Tuesday, December 15, 2015

Oil Is Sinking Back Down To $20 Per Barrel

As oil crashed through $35 a barrel in New York, some producers were already living with the reality of much lower prices.

A mix of Mexican crudes is already valued at less than $28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about $25. In western Canada, some producers are selling for less than $22 a barrel.

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If this is because of Obama ad-Dajjal's reckless war on Russia, it's time to stop it.

Don't you agree?

Yes, I appreciated the low cost of gasoline when I filled my tank this morning, but in the long run we are destroying our own economy in the process.

Russia already is planning for the price of oil to be depressed for at least 7 years. What the hell are we doing to accommodate this new economic reality?

“In our estimates, one should hardly expect any serious growth of the oil price above $50," Oreshkin told a breakfast forum hosted by Russian newspaper Vedomosti on Friday. “The oil industry is changing structurally and it may happen that ... the global economy will not need that much oil."

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