Oil Price Watch

[Ry_Tower]

^ yes, most probably.

[uls]

Brent falls below $100. $99.86 as i type

the fun begins

[renzo_d10]

Are we expecting another round of fuel price rollback within the next days?

51.80 nalang yung Shell Unleaded sa may EDSA when I passed by, normal price sa ibang stations are 52.80, does that mean nagbaba ng piso or sadyang mababa ang price nila??

[Chikselog]

Magkano ba yung price ng oil (Brent?) nung nag-rollback last time?

Bigtime rollback na!

[crazy_boy]

51.80 nalang yung Shell Unleaded sa may EDSA when I passed by, normal price sa ibang stations are 52.80, does that mean nagbaba ng piso or sadyang mababa ang price nila??

i think they have lower price lang. usually kasi kung rollback, from head office yung decision.

[falken]

$83.57 nalang NYMEX and $98.78 nalang Brent.

[crazy_boy]

almost US$20/ barrel din binaba in 1 month time lang.

[Ry_Tower]

$98.63 na lang brent. Grabe decline ah. Due mainly to slowdown ng chinese economy and euro crisis.

[hein]

$98.63 na lang brent. Grabe decline ah. Due mainly to slowdown ng chinese economy and euro crisis.

Plus daming nahanap na Oil sa Canada (170 Billion Barrels) and Central and North USA (800 Billion Barrels). Equal to 100+ years of current US consumption.

Pababa na talaga yung oil price.

[uls]

Brent crude below $100, hit by weak economic data | Reuters

(Reuters) - Brent crude oil prices fell for a fourth straight day on Friday, dropping under $100 a barrel to a 16-month low, as weak U.S. and Chinese economic data thrashed markets and sent investors to perceived safer havens.

Saudi per barrel production cost is far below $100 but they still want oil price at $100/barrel

"We want a price around $100, that's what we want," Saudi Oil Minister Ali al-Naimi said on May 13. "A $100 price is great."

it's coz there's "social break even cost" which is around $80/barrel

social cost means buying peace from the local population thru social spending

the purpose is to avoid mass uprising (like what happened in Egypt)

Middle East govts are f**king scared of Arab Spring so they spend a lot money to buy peace

UAE’s social break even cost is $107 per barrel

so even if OPEC's production cost is below $100 they want the price to stay at $100

While the price slide is considered unlikely to prompt Saudi Arabia to quickly cut production, especially with the European Union's embargo on Iranian oil still slated for July, other OPEC countries need a higher price to balance budgets.