Oil edged below $52 a barrel on Monday as rising crude output and drilling in the United States countered OPEC-led production cuts aimed at clearing a supply glut.
U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output C-OUT-T-EIA in the United States has hit its highest since August 2015, government data shows.
"The U.S. rig count indicates that there is plenty more to come," analysts at JBC Energy said in a report, referring to the outlook for U.S. production.
Global benchmark Brent crude LCOc1 for July was down 31 cents at $51.74 a barrel by 1113 GMT (7.13 am ET). U.S. crude for June CLc1 was down 24 cents at $49.09 a barrel.
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Where is most oil produced in the United States? Is this increase in recent years from fracking in North Dakota or what?
They found more oil in west texas but not sure if that new oil is tapped yet
Lincoln Fisher
fucking sink that price so low that the arabs go bankrupt
Josiah Cruz
bump
Charles Adams
Based, I wish we would start major drilling for our massive reserves. Anglo petrol union when.
Michael Russell
Glad Trump's in office.
SourceAnon was talking about Israel and Saudi creating a new OPEC with oil reserves recently uncovered in America. The fact that those sand niggers and kikes don't control our oil pleases me.
Julian Morgan
If the price stays low for a while then the Saudis will be doomed, as they need capital NOW to revamp their economy and stave off collapse. Diminishing exports due to growing population is also exacerbating the problem.
Luke Reyes
This Fuck opec
Elijah Taylor
They deserve it for building Dubai. That city is a testament to man's arrogance.
Kevin Martin
if the price stays low, the Norwayians are doomed too as your economy is heavily oil subsidized >¯\_(ツ)_/¯
Charles Cruz
That's the opposite of how it works. Christ, early and mid-2016 was a terrible time for the U.S. oil industry thanks to those sandniggers trying to kill the market. Everybody was getting laid off, contractors and smaller service companies were going under like nobody's business and it was just a general shitshow.
With King Nigger out of office and the pipelines hopefully being completed, we should be close enough to energy independence that we can just give the finger to those OPEC niggers when they try to fuck us over by just taxing the everloving shit out of their exports.
Oliver Hill
Norway still has quite some industries, they'll probably fall from germany tier to south korea tier Saudi will go from usa tier to congo tier
Dominic Parker
Oh I wish a nigga would. That said, oil doesn't really concern me too much anymore. I used to care more because I was only semi-redpilled years back and thought the constant middle eastern intervention was *just* about oil hegemony and the petro dollar. Then you realize the real reason is Greater Israel
Carter Cruz
Our oil is already running out, and has never played as critical a role (12% of GDP) as in Saudi Arabia (55% of GDP).
Aaron Jones
At least they put it in the Norway trust but, we know they've had to start drawing on it since the oil collapse but.
Hopefully they start moving towards a finance/tourism etc industry,
Dubai has an airport, but no one wants to visit that shitty desert town unless forced stop overs.
Carson Howard
if we feel threatend we act.
Anthony Carter
If the U.S. corners the market on oil it's pretty much game over for the rest of the world.
Such a happy (((coincedince))) that oil producing countries in the middle East have gotten consistently fucked up in recent years.
Evan Edwards
Who's the nerd standing in front of the Abrams
Ethan Ramirez
I'm not disagreeing, I'm just saying that with our current production and import policies (which are a product of our current and projected production), if there's a sustained glut, the cold hard truth is that we're going to be wiped out instead of the ragheads.
I don't think people on this board have understood the extent to which years of environmentalist cancer have totally wiped out our ability to compete internationally in O&G.
I've seriously shed tears over the fact that we (and the Dutch) built the entire oil and gas infrastructure in Saudi Arabia and all those other shitholes, and now it's being used as a weapon to destroy us.
This is what happens when subhuman cultures by chance happen to find themselves sitting atop mountains of valuable natural resources: the white man sees it (whereas the ignorant savages would spend centuries, if not millennia, sitting atop a goldmine without ever realizing it), tries to make productive use of it, and then the subhumans have to ruin fucking everything even though we made them richer than their wildest imaginings.
Joshua Cox
Do you fail to realise that dollar is pegged to oil? If you do that you inevitably destroy western economies.
Brayden Barnes
It's not only the Arabs. The Russians are also pretty much damned to stagnate as long as oil prices don't rise.
Cameron Gutierrez
Meanwhile gas prices rise to 350 in california to pay for the roads because the funds for the road brought in by another gas tax were embezzelled, but at least trannies wont cry at 2 bathrooms.
Leo Brooks
Guess they shouldn't have given all that money to terrorist groups.... Oops...
Kayden Ward
The fleet fuel economy of the United States has doubled in the last 13 years.
We also doubled output.
You also have to consider that Saudi Aramco was using market manipulation to raise the spot price of oil.
The day oil goes to 5 dollars a gallon again is the day the majority of Americans go hybrid/electric
Peak oil was bullshit. And Imma tell you I'm shocked just shocked that the doom and gloomers were wrong again. Shocked!!!
