Oil just crashed

[easymoneysniper]

Exon stock isn’t doing too bad, so not 100% sure how it plays out. Looks like a good deal but I’m less certain than I was five minutes ago

Yahoo is now a part of Verizon Media

 

[DEAD7]

Middle east bout to get real interesting.

 

[mykey]

A lot of oil producing countries are about to be broke that includes African and Middle eastern countries. Which means more political/internal instability. A lot of countries gonna collapse because of this if oil doesn’t rise up to at least $75 a barrel. shyt is gonna be spooky the next 2-3 years before oil recovers.

The biggest collapse will be US Shale Oil industry. It has become unsustainable to produce it. Hundred of companies will go bankrupt.

Oil prices turned negative. Hundreds of US oil companies could go bankrupt

By Matt Egan, CNN Business

Updated 3:38 PM ET, Mon April 20, 2020

New York (CNN Business)The American oil industry is facing a doomsday scenario.
The Coronavirus pandemic has caused oil demand to drop so rapidly that the world is runing out of room to store barrels. At the same time, Russia and Saudi Arabia have flooded the world with excess supply.

That double black swan has caused oil prices to collapse to levels that make it impossible for US shale oil companies to make money.

Many companies took on too much debt during the good times. Some of them won't be able to survive this historic downturn.

 

[easymoneysniper]

Middle east bout to get real interesting.

I live in Dubai

It won’t be too bad for the gulf countries - UAE got $1 trillion in cash, Saudi got like $2 trillion

North Africa, Nigeria, Oman, will be fukked, so to Russia, central asia and then some of the south american countries

 

[mykey]

This is a winner, LMAO

 

[Swirv]

This is a winner, LMAO

These times we live in should put many things in perspective for folks about what true value is.

 

[Rollie Forbes]

Is Birdman's oil company okay?

 

[Micky Mikey]

Its time for a Green New Deal

 

[diggy]

Birdman baby, throw the oil in the bushes

 

[STEVE]

I have a bicycle. Good luck.

 

[ZoeGod]

I live in Dubai

It won’t be too bad for the gulf countries - UAE got $1 trillion in cash, Saudi got like $2 trillion

North Africa, Nigeria, Oman, will be fukked, so to Russia, central asia and then some of the south american countries

Back in 2015/2016 when prices was hella low Saudi Arabia had to burn through a large amount of their cash reserves to the point the IMF said that if prices stayed low Saudi Arabia would go bankrupt. This was when oil was $65 a barrel. The Saudis need oil to be $86-88 a barrel to balance their budget. We are at negative dollar territory so they cannot sustain that for long. Before the last oil drop Saudi Arabia had $770 billion in cash reserves. From 2015-2017 that number dropped to $500 billion. That means in two years they spent $200 billion of cash before oil makers got normal in 2017z Prices went back up again but things haven’t changed for the Kingdom. They have a very expensive war in Yemen, have a bloated military budget and plans to build a new city in the desert. So the Saudis can’t maintain this for long. Because if oil stays below $80 for the next 2 years they will have their cash reserves drop to $100 billion and we will see a insolvency crisis in Saudi Arabia.

 

[The M.I.C.]

Interesting.

 

[The M.I.C.]

Back in 2015/2016 when prices was hella low Saudi Arabia had to burn through a large amount of their cash reserves to the point the IMF said that if prices stayed low Saudi Arabia would go bankrupt. This was when oil was $65 a barrel. The Saudis need oil to be $86-88 a barrel to balance their budget. We are at negative dollar territory so they cannot sustain that for long. Before the last oil drop Saudi Arabia had $770 billion in cash reserves. From 2015-2017 that number dropped to $500 billion. That means in two years they spent $200 billion of cash before oil makers got normal in 2017z Prices went back up again but things haven’t changed for the Kingdom. They have a very expensive war in Yemen, have a bloated military budget and plans to build a new city in the desert. So the Saudis can’t maintain this for long. Because if oil stays below $80 for the next 2 years they will have their cash reserves drop to $100 billion and we will see a insolvency crisis in Saudi Arabia.

The Saudis and Russians are directly attacking US shale and the economy at large. The news pieces you’re regurgitating are shying away from the fact that large pieces are now moving to knock the US down off its perch by utilizing the financial stress caused by the pandemic.

 

[itsyoung!!]

Exon stock isn’t doing too bad, so not 100% sure how it plays out. Looks like a good deal but I’m less certain than I was five minutes ago

Yahoo is now a part of Verizon Media

Oil plummets
Highest unemployment since Great Depression

yet stock prices have stabilized or gone up (SPY $220 to $280)

market is volatile but only because the bulls behind the scene are not playing fair and doing anything to protect they investment ( smart on they end, but fukked up for rest of the world)

The Saudis and Russians are directly attacking US shale and the economy at large. The news pieces you’re regurgitating are shying away from the fact that large pieces are now moving to knock the US down off its perch by utilizing the financial stress caused by the pandemic.

US gets like 5% of our oil from Saudi Arabia

we get almost all our oil from South America, mainly Venezuela and then Mexico

not sure how the Russians and Saudi Arabia beefing over their oil trade effects us, they both could be wiped off the map today and our oil reserve would be fine

 

[Rollie Forbes]

Y'all remember when nikkas used to put $5 on gas

And damn near fill up the tank.