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Ruuuskies getting hammered
HFNY
Member Posts: 4,609
in Tug Tavern
The Saudis finally heard my pleas for lower oil prices and are sticking it to the Russians, Venezuelans, and Iranians. My concern is that lower oil prices will hurt American employment in the shale fields but if the frackers could unlock previously unreachable oil, maybe they'll find a way to cut costs to make money with our in the $70-$80 range.
The Venezuelans are shitting themselves because they've largely exhausted their foreign currency reserves and need oil at about $120 to keep up their spending. The Iranians aren't far behind because they have been spending like crazy as well to placate the masses underneath the Ayatollah's thumb and they need oil at about $110. The Russians budgeted oil at $104 for their 2014 budget and then oil at $100/barrel for 2015-2017 so it makes a lot of sense why the Saudis are ok with oil in the $70-$80 range for 2015 and 2016 if it bankrupts Russia...or at least financially wounds them so much that they don't have the money to prop up their cronies around their sphere.
confoundedinterest.wordpress.com/2014/10/29/from-russia-with-love-russian-ruble-falls-to-new-record-lows-foreign-exchange-and-gold-reserves-in-free-fall/
The Venezuelans are shitting themselves because they've largely exhausted their foreign currency reserves and need oil at about $120 to keep up their spending. The Iranians aren't far behind because they have been spending like crazy as well to placate the masses underneath the Ayatollah's thumb and they need oil at about $110. The Russians budgeted oil at $104 for their 2014 budget and then oil at $100/barrel for 2015-2017 so it makes a lot of sense why the Saudis are ok with oil in the $70-$80 range for 2015 and 2016 if it bankrupts Russia...or at least financially wounds them so much that they don't have the money to prop up their cronies around their sphere.
confoundedinterest.wordpress.com/2014/10/29/from-russia-with-love-russian-ruble-falls-to-new-record-lows-foreign-exchange-and-gold-reserves-in-free-fall/
Comments
Abundance.
But...what happens when Putin's economy falls further into the shitter than it already is?