Price Of Oil?

[Immortality]

Yes, I referred to all of those as the proxy wars earlier on.

Of course we put a price on lives, always have, always will but that still doesn't make it right.

Time will tell.

.... and in the mean time here in NZ$3.25 for a litre of 98 and getting close to $3 for 91 and going up

Thanks Putin

 

[48-215]

Again, thanks OPEC. They can alwasy ramp up supply from elsewhere. Thats what they do, put the brakes on supply. Allegedly they can also ease off the brake.

Brakes on, more money, brakes off, lol. Not yet.

 

[J_D 2.0]

Again, thanks OPEC. They can alwasy ramp up supply from elsewhere. Thats what they do, put the brakes on supply. Allegedly they can also ease off the brake.

Brakes on, more money, brakes off, lol. Not yet.

OPEC. The biggest legal cartel in the world.

Do as I say and not as I do!

 

[Immortality]

Yup OPEC have driven the price rises since the world have started coming out of the covid lockdowns by holding supply and driving up prices (because you know, they have to make back the money they lost in the last 2 years) but the most recent rises we can attribute to speculative trading on the futures markets driven very much by the most recent conflict in the world.

We were just discussing this type of ****, futures markets and forex trading that my missus used to do. The price we pay for **** has very little to do with the actual cost of the good.

The day after Russia invaded they offered a discount on their oil....

Russia's Urals oil at biggest discount to benchmark for 2 years, traders say

Russia's flagship Urals oil grade is trading at the biggest discount to global benchmark Brent since spring 2020, hit by rising tensions between Russia and the West over Ukraine, four traders in the Russian oil market said on Tuesday.

www.reuters.com

 

[48-215]

No. You can refer to it that way if its a free market. But OPEC is not a free market.

They can change the price by increasing supply from any or all the member countries, and drop the barrel price to the 'normal' they are supposed to maintain. They are by their nature, anti competitive, they are price fixers, and they collude to do it. All of these are words that if you engage in in Aus, send you to jail.

Stabilising prices, is their justification.

 

[Immortality]

OPEC isn't the only supplier, just the largest but you can't discount the trading on the futures markets.

Speculation has a large influence on the overall price.

 

[J_D 2.0]

The price we pay for **** has very little to do with the actual cost of the good.

Yeah. In my line of business I’ve seen invoices that were accidentally left on goods coming from the overseas factory. Markups of 3-5 times the actual cost are common to us as the Australian distributor.

 

[J_D 2.0]

OPEC isn't the only supplier, just the largest but you can't discount the trading on the futures markets.

Speculation has a large influence on the overall price.

OPEC also know they can rely on this speculation to drive the price to where they want it to be.

 

[48-215]

OPEC isn't the only supplier, just the largest but you can't discount the trading on the futures markets.

Speculation has a large influence on the overall price.

None of what you are saying, alters the fact that stable prices are why we justify OPEC. And it aint stable. And simply ramping up supply, corrects much of the price. They are how we alter supply.

Its not a one way street. I know why an oil producer wants stable prices, but why do we as nations and consumers want price fixing if it never works when WE need it too?

There is a reason WE let them collude and price fix. There is a reason their otherwise illegal purpose is accepted. Otherwise **** it, let the market decide.

 

[J_D 2.0]

stable prices are why we justify OPEC

That’s not how we justify OPEC. That’s how OPEC justifies OPEC.