Support NeoGAF

[Tripon]

A bleak report from the international energy regulator piled up the pressure on Opec to secure a supply deal this month as the oil price fell again today.

The International Energy Agency's (IEA) monthly bout of number-crunching estimated another new record output total for the 14-nation cartel last month, citing 33.8 million barrels per day.

However, demand growth is not improving and the watchdog believes it will remain flat at 1.2 million barrels per day throughout 2017.

International oil price benchmark Brent crude was down 1.3 per cent at $45.24 a barrel – it had been $54 a month ago on the hope of Opec's prospective cuts. Its US counterpart, West Texas Intermediate, fell 1.5 per cent to below $44.

http://www.theweek.co.uk/oil-price/...-again-as-iea-report-adds-to-pressure-on-opec

 

[Jonnax]

What will Trump do?

 

[Peter Ian Staker]

What will Trump do?

Drill

 

[Tripon]

What will Trump do?

Drill

You guys joke, but there isn't enough demand for oil as is. Oil people need to figure something out.

 

[elrechazado]

What will Trump do?

Likely continue opec's destruction. US shale is highly innovative and has made the us a top producer at increasingly low prices. Trump can't alter the demand side, but reduced regs and more infrastructure investments that aid us producers will continue to decrease the price per Barrell where us producers can make money.

 

[Deleted member 80556]

God, Colombia is so fucked.

 

[elrechazado]

God, Colombia is so fucked.

Venezuela you mean?

 

[ScottSullivan]

We're even more fucked up here in Alaska too

 

[Night Angel]

As a recently unemployed oil guy, shit.

Good thing I saved enough to live a few years without changing my quality of life.

 

[Mr. Giggles]

The Canadian dollar weeps.

 

[Culex]

OPEC really screwed up with US shale. Their tech continues to get cheaper, and as it become more economical, they'll just uncap.

Even OPEC (Saudi Arabia) see
The writing on the wall.

 

[Rocky Raccoon]

What does this mean to the average Joe in America?

 

[makingmusic476]

Does does this mean to the average Joe in America?

If you're in the oil industray, maybe goodbye job. If you're not, lower gas prices yay.

 

[Poindexter]

God I need to get out of the oil industry

 

[Deleted member 80556]

Venezuela you mean?

They're already fucked (but things are going to probably get worse for them as well). We are going down the shitter too, considering oil is the biggest exportation product in the country, with the US being our main buyer.

 

[NeOak]

Venezuela you mean?

Not as much as Venezuela, but still significant.

 

[cryptosporidium]

RIP CDN $

 

[Kthulhu]

RIP CanadaGAF. Right when some great games are coming out too.

Hopefully we Texans can fall back on our other stuff still.

 

[Timeaisis]

Oil is dead. Long live oil.

 

[Corronchilejano]

Venezuela you mean?

Venezuela is probably doing worse, but this has only added up to the huge list of problems that make the USD-COP exchange rate a disaster..

 

[Mii]

Will take this gladly alongside abundance of natural gas, will keep coal in the dustbin of history. Added benefit of embarrassing Trump.

 

[Dash_Riprock]

Isn't this bad for Russia too?

 

[Netherscourge]

Chris Christie is lucky as fuck gas prices are low now after he raised gas tax 23 cents a gallon.

 

[Durrzerker]

man I'm really glad that this year I moved from the oil industry to the fertilizer industry

 

[ThoseDeafMutes]

Isn't this bad for Russia too?

Yes

 

[Tripon]

It's bad for oil production countries. But great for cheaper transportation.

 

[NurseRedHeart]

I too noticed gas is less than $2 a gallon at the common places, hoping to see around $1.5-7 at Costco.

 

[KHlover]

PKrocking, post if you're ok