhan following a deal between Baghdad and Arbil last week. Kirkuk was priced at dated Brent minus $2.90 a barrel to Europe, and at ASCI plus $1.75 a barrel to the United States. Supplies of Kirkuk have largely been shut off since Islamist militants damaged Baghdad’s main northern export pipeline earlier this year. Under the new deal, up to 300,000 barrels per day of Kirkuk crude will be exported to Ceyhan. The following table shows Basrah Light and Kirkuk OSPs in U.S. dollars for January. Last Update: Tuesday, 9 December 2014 KSA 07:46 - GMT 04:46

To: Bearcatbob who wrote (187044)	12/10/2014 7:42:46 AM
From: quehubo	Read Replies (1) \| Respond to of 206093

All the big pick up trucks and other guzzlers being bought now will be on the road for years. OPEC helped support prices over the last few years enabling the easy credit to support drilling. The only surprise over the last few months was OPEC not acting to maintain margins / price around $100. Barring any unexpected impacts to demand it will be higher 6 months from now. Unless the Sunni's want to destroy their other members they wont raise production even if they have it. Rockefeller made similar moves to crush competition and force cohesion decades ago. The only question is what happens to supply in the 18-24 months starting in July 2015.