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Author Topic: Oil Traders Give OPEC Short Shrift Back to Topics
xgojim
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Michigan

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Message Posted: Nov 29, 2013 2:26:32 PM

Not long ago the OPEC gathering in Vienna next week would have had the world waiting breathlessly for any sign of the group's plans for oil supply. Not anymore. Because the Organization of the Petroleum Exporting Countries produces about 40% of the world's crude oil, its decisions on collective output can move markets. But how much attention do traders pay? One Switzerland-based physical oil trader responded bluntly: "We don't." Traders commented anonymously because the terms of their contracts prohibit them from speaking to the media. Five years ago, the trader said, the twice-yearly meeting was more important. In the chaotic aftermath of the financial crisis, the price of Brent crude plunged from record highs above $147 a barrel to below $39 a barrel in just six months. The market onl
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REPLIES (newest first) Post a Reply
DanMtz
Champion Author Oakland

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Message Posted: Dec 1, 2013 11:09:53 AM

They say one thing and do another. They're irrelevant.
Jeff4U
Champion Author Atlanta

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Message Posted: Dec 1, 2013 4:16:03 AM

Confession?
investmentdr
Champion Author Cleveland

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Message Posted: Dec 1, 2013 2:13:25 AM

OPEC who
qwerty17
Champion Author New Jersey

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Message Posted: Nov 30, 2013 11:30:59 AM

don't really believe headline but a guy can dream.
johnpuh
Champion Author Ohio

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Message Posted: Nov 30, 2013 9:10:26 AM

A sneeze from an OPEC member causes the world to catch a cold, so I really doubt that traders aren't paying attention to the upcoming meetings.
scu227
Champion Author New Haven

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Message Posted: Nov 30, 2013 8:57:14 AM

$39 a barrel sound good to me !!!!

Just stop all the game of manipulation and lower prices !!!!!
werich44
Champion Author California

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Message Posted: Nov 30, 2013 3:51:57 AM

Works for me.
davenles
Champion Author Texas

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Message Posted: Nov 29, 2013 11:56:03 PM

They still wield a lot of power.
tnfran
Champion Author Arizona

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Message Posted: Nov 29, 2013 11:43:56 PM

Good, OPEC needs it plug pulled , let em start to try eating oil .
Pielededrac
Champion Author Florida

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Message Posted: Nov 29, 2013 11:42:18 PM

Good news to me...
scorpiogg
Champion Author Modesto

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Message Posted: Nov 29, 2013 11:41:26 PM

good
Vetteblu
Champion Author Denver

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Message Posted: Nov 29, 2013 11:31:34 PM

This change is good.
Tekkersmom57
Champion Author Syracuse

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Message Posted: Nov 29, 2013 11:15:29 PM

OPEC doesn't have the pull that they used to have but they still need to be reckoned with!
Anty57
Champion Author Montreal

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Message Posted: Nov 29, 2013 8:53:30 PM

ok
PhilMils
Champion Author Virginia

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Message Posted: Nov 29, 2013 7:25:48 PM

Don't get your hopes up. The oil producers in the US say it takes them up to $94/barrel to find and extract oil when they are squeezing it out via methods like fracking. The Saudis can pull it out of the ground at $76/barrel and still balance their national budget.
montpelier28
Champion Author Vermont

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Message Posted: Nov 29, 2013 6:39:21 PM

Seems as if oil is everywhere now so it makes sense.
gcalleja
Champion Author Miami

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Message Posted: Nov 29, 2013 6:26:19 PM

I hope they're feeling marginalized.
YumaFellow
Champion Author Arizona

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Message Posted: Nov 29, 2013 6:02:01 PM

OPEC may not be the 600 pound gorilla in the room anymore, but 40% of the world oil supply is still an important factor. OPEC may not dictate things so much, but the traders can't just write it off--they seem to respond to the slightest thing otherwise.
ktbaeohana
Champion Author Las Vegas

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Message Posted: Nov 29, 2013 5:52:07 PM

watch and see.
traffic cop
Champion Author Boston

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Message Posted: Nov 29, 2013 5:49:02 PM

Payback is a bitch.
USMCturtlehead
Champion Author Lexington

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Message Posted: Nov 29, 2013 5:30:54 PM

Bad
kag2010
Champion Author Winnipeg

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Message Posted: Nov 29, 2013 5:16:47 PM

GREED
dunesfly
Champion Author Cape Coral

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Message Posted: Nov 29, 2013 4:47:11 PM

ok
madison8359
Champion Author Cleveland

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Message Posted: Nov 29, 2013 4:28:06 PM

So sorry.
mastermariner
Champion Author Texas

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Message Posted: Nov 29, 2013 3:31:29 PM

Lost some of their clout thanks to fracking
gizbo123
Champion Author Los Angeles

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Message Posted: Nov 29, 2013 3:15:43 PM

Let the opecers eat their oil, we will keep our food that we ship over there.
humblepie
Champion Author Toledo

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Message Posted: Nov 29, 2013 3:02:05 PM

build the xl and tell opec to pound sand
GKW
Champion Author Virginia

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Message Posted: Nov 29, 2013 2:41:52 PM

It has never been OPEC anyway - it is the darn speculators that control the price of oil and gasoline.
screwoilco
Champion Author Sacramento

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Message Posted: Nov 29, 2013 2:30:10 PM

OPEC's power is declining
sarasotasingle
Champion Author Sarasota

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Message Posted: Nov 29, 2013 2:30:01 PM

GREED
xgojim
Champion Author Michigan

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Message Posted: Nov 29, 2013 2:28:11 PM

No news from OPEC is definitely good news.
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