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    Russian Oil and Gas Industry: News #2

    magnumcromagnon
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    Post  magnumcromagnon on Tue Mar 10, 2020 4:00 pm

    "The U.S. shale sector is getting completely killed. A complete bloodbath. Billions of dollars in equity wiped out.

    Occidental Petroleum is down 44%. EOG is down 35%. Continental Resources down 40%. Smaller players like Parsley down more than 50%." - Javier Blas, Chief Energy Correspondent at Bloomberg News

    https://twitter.com/JavierBlas/status/1237019716675403777
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    Post  JohninMK on Tue Mar 10, 2020 4:36 pm

    It gets better as back in July 2019, Whiting Petroleum (the third largest shale oil producer in the Bakken) was trading at $18 a share.  Yesterday it closed at 80 cents.  And then there is Oasis (the 5th largest shale oil producer in the Bakken , which was trading at $5.00 a share back in July 2019, but closed yesterday at a whopping 33 cents.

    How about the largest shale producer in the Bakken, Continental Resources? It was trading at $40 a share in July 2019.  What did it close at yesterday?  It ended the trading day at $7.05, or 82% lower since July last year.

    This is share carnage.
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    Post  kvs on Tue Mar 10, 2020 4:50 pm

    A Ponzi racket where investors will never recoup their investments in the long run. But Russia is where the problems are.... Laughing
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    Post  kvs on Tue Mar 10, 2020 4:52 pm

    miketheterrible wrote:Didn't read it but oh god, CNN? Might as well post Globe and Mail at this point.

    Tin foil hat conspiracy theorizing posing as journalism. Funny to see conspiracy theorists denigrated by the NATzO MSM when
    that very same MSM is one big tin foil hat paranoia operation.

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    Post  Hole on Tue Mar 10, 2020 5:47 pm

    kvs wrote:A Ponzi racket where investors will never recoup their investments in the long run.   But Russia is where the problems are.... Laughing

    Because banks and CEO´s get rich. All others are deplorables.
    magnumcromagnon
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    Post  magnumcromagnon on Tue Mar 10, 2020 7:54 pm

    From Cyberspec's twitter:

    Russian Oil and Gas Industry: News #2 - Page 14 ESsRyV-U0AA0SnB?format=jpg&name=medium

    Russian Oil and Gas Industry: News #2 - Page 14 ESsR1EeUMAAuxVz?format=jpg&name=small

    Also this lol... lol1
    Russian Oil and Gas Industry: News #2 - Page 14 ESsR3x-U4AAuJ77?format=jpg&name=900x900
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    Post  kvs on Tue Mar 10, 2020 9:22 pm

    The current oil price is utterly detached from the reality of oil supply. Even with the corona virus recession the world still guzzles
    oil like there is no tomorrow. Making the oil cheaper merely guarantees that this alcoholism or oilism continues and even accelerates.
    The futures market speculators and assorted other clowns think:

    1) there is an infinite supply since the MSM told them the Green River shale kerogen deposit is trillions of barrels of oil

    2) oil is fungible, i.e. if it becomes economically unavailable, then something else will replace it.

    Both 1 and 2 are insane delusions since

    1) the global conventional oil reservoirs are old and in decline (around 6% per year on aggregate) so that the only
    new supply coming on stream is literally dregs such as the Bakken and tar sands. Even if the oil price was high,
    these non-conventional plays are a flash in the pan that is not able to replace the decline of conventional production.

    Russian Oil and Gas Industry: News #2 - Page 14 I?id=2ccd65647c24d25b4f5970fe7560b9eb&n=13&exp=1

    Note how new discoveries are being driven by US non-conventional plays.

    2) oil is unique and not-fungible since it is an energy rich liquid that cannot be replaced with other forms of energy.
    When alternatives start to become more than boutique side-shows, wake me up. Modern global civilization cannot
    function without oil. In every sector of the production economy and the transport of people and goods. Even
    if some transition is theoretically possible, it is clearly taking way longer than any ability of the economy to
    survive. So a disruption in oil supply will shut down the economy which will shut down transition to alternatives.
    A real end of the world nightmare.

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    Post  owais.usmani on Wed Mar 11, 2020 8:54 am

    https://canada.constructconnect.com/dcn/news/economic/2020/03/global-market-scan-nord-stream-2-to-complete-or-not-to-complete

    Global Market Scan: Nord Stream 2 — to complete or not to complete?


    In December 2019, the United States introduced sanctions against companies involved in the construction of the Russian gas pipeline projects Nord Stream 2 and Turk Stream. As a result, Swiss company Allseas, that has been installing the underwater pipeline for Nord Stream 2 in Danish territorial waters, paused its work. This resulted in a significant delay in the project’s completion, even though at the time of the announcement, approximately 93 per cent of Nord Stream 2 had been finished, according to Russian newspaper “Vedomosti”.

    The Nord Stream 2 gas pipeline was developed by Russian company Gazprom to deliver natural gas to Germany through the Baltic sea bypassing transit pipelines that go through Ukraine, Belarus, Poland and other East European and Baltic states. With a length of 1,224 kilometers, the Nord Stream 2 pipeline is sized to deliver up to 55 billion cubic meters of natural gas per year from Russia to Europe.

    The project is a joint venture between Gazprom, Austrian OMV, French Engie, British-Dutch Shell and the German firms Wintershall and Uniper. Originally, commissioning of the project was planned at the end of 2019. After the U.S. sanctions, Gazprom indicated that the project will be completed solely by Russian engineering and construction companies. According to Russian officials, shipments through Nord Stream 2 could come as early as of the end of this year.

    Despite the substantial investments by Gazprom and its partners (Gazprom invested about $5 billion USD), the project is facing serious economic challenges. Even though European gas demand is expected to grow in the long-term, the projected increase from 2020 to 2030 is not high and reaches only 9.6 per cent for the 10 years.

    At the same time, a significant increase in the global supply of LNG puts pressure on the price of the commodity in Europe and, also, on the price of Russian pipeline gas. The Natural Gas Programme of the Oxford Institute for Energy Studies recently published a report that estimates: “European gas demand will not recover to its 2010 level until about 2025… The natural gas demand in the 35 countries of the European region falls from 594 billion cubic meters in 2010 to 564 billion cubic meters in 2020 and then rises to 618 billion cubic meters in 2030”.

    Currently, total capacity of LNG terminals in Europe (including Turkey) exceeds 160 million tonnes. In addition, Germany, Croatia, Estonia and Cyprus are planning to build new terminals with a total capacity of about 30 million tonnes.

    Due to the newly developed LNG infrastructure and growing supply, European customers purchased around 110 billion cubic meters of LNG in 2019, as estimated by the EIA (US Energy Information Administration). This was approximately double the volume of LNG purchased by Europe in the previous year.

    At the beginning of 2020, the amount of LNG supplied to the region equaled the volume of gas transported through pipelines. The success of LNG is resulting from the fact that it is cheaper than pipeline gas if transportation exceeds four thousand kilometers.

    The ongoing economic slowdown in Asia and the commissioning of new LNG projects around the world resulted in a major decrease of global LNG and pipeline gas prices. The average price of Russian pipeline gas sold in Europe in 2018 was around $246 USD per thousand cubic meters. In Q3 2019, the price dropped dramatically (by about 31 per cent) to approximately $170 USD per thousand cubic meters.

    In addition to lower prices, the structure of gas payments has changed as well. Historically, pipeline gas has been sold based on tariffs defined in long-term contracts, with contracts often designed around a “take-or-pay” approach (which guarantees a seller a minimum payment). Following the recent market developments, Gazprom started to sell more gas on the spot market (approximately 16.5 per cent as of January 2020). The change in the sales approach from the contract base to spot prices increases the overall risk to suppliers and raises the cost of capital for their new projects.

    The major exporters of LNG in the world include Australia, Qatar and the United States, with the U.S. quickly ramping up LNG production despite the supply glut resulting from the economic slowdown in Asia. Intentions to build large LNG-related infrastructure projects have been manifested by many energy companies, such as Shell and Total, as well as some large utilities. However, according to McKinsey consultants, only 10 per cent of these projects are likely to be implemented, as potential global supply seems to exceed demand.

    Slow long-term growth in European gas demand, fast development of new LNG infrastructure, as well as the pressure on gas prices that is likely to increase even further due to the global economic growth slowdown, undermine the importance of the immediate completion of Nord Stream 2.

    In addition, a recently signed five-year contract for pipeline gas transportation between Russia and Ukraine (planned transportation: 65 billion cubic meters in 2020 and 40 billion cubic meters annually for the next four years) significantly lowers risks related to Russian gas supply to Europe in the long-term and highlights a need for alternative pipeline gas delivery projects.
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    Post  kvs on Wed Mar 11, 2020 1:45 pm

    The above article is the usual NATzO MSM drivel.

    1) LNG will never be competitive with piped gas since it for every 100 units of gas energy, 30% are needed for cryogenic liquefaction.
    Since nobody has plans to build "cheap" nuclear power plants specifically for LNG production, there is an automatic 100/70=0.43 or
    43% markup for LNG compared to piped gas. Washington has been dumping LNG on the EU gas market in an attempt to corner the market,
    mafia style.

    2) Nord Stream II is not about servicing future natural gas demand growth by the EU. It is designed to bypass Banderastan,
    Pooland and other Russia hating freak shows.

    3) The production of natural gas by the EU is basically collapsing (e.g. North Sea and Holland) so the article's estimate of gas
    demand is BS. The clowns who wrote this masturbatory fantasy never take production decline and only assume that demand drives
    reality. Demand does not drive supply in the long run. There is an illusion of this when there are vast reserves of oil and
    gas in the ground ready to be tapped. But when those reserves are exploited for decades, production decline is inevitable and
    no amount of wishing and lying can make it real.

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    Post  GarryB on Thu Mar 12, 2020 1:04 am

    I agree, NSII and SS were not about increasing capacity, they were about assuring supplies to the EU whether the pipes across the Ukraine are working or not, and despite the current 5 year agreement they are necessary because the last time the Ukraine stole gas intended for EU customers there was also a contract in place... but they broke it... and the EU blamed Russia for the theft despite the fact that there was little Russia could actually do about it.

    Well now there is something they can do about it and it is called NS II and SS...
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    Post  PapaDragon on Thu Mar 12, 2020 11:09 pm


    Somebody get Vann7, I need him to tell me how this pro-Putin shill media outlet is wrong!!! affraid

    Russian Producers Are Ready to Survive Flood of Saudi Crude

    https://www.bloomberg.com/news/articles/2020-03-12/russian-oil-producers-are-ready-to-survive-flood-of-saudi-crude

    Nation can pump until oil hits $15-$20 per barrel: BofA
    Companies may face higher taxes if the oil freefall lasts

    A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it.

    With some of the world’s lowest production costs, a flexible tax system and a free-floating ruble, Russian companies can keep pumping, even in an extremely bearish price scenario, analysts from Bank of America Corp. to Raiffeisenbank say.

    “Russian companies can ensure sustainable production until oil hits $15 to $20 per barrel,” Karen Kostanian, BofA’s Moscow-based oil and gas analyst, said.

    Saudi Arabia has escalated a battle for industry dominance after the collapse of the OPEC+ alliance last week. The kingdom has slashed prices and announced a massive production increase. Russia’s Energy Minister Alexander Novak said his country’s industry will remain competitive “at any forecast price level.”

    It is the well-developed field infrastructure, as well as efficient railway and pipelines that enables Russian oil majors to operate at low costs. Last year, state-run Rosneft PJSC, Gazprom Neft PJSC and the top private producer Lukoil PJSC spent less than $4 to extract a barrel of oil, according to Bloomberg calculations based on the companies’ financial reports. Add to this around $5 to ship the barrel and $6-8 per barrel of capital spending, and you still get a barrel of oil for under $20.

    The country’s fiscal system offers more protection. Last year, government levies formed the bulk of the remaining expenses for the Russian producers: the companies paid $34-$42 per barrel to the state in extraction tax and export duty, Bloomberg calculations show. However, Russia has a flexible fiscal system, which means as oil prices fall, taxes drop with them, said Dmitry Marinchenko, senior director at Fitch Ratings.

    “Under the current tax regime, it is the Russian state that shoulders most of the risks associated with low oil prices,” Marinchenko said. With crude at $50 Russian producers pay more than 40% of their revenues in taxes, his calculations show. If the price falls to $25 the share of taxes declines to just around 20%, and in the $15-$20 scenario, the fiscal burden nearly disappears, Marinchenko said.

    Finally, Russian producers, which earn part of their revenues in U.S. dollars and spend almost exclusively in rubles, are shielded by a flexible exchange rate. The ruble’s weakening to the dollar helped support the companies’ capital expenditures during the market’s previous plunge. As the ruble depreciated to 67.03 per $1 in 2016 from 31.85 in 2013, Russia’s top producer Rosneft grew its capex in rubles about 66%, investing in future production while its global competitors had to cut spending.
    Familiar Threat

    These factors help Russian companies through a short-lived price war, but they would start to feel some strain in a long battle.

    The oil and gas industry is the single largest source of revenue for the Russian budget, generating around 40% of the total inflows and feeding Vladimir Putin’s multi-billion social-spending programs. The state budget envisions that all the costs over the next several years will be covered at oil slightly above $40. As a result, “oil falling below $45-50 almost inevitably leads to conversations about a higher tax load on crude producers,” Fitch’s Marinchenko said.

    Back in 2016, when the government needed extra funds amid a bear market, it tweaked the oil-extraction tax formula to raise revenues, Evgenia Dyshlyuk, oil and gas analyst at Gazprombank PJSC, said. “If the state budget sees potential for a deficit, there is a risk of a similar move now,” she said.

    The windfall-tax risks may emerge only if the bear market lasts for three to five years, Andrey Polischuk, Moscow-based analyst for Raiffeisenbank, argued. Price shocks lasting for several months will likely have no impact on the tax burden for producers, he said.

    The industry’s resilience to pricing pressure won’t come without costs. With oil at $15-$20 a barrel, producers will need to cut their investment programs, undermining future output potential, and modify dividend policies, Kostanian said.

    For now, the nation’s producers are staying positive. “It’s not the first time that crude falls,” Lukoil President Vagit Alekperov, who in the span of his 52-year oil career saw price levels of some $2 to $146, told investors this week. “We are used to operating in a volatile environment.”


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    Post  kvs on Fri Mar 13, 2020 1:13 am

    People assume the Saudis are a credible threat. They are a stupid joke. They have been threatening to pump 12 million barrels
    per day for the last 20 years and not once have they approached this amount. They actually can't break through the 11 million barrels
    per day barrier for any sustained period of time. Considering that Saudi Arabia is sitting on the premier easy conventional
    oil deposits on the planet (Ghawar, their main oil field is known as the king of kings), they should be mopping the floor with Russia.
    But it just ain't so.

    The problem for the Saudis is that they have been producing all their large fields since the 1940s. Even with massive reserves,
    they are running out of time. They have had to pump sea water to maintain reservoir pressure in all their main fields including
    Ghawar. The plays that they have left in "reserve" are high sulfur oil which is expensive to process and the volume of such
    dregs is tiny compared to their light sweet gravy train. And Saudi Arabia is an example to all the cornucopian morons who think
    that oil discoveries are never ending. Saudi Arabia's new discoveries are zero.

    The Saudis will experience the same thing as Oman and its main field, Yibal (don't laugh). Yibal is very similar to Ghawar and
    died a fast death when it went from an inverse emulsion to a regular emulsion state when the remaining oil fell below 55%.
    Water drive works only if there is enough oil in the reservoir to produce a front. At some stage the parity of water and oil
    is approached and this results in a phase change. Instead of pushing oil through the porous sedimentary rock matrix, the
    water forms an emulsion and the oil becomes a collection tiny oil droplets. The viscosity of water is very small and so the
    water flows freely through the rock matrix but the oil droplets get stuck and thus you have a total collapse of production.
    The wells extract water instead of oil.

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    Post  Big_Gazza on Fri Mar 13, 2020 10:32 am

    Water injection is widely understood to not be effective at increasing the recoverable reserves from a field, but it is effective and increasing rates in mature fields, though with the downside that it brings forward the end-of-field-life.

    The Saudis are an ignorant and foolish people whose elites have squandered the wealth below their soil.  Compare these ignorant goat fuckers to the Norwegians.  Like the Saudis, the Norwegians were once the poorest people in their corner of the world (with an economy based on whaling and fishing) but now they are wealthy and developed due to their careful and responsible husbandry of their hydrocarbon resources.  Norway is what Saudi Shitstainia  could have been (and should have been) if that benighted nation had not been ruled by degenerates and medieval religious fanatics. Fuck them, and enjoy their impending collapse  Laughing
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    Post  Hole on Fri Mar 13, 2020 5:47 pm

    The only error in this article is the cutting of investment programs. Major new oil fields were disvocered in Russia in the last years. With this artificial production cuts there was no incentive to develop them further. A few weeks ago Rosneft announced this huuuge investment program into arctic oil fields (Yamal, Krasnojarsk) with the building of new towns, airports, harbors and so on. 240 Bill. $ will be spend. After axing the agreement with OPEC Russia is now free to pump this new oil into the market.
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    Post  miketheterrible on Fri Mar 13, 2020 11:02 pm

    We will see what will happen. I imagine Rosneft may try to Weasle its way out of the new oil field program.

    Hopefully not though
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    Post  GarryB on Sat Mar 14, 2020 6:09 am

    Norway is what Saudi Shitstainia could have been (and should have been) if that benighted nation had not been ruled by degenerates and medieval religious fanatics. Fuck them, and enjoy their impending collapse

    Well to be fair, the leadership in Saudi Arabia has nothing to do with elections or the choice of the people and was pretty much a choice made by London and Paris and to a lessor extent Washington, and they chose the most cowardly brutal thugs they could find to keep the people in line and under control... loyalty to the west was the feature bred in to that clan and that is all they wanted... any leader wanting a better deal for the Saudi people socialism style like Norway would have ended up the victim of a terrible accident... hung, stabbed 200 times, decapitated, poisoned, drowned, and their arms and legs removed... you know... obviously a suicide...

    A few weeks ago Rosneft announced this huuuge investment program into arctic oil fields (Yamal, Krasnojarsk) with the building of new towns, airports, harbors and so on. 240 Bill. $ will be spend. After axing the agreement with OPEC Russia is now free to pump this new oil into the market.

    I suspect a lot of the money or at least the loans being used to finance it will be Russian government coordinated and supported with their expansion of the Arctic and Far East infrastructure programme, so I suspect the devil will be in the fine print... no doubt the current situation will change things, but the government support might alter the focus... perhaps other companies could come on board and include forest and coal and mineral exploration, or they might scale things down or extend the deadlines to shift focus and costs... I would think they wont want to spend as much money now, but putting in infrastructure for the future is still a reasonable investment.
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    Post  owais.usmani on Sat Mar 14, 2020 9:21 pm

    https://oilprice.com/Energy/Crude-Oil/US-Looks-To-Snag-Market-Share-From-Russia-In-Its-Own-Backyard.html

    U.S. Looks To Snag Market Share From Russia In Its Own Backyard

    kvs
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    Post  kvs on Sat Mar 14, 2020 11:21 pm

    owais.usmani wrote:https://oilprice.com/Energy/Crude-Oil/US-Looks-To-Snag-Market-Share-From-Russia-In-Its-Own-Backyard.html

    U.S. Looks To Snag Market Share From Russia In Its Own Backyard


    Hilarious. The US imports 8 million barrels per day of oil.

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    Post  Rodion_Romanovic on Sat Mar 14, 2020 11:31 pm

    kvs wrote:
    owais.usmani wrote:https://oilprice.com/Energy/Crude-Oil/US-Looks-To-Snag-Market-Share-From-Russia-In-Its-Own-Backyard.html

    U.S. Looks To Snag Market Share From Russia In Its Own Backyard



    Hilarious.   The US imports 8 million barrels per day of oil.  

    Well, they mean that they plan to sell oil stolen from other countries... anyway Lukashenko is either an idiot or just wanted to bluff. Russia until now has been subsidising Belorussia and also providing oil and gas well below commercial prices. There is no chance that US can matvh that.... unless they do like the drug seller, where the first dose is given almost fot free, to catch a new client and make him dependent on the drug....
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    Post  kvs on Sun Mar 15, 2020 12:20 am

    Rodion_Romanovic wrote:
    kvs wrote:
    owais.usmani wrote:https://oilprice.com/Energy/Crude-Oil/US-Looks-To-Snag-Market-Share-From-Russia-In-Its-Own-Backyard.html

    U.S. Looks To Snag Market Share From Russia In Its Own Backyard




    Hilarious.   The US imports 8 million barrels per day of oil.  

    Well, they mean that they plan to sell oil stolen from other countries... anyway Lukashenko is either an idiot or just wanted to bluff. Russia until now has been subsidising Belorussia and also providing oil and gas well below commercial prices.  There is no chance that US can matvh that.... unless they do like the drug seller, where the first dose is given almost fot free,  to catch a new client and make him dependent on the drug....

    The tone of these articles is that the US is selling its own oil. There is nothing to write about if it is just to tell everyone that US resellers are
    pimping foreign oil to foreign customers. Who cares? But insinuating it is "US" oil makes this a case of chest thumping chauvinist BS.

    Anyway, Belorus can go and get f*cked. It will crumble faster then Banderastan without Russia.
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    Post  Azi on Sun Mar 15, 2020 1:50 am

    kvs wrote:
    Rodion_Romanovic wrote:
    kvs wrote:
    owais.usmani wrote:https://oilprice.com/Energy/Crude-Oil/US-Looks-To-Snag-Market-Share-From-Russia-In-Its-Own-Backyard.html

    U.S. Looks To Snag Market Share From Russia In Its Own Backyard






    Hilarious.   The US imports 8 million barrels per day of oil.  

    Well, they mean that they plan to sell oil stolen from other countries... anyway Lukashenko is either an idiot or just wanted to bluff. Russia until now has been subsidising Belorussia and also providing oil and gas well below commercial prices.  There is no chance that US can matvh that.... unless they do like the drug seller, where the first dose is given almost fot free,  to catch a new client and make him dependent on the drug....

    The tone of these articles is that the US is selling its own oil.   There is nothing to write about if it is just to tell everyone that US resellers are
    pimping foreign oil to foreign customers.   Who cares?   But insinuating it is "US" oil makes this a case of chest thumping chauvinist BS.

    Anyway, Belorus can go and get f*cked.   It will crumble faster then Banderastan without Russia.  
    Who cares!? If USA sells Belarus oil for 100 $ per barrel...okay. If USA sells the barrel for 20 $...okay. One side is the idiot and other side is the winner and nobody really cares which side. We can lean back and laugh! But I can bet Belarus will be the loser in long term.

    If Belarus wants a fair deal and oil to fair prices, it must talk with Russia...no other way possible. Fracking oil from USA will always be more expensive!!! In the end with such idiotic moves they accelerate the state union with Russia much faster, than just doing business as usual and buying russian oil.
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    Post  kvs on Sun Mar 15, 2020 4:02 am

    Azi wrote:
    kvs wrote:
    Rodion_Romanovic wrote:
    kvs wrote:
    owais.usmani wrote:https://oilprice.com/Energy/Crude-Oil/US-Looks-To-Snag-Market-Share-From-Russia-In-Its-Own-Backyard.html

    U.S. Looks To Snag Market Share From Russia In Its Own Backyard







    Hilarious.   The US imports 8 million barrels per day of oil.  

    Well, they mean that they plan to sell oil stolen from other countries... anyway Lukashenko is either an idiot or just wanted to bluff. Russia until now has been subsidising Belorussia and also providing oil and gas well below commercial prices.  There is no chance that US can matvh that.... unless they do like the drug seller, where the first dose is given almost fot free,  to catch a new client and make him dependent on the drug....

    The tone of these articles is that the US is selling its own oil.   There is nothing to write about if it is just to tell everyone that US resellers are
    pimping foreign oil to foreign customers.   Who cares?   But insinuating it is "US" oil makes this a case of chest thumping chauvinist BS.

    Anyway, Belorus can go and get f*cked.   It will crumble faster then Banderastan without Russia.  
    Who cares!? If USA sells Belarus oil for 100 $ per barrel...okay. If USA sells the barrel for 20 $...okay. One side is the idiot and other side is the winner and nobody really cares which side. We can lean back and laugh! But I can bet Belarus will be the loser in long term.

    If Belarus wants a fair deal and oil to fair prices, it must talk with Russia...no other way possible. Fracking oil from USA will always be more expensive!!! In the end with such idiotic moves they accelerate the state union with Russia much faster, than just doing business as usual and buying russian oil.

    Yes, who the f*ck cares. Are you serious about US private contractors selling oil they buy at market prices to Belorus for $20? Where did you
    find this nonsensical idea. And don't use the current $33 price as a justification, it is clearly not related to your point.

    Belorus needs to learn the hard way what a POS is Lukashenko. Russia does not need to pamper "moya hata s krayu" retards.

    JohninMK
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    Post  JohninMK on Sun Mar 15, 2020 10:46 am

    Fracking oil is rather different to conventional oil. For a start to get it out it has to be light. That means that whilst it is good to mix with heavier oils it is too light to make even diesel on its own, limiting its market.
    Hole
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    Post  Hole on Sun Mar 15, 2020 4:40 pm

    Well, for a start most of the time you need more energy to put it out of the ground then it delivers.
    miketheterrible
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    Post  miketheterrible on Sun Mar 15, 2020 9:44 pm

    If anyone read the article, it is obviously a method for Belarus to try and blackmail Russia.

    It says that the foreign minister of Belarus hopes to have more leverage in talks with Russia now that prices are low and that US is willing to sell oil to Belarus

    Belarus doesn't actually have much money. Instead they purchase from borrowed money from Russia and refine it cheap and sell it to Europe at a profit. But they still have to pay back the loans.

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