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OPEC divided over who should cut output

  • With U.S. and Iraqi oil output rising, and Iran possibly being allowed to export more oil next year, OPEC is divided about which member countries should trim production to offset the increase in crude supply.
  • The rift has emerged ahead of a meeting of the cartel in Vienna on Wednesday, when the group isn't expected to decide to lower output even though it projects that demand for its oil will slip 300,000 bpd in 2014. OPEC has maintained an overall limit of 30M bpd for two years.
  • Iraq is on course to produce 3M bpd this year, the most for at least 20 years, while Iran's exports could rise if diplomatic progress is made over its nuclear program.
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Comments (6)
  • DeepValueLover
    , contributor
    Comments (8144) | Send Message
     
    Unless you are Japanese, Egyptian, Argentine or Venezuelan expect to pay less for gas over the next few quarters.
    1 Dec 2013, 11:21 AM Reply Like
  • jeff lauder
    , contributor
    Comments (170) | Send Message
     
    Here's the short answer. None of them will cut. It's a race to the bottom.
    1 Dec 2013, 05:52 PM Reply Like
  • MisterJ
    , contributor
    Comments (585) | Send Message
     
    Looks like a 1986 event is coming.
    1 Dec 2013, 09:22 PM Reply Like
  • hneumann
    , contributor
    Comments (560) | Send Message
     
    "Here's the short answer. None of them will cut. It's a race to the bottom."

     

    From Peakoilbarrel.com ?
    1 Dec 2013, 10:06 PM Reply Like
  • jeff lauder
    , contributor
    Comments (170) | Send Message
     
    Never heard of the website. I used to fly for Comair airlines. Every other regional airline contract undercut each other to keep their job. Some even signed contracts with their Major airline partner EVEN AT A LOSS! That's because they needed the cash flow. The other OPEC members will do the same. They will even continue to pump at below cost hoping for a rebound. Let's face it. Gold mines and oil companies are Banana Republics, It's all they got!
    2 Dec 2013, 12:43 PM Reply Like
  • geologist
    , contributor
    Comments (212) | Send Message
     
    This should be interesting. But it was far from interesting in 1986 when good geo-scientists and petroleum engineers were losing their jobs from the major O&G companies. This resulted in a present day shortage of qualified professionals for our industry. Regards.
    2 Dec 2013, 10:01 PM Reply Like
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