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Global oil prices are increasingly being driven by production problems and maintenance at a...

Global oil prices are increasingly being driven by production problems and maintenance at a single, mid-sized field off the coast of Scotland. John Kemp says the susceptibility of Brent futures and global prices to output fluctuations from the Buzzard field - owned and operated by Nexen (NXY) with minority stakes by Suncor (SU) and others - suggests the current pricing system is not working properly.
Comments (4)
  • Steve FTW
    , contributor
    Comments (2) | Send Message
     
    It's my understanding that Russia "needs" $100/bbl for Brent in order for Putin's economy to work. If that's the case, that's a pretty hard floor on pricing.
    9 Aug 2012, 06:39 PM Reply Like
  • P. Dennis
    , contributor
    Comments (373) | Send Message
     
    More evidence we're entering the "peak oil plateau" when one field's production shortfall has such a large impact. Another indicator was the inclusion of Natural Gas Liquids (NGL's) in some measures of worldwide crude oil production. Moving the goalposts tells me some very powerful people were about to be embarrased with their endlessly optimistic statements about future oil production so they changed the definition.

     

    LINE and LGCY are my choices to hedge the price impacts on our household budget. Just one amateur's opinion.
    9 Aug 2012, 06:51 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    "Global oil prices are increasingly being driven by a wild overreaction to production problems and maintenance at a single, mid-sized field off the coast of Scotland."

     

    There. Fixed it for you.
    9 Aug 2012, 07:25 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (1900) | Send Message
     
    When do we EVER get the durned truth. Truth is, TPTB are in total control, metering production, prices and news. If we started pumping instead of pimping, oil price would plummet to the 23 cents a gallon where it would be if they stopped pimping the pumps.
    Look, how do they keep diamond prices up so high? Easy, controlling supply. If they put all the diamonds mined out for sale, we could buy them in gumball machines.
    Peter, Paul, and Mary sung the song in the 60's, "When will they ever learn?" NEVER.

     

    Sigh h h h we are so stupid there is nothing to compare us to. Why do Americans allow themselves to be so pushed around by so few? I think it is because we have it so good, it seems we are not in trouble, I dunno, just a guess.

     

    Capt. Brian
    The Lost Navigator
    9 Aug 2012, 11:20 PM Reply Like
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