BREAKING: Oil crashes by most since 1991 as Saudi Arabia launches price war

[BrianSoddingBoru4]

More devastating news about this:

https://edition.cnn.com/2020/04/20/busin...index.html

Oil prices turned negative. Hundreds of US oil companies could go bankrupt

Which was mentioned on this board three days ago. Try to keep up.

Boru

[WinterHold]

More devastating news about this:

https://edition.cnn.com/2020/04/20/busin...index.html

Which was mentioned on this board three days ago. Try to keep up.

Boru

The beginning of all of this was in:
March 9, 2020

Though the headline I posted now was in the date:
April 21, 2020

Today's date is:
April 22, 2020

? Probably what was mentioned -and what you refer to- is another earlier crash in this chain of crashes.
My topic was spot on about the beginning of all this price war between Saudi Arabia and Russia.

---

@The Grand Nudger

lol and you were bragging about shale oil earlier

[Mr Greene]

Oi genius! THIS ONE!

[The Grand Nudger]

Why would there be a problem due to a lack of oil when overproduction and storage is the reason for the dip? Further, why do you think that KSA doesn't have it's own interest in tanking american shale oil producers?

Even more strange, in what universe would a flaming greenie like me brag about our oil production? Sounds like you're still sore over having infantile superstitions about the great satan dispelled. Superstitions that are necessary for your islamism to make sense even to you.

In mere reality, it's unlikely that the us would allow it's producers to fail even if they were upside down. Moreover...both the Russian Fed and the KSA have a palpable need to sell oil in order to maintain their nations. Obviously they're jockeying for market share...but that's why, and ultimately that's why they were always going to end up in this situation. Just another way that oil wrecks a petro-state. The middle east, in particular, needs to find something other than oil. Without our unhealthy addiction to the stuff there wouldn't be anything but american airbases in the desert.

[WinterHold]

Why would there be a problem due to a lack of oil when overproduction and storage is the reason for the dip?  Further, why do you think that KSA doesn't have it's own interest in tanking american shale oil producers?

Even more strange, in what universe would a flaming greenie like me brag about our oil production?  Sounds like you're still sore over having infantile superstitions about the great satan dispelled.  Superstitions that are necessary for your islamism to make sense even to you.

lol, no you were so full of yourself that u.s don't need oil from the Middle East.
Turns out you are a sad liar

[The Grand Nudger]

We bought about 8% of our oil from KSA....before american shale oil producers ramped up.

We don't need it, you're just selling it cheap.

If it makes you feel better, public opinion polling here in the us shows pretty much the same thing you babble on about. People imagine that a pie chart of american oil will be covered with "middle east" - so much so, that the actual chart is a negative image of perception. We have the pie, you get the crumbs. Took millions of years to produce the stuff, and your governments are selling themselves and you down the river in just a few decades, offloading it for pocket change - and all the while the world just keeps getting hotter.

[WinterHold]

We bought about 8% of our oil from KSA....before american shale oil producers ramped up.

We don't need it, you're just selling it cheap.

If the Sauds didn't agree to backing the U.S dollar with their oil, American $ will be no more.
Not that the Sauds are powerful, they are America's proxy after all.

They give you their free oil -not just cheap; but free-, and you protect their tyrants in return.
So lol.

[The Grand Nudger]

Why would we need KSA output to back our dollar? We're an oil exporter. KSA's interest in tanking shale oil producers amounts to the fact that were are already huge in the sector, and we're slated to overtake them as worlds largest exporter.

How do you not know this shit?

Of fucking course we take your cheapo oil - so that we can sell more of our own at a better price.

[WinterHold]

Why would we need KSA output to back our dollar?  We're an oil exporter.  KSA's interest in tanking shale oil producers amounts to the fact that were are already huge in the sector, and we're slated to overtake them as worlds largest exporter.

How do you not know this shit?

Of fucking course we take your cheapo oil - so that we can sell more of our own at a better price.

https://en.wikipedia.org/wiki/Petrodollar_recycling

and the Saudi royal family made an agreement. The United States would offer military protection for Saudi Arabia's oil fields, and in return the Saudis would price their oil sales exclusively in United States dollars (in other words, the Saudis were to refuse all other currencies, except the U.S. dollar, as payment for their oil exports).

lol it's in wikipedia, and everywhere

[The Grand Nudger]

What isn't in wikipedia, are the contents of your skull. That's what causes you to think that KSA oil production has backed the dollar in such a way as to destroy it if they stopped producing.

The us would like nothing other than that the KSA reduces their production. We'd overtake them earlier than scheduled. Again, what we buy from you is a small portion of what we buy, and we take advantage of you when we do it. We would like to sell even more oil, but we find it difficult to compete with out and out dictatorships on price. This isn't limited to a single commodity, like oil, obviously. It's one of the fundamental weaknesses of a democracy.