OPEC Production Cuts

[Elder_Berry]

Excellent news today from the Algerian discussions. Saudi Arabia managed to lead OPEC into their first production cuts since 2008 in an attempt to raise the price of oil. Reuters reporting that they are cutting just under 500,000 bbl/day, about 300,000 less than expected, but the two biggest points are that they managed to talk Iran into a pre-sanction production level freeze AND got Russia to contribute with a 300,000 bbl/day cut, along with 300,000 other bbl/day cut by other "outside contributions", i.e. not OPEC countries. Oil is up 9% and rising this afternoon alone, which is super exciting to me, as I work in the industry. I know the price of natural gas has been on the rise as the weather forecasts a colder coming month, and that this rise in the price of oil will cause the cost of gasoline to rise, but I also am very grateful for it, especially this time of year. It has been a hard 2 years on us in the industry, and perhaps this holiday season shall be a true blessing!

[AcidSpiral]

You know at least 90% of the population would be tempted to shoot you just for saying this.

[Dallane]

I doubt you will see a return of the oil industry unless prices really soar. Right now its only .30 extra a gallon depending on location.

[Elder_Berry]

Haha, I am aware that most don't want more expensive fuel, but I feel that too often people forget that there are some of us whose lives depend on the industry.

As far as the cost of a gallon of gasoline, that isn't what I am referring to. The price of a barrel of oil has risen roughly $4 this afternoon alone. You would be surprised at the enthusiasm that gives us in the business. The difference between the $20/bbl earlier this year to $45 it has been lately to now $50+ ,and hopefully rising, is massive to us. Drilling is profitable in my region at $60/bbl. That would bring back a lot of work and job security for a small town whose population has devastated the last 2 years from the falling price of oil.

[Dallane]

Haha, I am aware that most don't want more expensive fuel, but I feel that too often people forget that there are some of us whose lives depend on the industry.

As far as the cost of a gallon of gasoline, that isn't what I am referring to. The price of a barrel of oil has risen roughly $4 this afternoon alone. You would be surprised at the enthusiasm that gives us in the business. The difference between the $20/bbl earlier this year to $45 it has been lately to now $50+ ,and hopefully rising, is massive to us. Drilling is profitable in my region at $60/bbl. That would bring back a lot of work and job security for a small town whose population has devastated the last 2 years from the falling price of oil.

I live in San Antonio so I'm well aware of the oil fields issue.

It def looks good for the oil workers but you never know esp with everyone wanting to go green and hate from the pipeline bs. Small towns blow man. My hometown survived on steel and trains. One of those goes and a vast majority of people are out of work. Hope it works out for you guys. Good ***** money in oil.

[Elder_Berry]

I live in San Antonio so I'm well aware of the oil fields issue.

It def looks good for the oil workers but you never know esp with everyone wanting to go green and hate from the pipeline bs. Small towns blow man. My hometown survived on steel and trains. One of those goes and a vast majority of people are out of work. Hope it works out for you guys. Good ***** money in oil.

God, I know. I made such great money for 3 or 4 years doing it, working my ass off. Now, I'm struggling to get by, but thankful I'm one of the few that got lucky enough to keep my job. I started school again for the first time in 6 years this semester online. I'm trying to get out of it, both this small town and the oil industry. Too much of a roller coaster for me.