Saudi Prince says Oil will never reach $100 again

[webfact]

Saudi Prince says Oil will never reach $100 again
BY BEN MYERS


Tanks and port equipment. Ras Tanura oil terminal, Saudi Arabia

Saudi prince Alwaleed said recently that he believes global oil prices will never reach the $100 level again. Considering Alwaleed’s investment track record plus his inside track knowledge of petroleum policies, it would be foolish to ignore this man’s prognostications. After all, it was Mr. Alwaleed who rushed in to snap up tons of Apple stock when Apple was all but flat on its back looking for direction after it booted its CEO Gil Amelio.

Alwaleed made a killing off that deal and still owns a nice chunk of Apple. That’s just one of the deals that highlight why Alwaleed’s finance company is one of the most successful investment firms in the world. He also publicly warned the Saudi Arabian government about the pricing threats posed by the North American shale oil industry.

Full story: http://www.streetwisejournal.com/saudi-prince-says-oil-will-never-reach-100/4714/

-- Streetwise Journal 2015-01-15

[Seastallion]

So, there goes hope of Thailand's rubber industry picking up.

[Choctastic]

Nice to see Thailand food and transport prices dropping in line...

[Jay Sata]

You can't beat market forces.

[Chicog]

What's the betting this Al Saud family member knows something we don't - like exactly when Saudi intends to cut production.

[Seastallion]

Cutting production would raise prices.

Re-reading the article, I wonder if in fact it's all part of the bigger plan of bringing pressure on Russia. He's saying, "We can hold out for a lot longer than you, Putin, so you'd better start thinking about pulling your head in and do what America wants you to do".

[MJP]

So, there goes hope of Thailand's rubber industry picking up.

Nope. Lower oil prices should mean lower petrol prices should mean more boy racers and more wheel spins and hence more rubber consumption.

[NeverSure]

Cutting production would raise prices.

Re-reading the article, I wonder if in fact it's all part of the bigger plan of bringing pressure on Russia. He's saying, "We can hold out for a lot longer than you, Putin, so you'd better start thinking about pulling your head in and do what America wants you to do".

Brilliant. Not.

[Chicog]

Cutting production would raise prices.

You've heard of oil futures, right?

So depress the market with pompous proclamations, buy futures at $40 or lower and then absolutely coin it when the Saudis cut production and the price goes up.

Sounds pretty basic to me.

OPEC, in its monthly report, said it expects demand for oil from the cartel will average 28.8 million barrels a day in 2015, around 100,000 barrels a day less than the organization’s previous forecast and down 300,000 barrels from the level seen in 2014.

Saudi could chop a million barrels a day and still not worry.

[Thai at Heart]

Cutting production would raise prices.

Re-reading the article, I wonder if in fact it's all part of the bigger plan of bringing pressure on Russia. He's saying, "We can hold out for a lot longer than you, Putin, so you'd better start thinking about pulling your head in and do what America wants you to do".

Exactlt.

Saudi is still profitable at these prices anf can survive on it forex stock. Few of the others can.

[Mosha]

So, there goes hope of Thailand's rubber industry picking up.

On top of Thailand worried about Australia looking at dandelions as a source of Latex. An acre of dandelions may produce as much latex as an acre of rubber treed in SE Asia.

[SiSePuede419]

What's the betting this Al Saud family member knows something we don't - like exactly when Saudi intends to cut production.

It's not "gambling" if you have insider information.

It's a "sure thing"...

[Bwanatickey]

BBC radio news reported here in the U.K the results of the staggering profits Apple accrued, in this split second.

I am communicating to you via Apple.

[daveAustin]

I would absolutely love for oil to drop on it's arse overnight in favour of green energy, for the Saudis and others to have to suck it up after dictating the market and people's lives for so long. Unfortunately, we're a looong way from that scenario due to the actions of a greedy few from the above.

[pitrevie]

Does this mean that the fuel surcharge which appears whenever I book an airline ticket with Air Asia will no longer be required?

[Jay Sata]

So, there goes hope of Thailand's rubber industry picking up.

On top of Thailand worried about Australia looking at dandelions as a source of Latex. An acre of dandelions may produce as much latex as an acre of rubber treed in SE Asia.

Good point Mosha.

Reuters recently carried an interesting topic on the latest research but the technique is around half a century old.

Tire makers took a lesson from history in the search for a home-grown feedstock.

When trade with Asia collapsed during the Second World War, the Kazakh dandelion, also called Russian dandelion, was cultivated in the United States, Europe and Soviet Union for an emergency supply of rubber despite meager yields.

After the war, however, trade links were restored and companies returned to the more cost-efficient Asian plantations.

It has only been in recent years that dandelions have been re-examined, given the fungus fears and price volatility and also advances in bioengineering that many believe have made the flowers an economically viable source of rubber.

The fracking programme in the US has removed their dependency on Middle East oil.

Air Asia have dropped their fuel surcharge.

Edited January 29, 2015 by Jay Sata