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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Gersh Avery who wrote (907895)

12/12/2015 9:24:08 AM

From: Metacomet

1 Recommendation

Recommended By
Gersh Avery

Read Replies (1) | Respond to of 1574441



Oil Falls to Lowest Since 2008 as OPEC Seen Fueling Supply Glut Oil declined to the lowest level since 2008 in London amid estimates that OPEC’s decision to effectively scrap production targets will keep the market oversupplied. Brent futures declined as much as 2.1 percent for a sixth consecutive loss. The global surplus will persist at least until late 2016 as demand growth slows and the Organization of Petroleum Exporting Countries shows “ renewed determination” to maximize production, the International Energy Agency said Friday. The group chose not to curb output at its Dec. 4 meeting. Oil prices have slumped to levels last seen during the global financial crisis as a result of OPEC’s strategy to defend market share against higher-cost producers. The group’s production rose to a three-year high in November, it said in a report Thursday, as surging Iraqi volumes more than offset a pullback by Saudi Arabia. “Too much oil is being produced at the moment,” analysts at Commerzbank AG led by Eugen Weinberg in Frankfurt said in a report. “There is unlikely to be any kind of ‘happy ending’ for oil prices this year.” OPEC SupplyBrent for January settlement declined as much as 83 cents to $38.90 a barrel on the London-based ICE Futures Europe exchange, the lowest since Dec. 31, 2008, and traded for $39.13 a barrel at 11:42 a.m. local time. It has decreased 9.2 percent this week. The European benchmark crude was at a premium of $2.82 to WTI. West Texas Intermediate for January delivery was at $36.32 a barrel on the New York Mercantile Exchange, down 44 cents. The contract dropped 40 cents to $36.76 on Thursday, the lowest close since February 2009. The volume of all futures traded was about 29 percent above the 100-day average. OPEC is displaying hardened resolve to maintain sales volumes even as prices fall in an oversupplied market, the IEA said Friday in its monthly report. While its policy is hitting rivals, triggering the steepest drop in non-OPEC supply since 1992, world oil inventories will likely swell further once Iran restores exports on the completion of a deal to lift sanctions, it said. bloomberg.com

To: Gersh Avery who wrote (907895)	12/12/2015 10:15:55 AM
From: combjelly	1 Recommendation Recommended By Gersh Avery Respond to of 1574441

Seems unlikely. Daesh is, at best, producing oil that was being produced when things were more peaceful. I say "at best" because they are producing it with a lot of constraints that just weren't in place before. So there should be considerably less oil being produced now than could have been before. I don't think that Syria or Iraq were operating under significant caps before the unpleasantness, so any over-production over quota would not be particularly significant. If their only option to market is to truck the oil to nearby countries, well we just aren't talking about a significant amount of global oil production.