Mee Posted January 7, 2016 Share Posted January 7, 2016 Just noticed it a now $32.30 per barrel. http://www.bbc.co.uk/news/business/market_data/commodities/143908/intraday.stm That's an extraordinary fall in a short time. I wonder how low the cost of petrol/diesel will go Quote Link to comment Share on other sites More sharing options...
Toepoke Posted January 7, 2016 Share Posted January 7, 2016 Filled the tank for under 45 quid yesterday. Happy days Quote Link to comment Share on other sites More sharing options...
thewelk Posted January 7, 2016 Share Posted January 7, 2016 Imagine the screaming media if independence day was actually 2 months away. And imagine how stupid they'd look when things were completely fine after. All we can do is imagine... Quote Link to comment Share on other sites More sharing options...
hunchy Posted January 7, 2016 Share Posted January 7, 2016 Fuel won't drop that much. Quote Link to comment Share on other sites More sharing options...
hampden_loon2878 Posted January 7, 2016 Share Posted January 7, 2016 Its actually worrying if this persists for another 6 months i see the mature fields in the north sea going out of doors Quote Link to comment Share on other sites More sharing options...
deecie Posted January 7, 2016 Share Posted January 7, 2016 Aye. It's pish. Quote Link to comment Share on other sites More sharing options...
SMcoolJ Posted January 7, 2016 Share Posted January 7, 2016 Not good. Not good at all. Quote Link to comment Share on other sites More sharing options...
thewolf_1980 Posted January 7, 2016 Share Posted January 7, 2016 2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem. Quote Link to comment Share on other sites More sharing options...
phart Posted January 7, 2016 Share Posted January 7, 2016 Yeah Saudi's posted the largest deficit in their history, i put it up in another thread somewhere. The big squeeze still ongoing. Quote Link to comment Share on other sites More sharing options...
DonnyTJS Posted January 7, 2016 Share Posted January 7, 2016 Word out of Angola from ex-colleagues is that things have gone badly tits up. But it was an appallingly run country with zero Plan B, and most of Plan A involved lining the pockets of the kleptocracy. Quote Link to comment Share on other sites More sharing options...
SMcoolJ Posted January 7, 2016 Share Posted January 7, 2016 2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem. Depends on the operator/field etc. Apprently some organisations were geared up for a mimimum of c.US$80 barrel oil in order to be profitable. Quote Link to comment Share on other sites More sharing options...
thplinth Posted January 7, 2016 Share Posted January 7, 2016 One Aberdonian I know reckons the city will end up like Detroit. Bit gloomy but that is their mood. Quote Link to comment Share on other sites More sharing options...
Toepoke Posted January 7, 2016 Share Posted January 7, 2016 Heard a quote on the radio earlier:- "The Stone Age didn't end due to a lack of stone. We are nearing the end of the oil age". Quote Link to comment Share on other sites More sharing options...
Orraloon Posted January 7, 2016 Share Posted January 7, 2016 Yeah Saudi's posted the largest deficit in their history, i put it up in another thread somewhere. The big squeeze still ongoing. Aye, a massive 15% of GDP which is about 3 times the deficit to GDP ratio of the UK. I think most economists reckon about 3% of GDP is quite sustainable. It will be interesting to see how long the Saudis can sustain this. Quote Link to comment Share on other sites More sharing options...
deecie Posted January 7, 2016 Share Posted January 7, 2016 Heard a quote on the radio earlier:- "The Stone Age didn't end due to a lack of stone. We are nearing the end of the oil age". Indeed. Lucky that we invested all that oil money into a rainy day fund really. Quote Link to comment Share on other sites More sharing options...
phart Posted January 7, 2016 Share Posted January 7, 2016 (edited) Well necessity is the mother of all invention/innovation Edited January 7, 2016 by phart Quote Link to comment Share on other sites More sharing options...
Toepoke Posted January 7, 2016 Share Posted January 7, 2016 Lucky that we invested all that oil money into a rainy day fund really. We did. It's called the City of London... Quote Link to comment Share on other sites More sharing options...
northernscum Posted January 7, 2016 Share Posted January 7, 2016 We did. It's called the City of London... Quote Link to comment Share on other sites More sharing options...
hampden_loon2878 Posted January 7, 2016 Share Posted January 7, 2016 Aye thats roughly what iv been told 30 dollars a barrel and the northsea breaks even 2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem. Quote Link to comment Share on other sites More sharing options...
antidote Posted January 7, 2016 Share Posted January 7, 2016 (edited) 2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem. Not so high lifting costs on many platforms, for example the forties lifting costs are around $11-$18 per barrel. Bp for some reason has a reputation for having higher lifting cost. Maybe it is to do with having a lot of management/supervision for each asset. Who knows. I may also add that the UK Government was taking around 81% in total tax on each barrel lifted until recently where they cut the tax by around 10% I think. Edited January 7, 2016 by antidote Quote Link to comment Share on other sites More sharing options...
Mox Posted January 7, 2016 Share Posted January 7, 2016 One Aberdonian I know reckons the city will end up like Detroit. Bit gloomy but that is their mood. I don't think Aberdeen will ever produce great techno. Quote Link to comment Share on other sites More sharing options...
hampden_loon2878 Posted January 12, 2016 Share Posted January 12, 2016 If i were the UK government i would be looking at the possibility of nationalising some fields who's owners come into difficulties,on one hand the will get a cut price deal on the fields and the other it will "damage" the independence movement as the uk will own the oil... Quote Link to comment Share on other sites More sharing options...
Mee Posted January 12, 2016 Author Share Posted January 12, 2016 http://www.bbc.co.uk/news/business-35289771 Jobs going at BP Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted January 12, 2016 Share Posted January 12, 2016 http://www.bbc.co.uk/news/business-35289771 Jobs going at BP Not a problem - the broad shoulders of the UK will deal with that. Quote Link to comment Share on other sites More sharing options...
Mitre Posted January 12, 2016 Share Posted January 12, 2016 One Aberdonian I know reckons the city will end up like Detroit. Bit gloomy but that is their mood. at least we might get some tunes from them Quote Link to comment Share on other sites More sharing options...
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