FanatMonet
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May 12, 2020, 11:40:56 PM |
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I think the sharp drop in oil prices aside from Covid-19 was also due to the US-China trade war. The US Pettro dollar is falling because Russia has implemented oil price reduction policies along with Iran
Trade war between China and Russia doesn't affect the oil price, Russia and Iran would like to see oil price +$100 or even more, any drop under $50-60 is a pure loss for their economy. And yeah, covid-19 reduced the use of oil badly in the world due to confinement (planes, cars, buses...) in addition to the excess of production which is Saudi's faults then the result was chaotic! "Trade war between China and Russia" What?! The cost of a barrel in Russia according to various sources is 25-45 dollars. For Iran, I will not say a figure, but no less than this level. But for Iran, oil is much more important, because it is under sanctions, and hydrocarbons are one of the main items of foreign exchange earnings in the country's budget.
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STT
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May 12, 2020, 11:55:14 PM |
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For a long time, the oil price has had the problem of global growth not being as impressive as it should be. They have the supply but not as much demand as should be possible with billions of people now starting to drive motor cars. Russia mostly exports commodities and Iran oil is essential but both economies have the great negative of being inefficient in their production which then requires a higher oil price to justify. Now despite all the money printing and QE programs, there is no doubt the entire world at the same time is likely to see a contraction even while the monetary base expands. So these countries are receiving less value and also lower prices and actual volume all at the same time, they are not at war with each other but the facts that assail them.
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TheGreatPython
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May 13, 2020, 02:35:58 PM |
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Oil really affected a lot of things this year as they say, but I am not sure whether that's true or not. The way I see it, everything is running on its own lane, and they don't really have anything to do with the other, unless there is an event that happens and affects everything. The stock market, not just the stock market, the cryptocurrency market as well, all declined in price.
The only thing I believe has caused the sudden decline in the world market earlier is the pandemic. That's the only thing strong enough to have such an effect. As for oil, I don't really see how it has anything to do with cryptocurrency or other stock markets.
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Wind_FURY
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June 05, 2020, 06:03:57 AM |
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I don't believe their side of "what happened". I believe my theory/forecast of "oil spills" is actually now happening, because the cost of storage is too much to maintain. Quickest to solve the problem, dump the oil, invent a story. https://edition.cnn.com/2020/06/03/europe/russia-putin-oil-spill-norilsk-intl/index.html
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Negotiation
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June 05, 2020, 06:40:36 AM |
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Due to the epidemic the prices of everything in general have come down. When the epidemic is back under control everything will be the same again Prices will go up and demand will go up. This problem has arisen not only in the case of oil but also in the case of economic disruption The mines are not working properly.
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stompix
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Blackjack.fun
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June 05, 2020, 09:04:10 AM |
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You realize that if this was true because of an oil glut they would have spilled raw oil and not already refined diesel fuel, right? It makes no sense to pump all that oil to the refinery, refine it to diesel, send it to a storage deposit and then dump it in a river, if they wanted to dump oil they could have done so with a crude pipe in Siberia, not dump it in a river 40 km from the point to which this goes in the Enisei, for the entire world to see.
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STT
Legendary
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June 05, 2020, 11:34:31 AM |
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They can dump the oil into a cave system if required, theres all kinds of imperfect storage I'd expect them to utilise before an open field and nearby river, its very visible wastage. Not good news for anyone though the long term of post USSR countries in that region could have been far worse then it has been so far. Somehow Putin is there as some comfortable ally to the west though I doubt many in politics would want to write a speech on this, its pretty much the case and after all we are in with China which is as bad or worse a regime. The 'natural' thaw of the permafrost there is already a possible equal in environment damage to human mistakes because it will release methane gas into the atmosphere which accelerates the greenhouse effect further. Its like the global warming equal of a slow avalanche, when started its hard to halt.
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Vishnu.Reang
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June 05, 2020, 01:42:10 PM |
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They can dump the oil into a cave system if required, theres all kinds of imperfect storage I'd expect them to utilise before an open field and nearby river, its very visible wastage. Not good news for anyone though the long term of post USSR countries in that region could have been far worse then it has been so far. Somehow Putin is there as some comfortable ally to the west though I doubt many in politics would want to write a speech on this, its pretty much the case and after all we are in with China which is as bad or worse a regime. The 'natural' thaw of the permafrost there is already a possible equal in environment damage to human mistakes because it will release methane gas into the atmosphere which accelerates the greenhouse effect further. Its like the global warming equal of a slow avalanche, when started its hard to halt.
First of all, I don't believe that the oil spill in Siberia was intentional. And the suggestion to dump oil in to cave systems is ridiculous. It will contaminate the underground aquifer systems and the cost of a cleanup operation would be prohibitively expensive. Underground salt dome caverns are used to store crude oil. Other cave systems are not suitable for that purpose.
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bit1
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June 06, 2020, 03:26:27 AM |
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One thing that strikes me is that derivatives such as gasoline were not affected by a decrease in prices, as a consequence of such collapse.
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bitbunnny
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June 06, 2020, 06:55:11 AM |
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This is kind of conspiracy theory but it's not very likely in reality. No one would dump already refined oil, it makes no sense, that maybe could have been done with crude oil. Anyway, prices are slowly getting back to normal, not quite on a level before pandemic but still. However, I'm looking forward to the moment when world will be not depended on the oil anymore.
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Barnabe
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June 06, 2020, 11:10:13 AM |
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This is kind of conspiracy theory but it's not very likely in reality. No one would dump already refined oil, it makes no sense, that maybe could have been done with crude oil. Anyway, prices are slowly getting back to normal, not quite on a level before pandemic but still. However, I'm looking forward to the moment when world will be not depended on the oil anymore. The cost of refining is very low, almost negligible when comparing with the possible expenses they could face by crippling one of their wells when trying to lower its production.
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chrisculanag
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June 06, 2020, 11:23:10 AM |
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Yes, the price of crude oil is going low in almost six months. But here in my country , the crude oil price is going up a little by little because the government need some budget to back up a loss budget that used in to fight a pandemic crisis.
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bits4books
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Crypto is not a religion but i like it
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June 06, 2020, 03:27:06 PM |
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The story with the fall of oil was inevitable - remember OPEC and how Russia and the Arabs did not agree about oil. In the end, what? The Arabs oil "goes out". Russia is ready to sell oil for 12$. US oil is worth a penny because shale failed as a project. Yes, and in principle everything is bad there is shale oil industry, it kept only on subsidies. Again, the fall of oil was an inevitable event. The main question is cui prodest?
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Febo
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June 06, 2020, 04:10:14 PM |
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Due to the epidemic the prices of everything in general have come down. When the epidemic is back under control everything will be the same again Prices will go up and demand will go up. This problem has arisen not only in the case of oil but also in the case of economic disruption The mines are not working properly.
Not everything. Price of food went up. People cooked and eat more since were at home. I am sure some other things needed for staying at home went up. Prices of clothes and shoes decreased. You use shoes only when walk outside.
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Iced
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June 06, 2020, 06:52:40 PM |
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Not everything. Price of food went up. People cooked and eat more since were at home. I am sure some other things needed for staying at home went up. Prices of clothes and shoes decreased. You use shoes only when walk outside.
Yes, a lot of things actually rose in price, unfortunately, I think that the price of food will never get down from this point. Stocks like takeaway & hello fresh had an extreme increase cause of the demand of all those people who we're not going outside. I expect them to correct in a month or three, maybe not for takeaway as many people now know how convenient it is to order (fast)food online.
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No signature for now
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Barnabe
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June 07, 2020, 10:26:37 AM |
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Due to the epidemic the prices of everything in general have come down. When the epidemic is back under control everything will be the same again Prices will go up and demand will go up. This problem has arisen not only in the case of oil but also in the case of economic disruption The mines are not working properly.
Not everything. Price of food went up. People cooked and eat more since were at home. I am sure some other things needed for staying at home went up. Prices of clothes and shoes decreased. You use shoes only when walk outside. Price of food probably increased because of the restrictions and lower imports/exports. The demand didn't change, people will eat approximately the same quantity if they are at home or in the restaurant.
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gabbie2010
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June 07, 2020, 06:30:00 PM |
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Yes, the price of crude oil is going low in almost six months. But here in my country , the crude oil price is going up a little by little because the government need some budget to back up a loss budget that used in to fight a pandemic crisis.
Many countries had started easing their lock-down invariably many people are putting their vehicle on the road definitely the demand for crude oil had started rising which will definitely continue in the next few month to come, many countries whose economy are oil dependent or as source of revenue has their budget ran into deficit already as a result of this pandemic those countries would have to borrow to cover up their deficit else their economy will spell doom to their citizens.
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Wind_FURY
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June 08, 2020, 07:15:41 AM |
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You realize that if this was true because of an oil glut they would have spilled raw oil and not already refined diesel fuel, right? It makes no sense to pump all that oil to the refinery, refine it to diesel, send it to a storage deposit and then dump it in a river, if they wanted to dump oil they could have done so with a crude pipe in Siberia, not dump it in a river 40 km from the point to which this goes in the Enisei, for the entire world to see. You're actually right, I'm sorry. I was only so excited for my theory to be right. I'm not hoping it will actually be right, but I believe some oil storage facilities, and ships will dump oil as part of their cost-cutting plan. https://bitcointalk.org/index.php?topic=5242006.msg54330150#msg54330150
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imstillthebest
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June 08, 2020, 08:35:36 AM |
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Due to the epidemic the prices of everything in general have come down. When the epidemic is back under control everything will be the same again Prices will go up and demand will go up. This problem has arisen not only in the case of oil but also in the case of economic disruption The mines are not working properly.
Not everything. Price of food went up. People cooked and eat more since were at home. I am sure some other things needed for staying at home went up. Prices of clothes and shoes decreased. You use shoes only when walk outside. Price of food probably increased because of the restrictions and lower imports/exports. The demand didn't change, people will eat approximately the same quantity if they are at home or in the restaurant. you got it right . thats the main reason why food price skyrocket but the demand got lowered because people are budgeting because some jobs havent resumed yet . most people only ate 2 times a day but some unfortunate people are happy if they can eat once a day. on most part of our country , they are now starting to resume . transportation are getting lively now so i expect that price of crude oil will now rise . fare for transportation did increased too because they limit the required passenger just to follow social distancing
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STT
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June 08, 2020, 10:32:23 AM |
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Those oil tankers would have no other choice, but to dump the oil in the ocean to save costs/expenses. It is going to be crazy. That would be an act of war, when the oil tanker can burn quite low grade fuel and requires alot of it to move about I dont think they have any requirement to be dumping fuel. Those who have no ownership of a tanker and then bought oil they cannot store are in more of a fix hence the extreme moves for a resource being priced as trash. They can do all kinds of things with spare energy including pumping large amounts of water up hill in order to store that energy for future spike demand and others things, I cant swear its especially profitable but theres always going to multiple avenues for spare energy and projects to profit from it. We do waste every single day giant amounts of energy from the sun after all, also other kinds like hydro power, waves, tidal power and lots more natural energy. This oil surplus is just something slightly new and temporary.
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