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End Of OPEC As Saudi Arabia Going Broke by Nobody: 11:33am On Aug 06, 2015 |
It is too late for OPEC to stop the shale revolution. The cartel faces the prospect of surging US output whenever oil prices rise If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade. The contract price of US crude oil for delivery in December 2020 is currently $62.05, implying a drastic change in the economic landscape for the Middle East and the petro-rentier states {i.e Nigeria} . The Saudis took a huge gamble last November when they stopped supporting prices and opted instead to flood the market and drive out rivals, boosting their own output to 10.6m barrels a day (b/d) into the teeth of the downturn. Bank of America says OPEC is now "effectively dissolved". The cartel might as well shut down its offices in Vienna to save money. If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade. Saudi Arabia is effectively beached. It relies on oil for 90pc of its budget revenues. There is no other industry to speak of, a full fifty years after the oil bonanza began. {Sounds familiar?) http://www.telegraph.co.uk/finance/oilprices/11768136/Saudi-Arabia-may-go-broke-before-the-US-oil-industry-buckles.html |
Re: End Of OPEC As Saudi Arabia Going Broke by Nobody: 11:36am On Aug 06, 2015 |
OPEC has been dead since forever. Everyone now is producing oil. Thanks to improvements in extraction technology. Nigeria should forget about oil. Oil is a curse. 5 Likes |
Re: End Of OPEC As Saudi Arabia Going Broke by ERODEDEAST(f): 11:38am On Aug 06, 2015 |
Eleyi gidi gan 2 Likes |
Re: End Of OPEC As Saudi Arabia Going Broke by Orjioorji(f): 11:40am On Aug 06, 2015 |
let all Arab nations even go into bankruptcy not only saudi. so that terrorist will stop getting sponsors.God please touch there economy. 2 Likes |
Re: End Of OPEC As Saudi Arabia Going Broke by SLIDEwaxie(m): 12:21pm On Aug 06, 2015 |
Propaganda |
Re: End Of OPEC As Saudi Arabia Going Broke by akinszz: 1:05pm On Aug 06, 2015 |
Hope dey don save during rainy days. If not, dey go knw say kaaki no be leather. |
Re: End Of OPEC As Saudi Arabia Going Broke by AbuMaryam1(m): 1:10pm On Aug 06, 2015 |
Uncle if you believe in this tale I pity you, Saudi Arabia broke in 2yrs. AMERICA WILL KNOW. |
Re: End Of OPEC As Saudi Arabia Going Broke by Nobody: 1:27pm On Aug 06, 2015 |
The fact is DAT Saudi Arabia can never get broke...check d holy Quran.... |
Re: End Of OPEC As Saudi Arabia Going Broke by omowolewa: 1:58pm On Aug 06, 2015 |
There is no way a cartel or empire would last for ever. Oil is now becoming a cheap commodity, the costliest part of the production cost is the technology and logistics not the product itself. Almost all coaster nations has discovered oil, even the landlocked countries are discovering. Nigeria should look elsewhere for its funding. Unfortunately, we have relegated Agriculture to the back seat when we failed to invest during the oil boom period. |
Re: End Of OPEC As Saudi Arabia Going Broke by dokiOloye(m): 2:06pm On Aug 06, 2015 |
How can Saudi go broke when there are millions of impoverished ppl including Nigerians willing to spend their last card in Saudi Arabia in d name of pilgrimage? |
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