oil trade war about to start OPEC to increase production oil price crash could be Mon 5th

[JohnD]

oil trade war about to start OPEC to increase production oil price crash could be Mon 5th​

American shale oil is expensive to produce, and the industry is laden with debt. The price is now below the cost of production so the industry is collapsing. Trumps trade war on the rest of the world means nobody is in the mood to do him any favours.

Perhaps you can spot the dates Trump opened his mouth?

 

[JohnD]

Meanwhile, the grownups are beginning to worry.

"Jamie Smyth in New York
Published MAY 2 2025
Updated MAY 2 2025, 18:583

Chevron and ExxonMobil reported sharp falls in quarterly profits owing to falling oil prices and weak refining margins, a sign the oil industry has begun to feel the impact from Donald Trump’s trade war.

Chevron said on Friday that net income fell by more than one-third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.

Exxon, the largest western oil producer, reported net income of f $7.7bn in the three months to the end of March, down from $8.2bn a year earlier, and roughly in line with analysts’ forecasts. Revenue of $83.1bn was up slightly from 12 months ago, but missed Wall Street estimates.

The oil industry, which enjoyed record profits when prices shot up following Russia’s full-scale invasion of Ukraine in 2022, is facing weakening demand for its products as US President Donald Trump’s trade war causes the global economy to slow."

FT.com

 

[JohnD]

...facing weakening demand for its products as US President Donald Trump’s trade war causes the global economy to slow....

In America, you can get in a lot of trouble for saying that.

 

[Murdochcat]

I’ve not seen you post any criticism of Reform

My work is done

No it hasn’t. You accused me of backing reform on this forum - so prove it or else

 

[blup]

Looks like notchy is even more ****ed than usual.
Drowning his sorrows after the reform landslide I expect.
Poor notchy!

Prople voting for far rage in local elections has zero impact on opec policy. At most a few diversity officers from Durham will be under consultation for redundancy while clueless new councillors won’t have a scoobie how to run services.

 

[Brigadier]

Prople voting for far rage in local elections has zero impact on opec policy. At most a few diversity officers from Durham will be under consultation for redundancy while clueless new councillors won’t have a scoobie how to run services.

Fail

 

[Notch7]

No it hasn’t. You accused me of backing reform on this forum - so prove it or else

do you condemn the Reform party?

yes or no

 

[Deleted member 323070]

Fail

Obviously going for the low hanging fruit.

 

[blup]

Fail

Maybe they need to hire some so they can be sacked next time.

 

[Murdochcat]

do you condemn the Reform party?

yes or no

Irrelevant. You claimed I had posted things I haven’t - so retract your accusation or prove it

 

[Notch7]

You claimed I had posted things I haven’t

No I did not

 

[JohnD]

"Jamie Smyth in New York and Kristina Shevory in Austin
Published 3 HOURS AGO

Two big American shale producers said they would cut capital expenditure on Monday in response to sliding oil prices, prompting industry warnings that US production had peaked and could begin falling..."

"...At less than $60 a barrel, many US shale producers will struggle to turn a profit, especially in some of the country’s ageing basins, forcing them to potentially stop drilling, lay down drilling rigs and cut jobs. Analysts said the US would lose market share to lower-cost Opec+ producers at current prices."




FT.com

 

[gas112]

I thought price of oil was meant to be crashing yesterday ? what happened . Fake news ?

 

[Notch7]

I thought price of oil was meant to be crashing yesterday ? what happened . Fake news ?

it has crashed

this is only the start of OPEC increasing production, as they intend to repeat in July and Sept, so a total production rise of 2.2million barrels


oil price has sunk to $57 dollars a barrel
many USA producers cant make a profit below $60

allowing for inflation this is as low as the oil crash of 2015 when oil dipped below $50 (ignoring the covid crash in April 2020)

 

[gas112]

it has crashed

this is only the start of OPEC increasing production, as they intend to repeat in July and Sept, so a total production rise of 2.2million barrels


oil price has sunk to $57 dollars a barrel
many USA producers cant make a profit below $60

allowing for inflation this is as low as the oil crash of 2015 when oil dipped below $50 (ignoring the covid crash in April 2020)

did it crash YESTERDAY like your headline said or was that fake news