Russia, Saudi Arabia, Qatar, and Venezuela agree to freeze oil output if others follow suit. - Polidicks

[QUOTE]Four oil exporting countries including Russia and Saudi Arabia have agreed to freeze output levels, but say the deal is contingent on other producers joining in — a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha, their highest-level discussion in months on joint action to tackle a growing oversupply of crude and help prices recover from their lowest levels in more than a decade. The Saudi Minister, Ali al-Naimi, said [B]freezing production at January levels — near record highs — was an adequate measure[/B] and he hoped other producers would adopt the plan. Venezuela's Oil Minister Eulogio Del Pino said more talks would take place with Iran and Iraq on Wednesday in Tehran. Source: [URL]http://www.abc.net.au/news/2016-02-16/four-oil-producing-nations-agree-to-output-freeze/7175008[/URL][/QUOTE] :bullshit:

here's to hoping the deal falls through

[QUOTE=Sobotnik;49752257]here's to hoping the deal falls through[/QUOTE] It's price gouging on an international scale.

Maybe we should invest more in alternate fuels, then we wouldn't have such an issue with these greedy shits.

Who cares, it isn't a cut. They're all still feeding the oil glut even at frozen levels. Markets reacted accordingly with oil futures up a few points but when it became clear it was just a freeze fell again.

Remember kids, you're not running a cartel if you're a nation!

the oil sector in the US is collapsing, I'm about to be out of a job. This needs to be done :v:

[url]http://www.molleindustria.org/en/oiligarchy/[/url] Realistic oil company ceo sim Build wells Bribe presidents Pollute sealife Limit supply Boost demand

[QUOTE=Grenadiac;49752648]the oil sector in the US is collapsing, I'm about to be out of a job. This needs to be done :v:[/QUOTE] Wasn't that the point of these countries increasing output in the first place?

They are saying freezing the output at January levels, which were already almost record high. So it would just mean that the price would stagnate. Production was this high because they got scared of the new ways to get oil from harder than ever places, so they dropped the price a lot so those companies would fail and they would gain their dominance of the market once again. At this price those methods are not optimal as they cannot compete in production costs.

[QUOTE=Grenadiac;49752648]the oil sector in the US is collapsing, I'm about to be out of a job. This needs to be done :v:[/QUOTE] The oil has never been a stable job though... Like its inherently a boom bust cycle, even when prices rise and production falls, all those wells offline now will just be switched back on, they're not going to be building out new wells like they were when it was 120+$/barrel

[QUOTE=GordonZombie;49752321]Maybe we should invest more in alternate fuels, then we wouldn't have such an issue with these greedy shits.[/QUOTE] All you'll accomplish is changing the product these greedy shits act with regard to.

[QUOTE=TestECull;49752912]All you'll accomplish is changing the product these greedy shits act with regard to.[/QUOTE] Electricity is a bit more resistant to international politics though, especially if you are generating it via renewables or can source your own uranium, or natural gas.

[QUOTE=GordonZombie;49752321]Maybe we should invest more in alternate fuels, then we wouldn't have such an issue with these greedy shits.[/QUOTE] With cheap oil nobody would bother investing in alternate fuels.

Cheap oil cripples dictators. Putin and the saudis can't fuck around as much as they would with sky high prices. It's also likely to force regime change in Venezuela. [editline]16th February 2016[/editline] [QUOTE=mdeceiver79;49752660][url]http://www.molleindustria.org/en/oiligarchy/[/url] Realistic oil company ceo sim Build wells Bribe presidents Pollute sealife Limit supply Boost demand[/QUOTE] Ironically the game developers didn't realise about the fracking boom and the coming of peak oil demand rather than peak oil supply first.

The less oil we all use, the better.

[QUOTE=Sobotnik;49753399]Cheap oil cripples dictators. Putin and the saudis can't fuck around as much as they would with sky high prices. It's also likely to force regime change in Venezuela.[/QUOTE] One might argue that economic hardship enables dictators/autocrats/authoritarians to some degree, it gives them something/someone to blame and rally against. [quote=badman] Look how poor you are! It is the fault of you neighbour, he make look harmless but I assure you he is against us! Help me trash his shop and ship him off to a camp, then the economy will be better! [/quote] [quote] They are against us! Our economy has tanked from their sanctions! Only I can protect you and save you from their attacks! Help me take back your pride! Let me take away your liberty and arrest pro gay rights activists! [/quote] [quote] The economy has taken a dive! It was them *points at opposition on other side of table* they have ruined the economy! let me save it! Surrender your comforts! Let me consolidate all the power and wealth into the hands of the few, I don't want to do it but I have no other choice! they have ruined britain. Oh and while I'm fixing the economy let me ban various water sports, undo a bunch of laws my mates didn't like and spy on everyone. ... 5 years later... Still working on the economy thing, don't worry they're still the bad guys and I still have a load of stuff I want to do. [/quote] [quote]Look how bad the economy is. If those people hadn't taken our island things would be better! Help me take them back![/quote] [quote]Look how bad thins are here, its those nato sanctions! Those people in the north are against me and thus are pro nato, help me take them out[/quote] When everything seems hunky dorey people will be opposed to the government doing extreme things, when bad times hits it becomes easier to rationalise, justify, accept or advocate the government taking extreme measures. See genocide, censorship, austerity, arresting of rights activists. If Saudi does get into economic hardship the people will be the ones who suffer most.

[QUOTE=mdeceiver79;49753500]One might argue that economic hardship enables dictators/autocrats/authoritarians to some degree, it gives them something/someone to blame and rally against. When everything seems hunky dorey people will be opposed to the government doing extreme things, when bad times hits it becomes easier to rationalise, justify, accept or advocate the government taking extreme measures. See genocide, censorship, austerity, arresting of rights activists. If Saudi does get into economic hardship the people will be the ones who suffer most.[/QUOTE] Except opposition is growing in Venezuela to the regime despite things getting worse. Sometimes a government needs to die. People suffer regardless in a bad regime.

[QUOTE=maxumym;49753150]With cheap oil nobody would bother investing in alternate fuels.[/QUOTE] Somehow I have a feeling that Tesla's going to have an advantage here, given their long-term investment.

[QUOTE=GordonZombie;49753686]Somehow I have a feeling that Tesla's going to have an advantage here, given their long-term investment.[/QUOTE] Oh Musk is a man amongst men for that. But it's just basic logic at work here. If oil is dirt-cheap, very few people will bother investing in alternate fuel sources. They'll just keep milking the black, viscous cow until it's dry.