Nik_B 3,791 Posted November 30, 2016 Report Share Posted November 30, 2016 For the oil industry guys it looks like this sh*t is finally over. I'm cautious since all year they keep saying it but word is they're agreeing to 1.4 million barrels per day cut including Russia. For the non-oil guys.....fill your car, LPG tanks etc it will probably rise to $60 very soon. Quote Link to post Share on other sites
Born Hunter 17,960 Posted November 30, 2016 Report Share Posted November 30, 2016 LOL, been watching this for a while! My employer is in such a shit state I'm not sure the Brent price is even relevant! LOL A steady $60/bl wouldn't hurt things though. They're talking of 1.2 mbl/d OPEC cut and a further 600k non OPEC, but the oversupply is only, what, 250k? Quote Link to post Share on other sites
Nik_B 3,791 Posted November 30, 2016 Author Report Share Posted November 30, 2016 LOL, been watching this for a while! My employer is in such a shit state I'm not sure the Brent price is even relevant! LOL A steady $60/bl wouldn't hurt things though. They're talking of 1.2 mbl/d OPEC cut and a further 600k non OPEC, but the oversupply is only, what, 250k? I think the oversupply is bigger than that but it's the inventories that are the problem. It's going to take a while to bring them down. I swear to god I could almost cry if this happens. I didn't work for 8 months of this year, we've taken pay cut after pay cut for the work we do, most of our clients went bankrupt, I know loads of people who lost their jobs hell I even had to sell my house although ended up somewhere nice because of it. It's been one hell of a couple of years Quote Link to post Share on other sites
Born Hunter 17,960 Posted November 30, 2016 Report Share Posted November 30, 2016 LOL, been watching this for a while! My employer is in such a shit state I'm not sure the Brent price is even relevant! LOL A steady $60/bl wouldn't hurt things though. They're talking of 1.2 mbl/d OPEC cut and a further 600k non OPEC, but the oversupply is only, what, 250k? I think the oversupply is bigger than that but it's the inventories that are the problem. It's going to take a while to bring them down. I swear to god I could almost cry if this happens. I didn't work for 8 months of this year, we've taken pay cut after pay cut for the work we do, most of our clients went bankrupt, I know loads of people who lost their jobs hell I even had to sell my house although ended up somewhere nice because of it. It's been one hell of a couple of years https://www.iea.org/oilmarketreport/omrpublic/ I had a look here earlier at the market surplus. Smaller than I thought, if it's true. Yes, everyone has filled their strategic reserves and I remember reading of all the tankers sitting in the Persian and Mexican Gulf just storing the shit ready for the price to jump! We've gone through round after round of redundancies, lost loads of people, even got to pay for our own Xmas do this year! LOL 1 Quote Link to post Share on other sites
Nik_B 3,791 Posted November 30, 2016 Author Report Share Posted November 30, 2016 LOL, been watching this for a while! My employer is in such a shit state I'm not sure the Brent price is even relevant! LOL A steady $60/bl wouldn't hurt things though. They're talking of 1.2 mbl/d OPEC cut and a further 600k non OPEC, but the oversupply is only, what, 250k? I think the oversupply is bigger than that but it's the inventories that are the problem. It's going to take a while to bring them down. I swear to god I could almost cry if this happens. I didn't work for 8 months of this year, we've taken pay cut after pay cut for the work we do, most of our clients went bankrupt, I know loads of people who lost their jobs hell I even had to sell my house although ended up somewhere nice because of it. It's been one hell of a couple of years https://www.iea.org/oilmarketreport/omrpublic/ I had a look here earlier at the market surplus. Smaller than I thought, if it's true. Yes, everyone has filled their strategic reserves and I remember reading of all the tankers sitting in the Persian and Mexican Gulf just storing the shit ready for the price to jump! We've gone through round after round of redundancies, lost loads of people, even got to pay for our own Xmas do this year! LOL The US shale production dropped a lot (at least a million barrels per day from it's high) maybe that's why it's small now, that's what I work in. Their rig count dropped from 1700 to 400 in a year...brutal! Soon the service companies will be begging for people, there is going to be a huge shortfall of skilled workers since alot of people never come back after leaving the industry. I hope the exchange rate stays like this next year could be an ok one for us Quote Link to post Share on other sites
kanny 21,753 Posted November 30, 2016 Report Share Posted November 30, 2016 My bro is in the industry and tells me how bad things are but the fact is that in 10+ years we are all going to be driving electric cars like it or not and the industry is going to shrink.. that's progression for you... Apparently Quote Link to post Share on other sites
Born Hunter 17,960 Posted November 30, 2016 Report Share Posted November 30, 2016 The US shale production dropped a lot (at least a million barrels per day from it's high) maybe that's why it's small now, that's what I work in. Their rig count dropped from 1700 to 400 in a year...brutal! Soon the service companies will be begging for people, there is going to be a huge shortfall of skilled workers since alot of people never come back after leaving the industry. I hope the exchange rate stays like this next year could be an ok one for us That's what I keep getting told but we'll see. Interesting times for those that are left. Iron ore/mining is another thing I have worked on and that f****r dropped like a lead balloon at the same time as Brent, LOL. Quote Link to post Share on other sites
Nik_B 3,791 Posted November 30, 2016 Author Report Share Posted November 30, 2016 My bro is in the industry and tells me how bad things are but the fact is that in 10+ years we are all going to be driving electric cars like it or not and the industry is going to shrink.. that's progression for you... Apparently In a way oil is far too valuable to burn, there are thousands of products and chemicals that it's used in. I can't see demand for oil start shrinking for decades. Since coal fired power stations are all being shutr down and the fact that people don't like nuclear gas is left as the best and cleanest energy, I don't include green, I fail to see how we will ever keep up with demand just using wind and solar...plus the energy needs to be stored and how are they supposed to do that? Maybe one day but not in my lifetime 2 Quote Link to post Share on other sites
Accip74 7,112 Posted November 30, 2016 Report Share Posted November 30, 2016 My bro is in the industry and tells me how bad things are but the fact is that in 10+ years we are all going to be driving electric cars like it or not and the industry is going to shrink.. that's progression for you... Apparently What's it like in the UK at the moment regarding this? I'm seeing more & more here all the time.......do they not still cost a fortune to buy? Quote Link to post Share on other sites
Nik_B 3,791 Posted November 30, 2016 Author Report Share Posted November 30, 2016 The US shale production dropped a lot (at least a million barrels per day from it's high) maybe that's why it's small now, that's what I work in. Their rig count dropped from 1700 to 400 in a year...brutal! Soon the service companies will be begging for people, there is going to be a huge shortfall of skilled workers since alot of people never come back after leaving the industry. I hope the exchange rate stays like this next year could be an ok one for us That's what I keep getting told but we'll see. Interesting times for those that are left. Iron ore/mining is another thing I have worked on and that f****r dropped like a lead balloon at the same time as Brent, LOL. Increasing oil prices will mean increasing inflation....they will parade their inflation figures around like some miracle boost to the economy....since the oil price drop was manufactured by Saudi I am curious how economists can take inflation figures seriously. Have you ever wondered the same? I was qualified as a Mining Geologist MSc from Camborne but the metal prices were on their arses when I left Uni so went in to this crap job lol Quote Link to post Share on other sites
Nik_B 3,791 Posted November 30, 2016 Author Report Share Posted November 30, 2016 My bro is in the industry and tells me how bad things are but the fact is that in 10+ years we are all going to be driving electric cars like it or not and the industry is going to shrink.. that's progression for you... Apparently What's it like in the UK at the moment regarding this? I'm seeing more & more here all the time.......do they not still cost a fortune to buy? It's the batteries that everyone forgets about, they don't last long and cost a fortune to replace....they don't factor that in to the cost of running when they go on about their economy. Battery disposal is also very bad for the environment and if we all switched to electric cars we would have a massive shortage in energy supply as our power stations wouldnt cope lol 1 Quote Link to post Share on other sites
Born Hunter 17,960 Posted November 30, 2016 Report Share Posted November 30, 2016 Battery tech is the barrier for moving away from hydrocarbons. The industry has legs in it yet, at least until I retire. f**k me is that me accepting this shit for the next 40yrs? LOL Even if you knock a lot of oil services on the head, there's still the need mineral commodities and 100 yrs into the future rare earth elements mined beyond this Earth. Quote Link to post Share on other sites
Accip74 7,112 Posted November 30, 2016 Report Share Posted November 30, 2016 My bro is in the industry and tells me how bad things are but the fact is that in 10+ years we are all going to be driving electric cars like it or not and the industry is going to shrink.. that's progression for you... Apparently What's it like in the UK at the moment regarding this? I'm seeing more & more here all the time.......do they not still cost a fortune to buy? It's the batteries that everyone forgets about, they don't last long and cost a fortune to replace....they don't factor that in to the cost of running when they go on about their economy. Battery disposal is also very bad for the environment and if we all switched to electric cars we would have a massive shortage in energy supply as our power stations wouldnt cope lol From what I've seen their best use is within city limits on a small scale. I can see this increasing, but replacing the general car I just can't see it myself.... When I was a kid we thought we would all have hover cars now!...haha Quote Link to post Share on other sites
Born Hunter 17,960 Posted November 30, 2016 Report Share Posted November 30, 2016 From what I've seen their best use is within city limits on a small scale. I can see this increasing, but replacing the general car I just can't see it myself.... When I was a kid we thought we would all have hover cars now!...haha Modern electric cars are getting ranges of 3-400 miles now, that sort of level will make them very practical for everyday folks. Further improvements in battery tech and production I can definitely see them replacing the internal combustion engine. Quote Link to post Share on other sites
kanny 21,753 Posted November 30, 2016 Report Share Posted November 30, 2016 Give me bro a wave nik.. He's out there somewhere on the Irish Explorer Quote Link to post Share on other sites
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