Price Of Oil?

[J_D 2.0]

Russia was at least too, and it aint in OPEC.

Yes they are a member of OPEC. Or OPEC plus as they call it now.

 

[48-215]

Nobody trades with OPEC. It just sets the production quotas for the countries that are members of it. The trading is done with those individual countries, not OPEC.

.... its a distinction without a difference.

And OPEC has not been renamed to OPEC+... OPEC+ is the name given to fixing of production and pricing, that encompasses 10 or so countries that are not part of OPEC, and OPEC.

That is... a widening of the collusion to fix prices and take advantage of the so called catalyts for price change, apparently outside their control or influence to include non OPEC countries.

Check out the world oil price market.

Oil Price Charts | Oilprice.com

Oilprices from around the world.

oilprice.com

If what you say is correct then than all the pricing would be the same and dictated by OPEC alone.

Also some interesting articles on the home page.

Crude Oil Prices Today | OilPrice.com

Crude oil prices & gas price charts. Oil price charts for Brent Crude, WTI & oil futures. Energy news covering oil, petroleum, natural gas and investment advice

oilprice.com

So OPEC is ineffective and and the Saudi led cartel does not do all it can to guarantee immense gains for their elite? No they do this through the power pf prayer and Allah?

 

[J_D 2.0]

its a distinction without a difference.

You were erroneously suggesting they are subject to Australian law and I’m just pointing out why they are not. Theres actually quite a big difference between being a cartel that sets production quotas (which they are) and actually being a unique entity that is selling/trading oil (which they are not).

And OPEC has not been renamed to OPEC+... OPEC+ is the name given to fixing of production and pricing, that encompasses 10 or so countries not part of OPEC and OPEC.

OPEC+ just includes the newer additions to the price fixing cartel, of which Russia is one of them. They all sit at the same table discussing the same fixing of quotas so they are all part of the same group (some members are more equal than others of course).

 

[Nitro_X]

Yeah Im not saying there arent clever chess players in the west too, but I doubt much of what is happening he didnt expect at least on one of various scenarios envisaged and laid out.

And nah not the fuel crisis. Just the way Russia gets in bed with whoever the US was against. Cuba, Iran, Vietnam, China, N Korea. Often a political or economic alliance was there, but Iranians arent exactly Russia friendly ideologically. But when the US backed Iraq to defeat the new Iranian regime, my enemys enemy is my friend. IIRC the Iranians were stockpiled with AKs and Russian tanks.

The point being, the stance youre taking is like saying you cant put a price on life, but we do it all the time. You know, some kids lost in the bush and we might look for a few weeks, then call off the search, its expensive. Thing is though sometimes two weeks later they walk out of the bush and we're all wow, how did he survive. Not, ****, why did we call off the search? Fair enough when do you stop, but you know we stop due to economics not odds. We say things. We dont live by them though.

The fact it will cost them, I would assume with certainty its been factored in. I wouldnt be surprised to hear Putin wondered if the west would stop gas flow... Im not saying he was certain but Id bet there are many scenarios laid out in detail. I doubt they went in with a single plan and are surprised at every or any turn.

I read at least 2 years ago that China has bypassed the US$ and brokered a deal with Iran to purchase oil, with gold.
China has also been building their gold reserves steadily, every ounce of gold mined in China, stays in China, plus they purchase gold from offshore, this is real gold bullion....not gold derivatives - aka; speculative paper gold
China also needs this gold to hedge against their vast purchases of US Treasury Notes, which was required to prop up the Yuan.
Russia is an energy powerhouse in its own right.

 

[48-215]

You were erroneously suggesting they are subject to Australian law and I’m just pointing out why they are not. Theres actually quite a big difference between being a cartel that sets production quotas (which they are) and actually being a unique entity that is selling/trading oil (which they are not).

At some point, a company that sells oil, sells it here, and that is subject to Australian laws. Ask Facebook about local laws and the reach of the nation they trade in.

OPEC+ just includes the newer additions to the price fixing cartel, of which Russia is one of them. They all sit at the same table discussing the same fixing of quotas so they are all part of the same group (some members are more equal than others of course).

You do grasp that OPEC is still the main body, it hasnt changed to OPEC+. Russia hasnt been handed the keys, they were simply asked to sit at the next table and reap the rewards of collusion. If it was OPEC+, then OPEC wouldnt exist.

 

[J_D 2.0]

At some point, a company that sells oil, sells it here, and that is subject to Australian laws.

And that company isn’t OPEC.

You do grasp that OPEC is still the main body, it hasnt changed to OPEC+. Russia hasnt been handed the keys, they were simply asked to sit at the next table and reap the rewards of collusion. If it was OPEC+, then OPEC wouldnt exist.

Umm. Yeah, thats pretty much what I just said. Russia sits in at the OPEC meetings to discuss quotas. They are part of the group for the time being but Saudi Arabia would be the most “senior member” as it were.

 

[48-215]

And that company isn’t OPEC.

Who do you think they are? Who do you think they represent? Do you think its full of members that produce no oil? That represent countries and companies that have no interest in oil money? That OPEC isnt the organisation that does their bidding (predominantly Saudi Arabia)

Again with the distinction without a difference.

Umm. Yeah, thats pretty much what I just said. Russia sits in at the OPEC meetings to discuss quotas. They are part of the group for the time being but Saudi Arabia would be the most “senior member” as it were.

LOL, now go back and read why you said it. Russia is not part of OPEC. Thats a distinction WITH a difference.

I read at least 2 years ago that China has bypassed the US$ and brokered a deal with Iran to purchase oil, with gold.
China has also been building their gold reserves steadily, every ounce of gold mined in China, stays in China, plus they purchase gold from offshore, this is real gold bullion....not gold derivatives - aka; speculative paper gold
China also needs this gold to hedge against their vast purchases of US Treasury Notes, which was required to prop up the Yuan.
Russia is an energy powerhouse in its own right.

I seem to recall several countries defied the US and traded oil in different currency to the US$. Happened a decade or more ago. There was speculation the US control was done then... but its was just rocking the boat. It will happen though, the US is slowly losing its ability to command control. Its inevitable. Just as it was for the UK, the US will need to reinvent itself. Which Im sure many in the know, have been doing for decades. Part of the reason they want China to own US debt, is it is no longer in Chinas internest for the US economy to fail. No economy can afford to lose a trillion dollars for shits and giggles. And theres no way China can foreclose on the US.

 

[Nitro_X]

Our Federal government is a joke, if all this recent disruption and unrest in the geo-political arena isn't enough to wake up our Federal leaders nothing will.

Australia needs to become energy self-sufficient, we have the resources, but have become too caught up with brown-nosing the US and Britain, to keep up appearances....our leaders are not leaders, they are minions with no vision.

And we need to get busy rebuilding our manufacturing base.

If we continue to rely on debt driven land/house price speculation, as we descend into a zombie consumer nation, of products from other countries....we're f-cked.

This is not about isolating ourselves from the rest of the world, it's just about becoming more self-reliant.

 

[Nitro_X]

One thing the Saudi's have in their favor is the lowest production cost per barrel of oil, when I last last checked (quite a while ago) it was $10/barrel.

 

[J_D 2.0]

Who do you think they are? Who do you think they represent? Do you think its full of members that produce no oil? That represent countries and companies that have no interest in oil money? That OPEC isnt the organisation that does their bidding (predominantly Saudi Arabia)

Again with the distinction without a difference.

I’ll say it again even though it won’t sink in. OPEC as an entity does not sell oil in Australia, hence they are not subject to Australian laws.

That’s a pretty big distinction (when you say there isn’t one) from your initial point that Australian law should prevent them from being a cartel.

LOL, now go back and read why you said it. Russia is not part of OPEC. Thats a distinction WITH a difference.

Russia sits at the same table with OPEC members and are themselves part of OPEC+. The only distinction between them being a plus sign!

They didn’t call it OPEC+ because they like to catch up and have a chat about the latest cross stitch patterns! It’s called OPEC+ because it does exactly the same shite that the regular OPEC does!