U.S. oil output could start to take a hit by late 2015, OPEC said on Monday, suggesting the exporter group will have to wait beyond its next meeting in June to see if the oil price collapse is beginning to dent the shale oil boom.

OPEC holds its next meeting in June and comments from OPEC officials so far suggest it will not adjust its output policy at the meeting as it waits for the strategy to take effect.

For now, OPEC forecast no further rise in demand for its crude in 2015, trimming the forecast slightly to 29.19 million bpd, and left unchanged its estimate of global growth in oil demand this year.

Jan 29 2015
usd44.50
3.6375

Mar 18 2015
usd44.12
3.709

Oil drops as Saudi says will not cut output alone, weak China import hurts
http://www.theedgemarkets.com/my/article/o...ts?type=Markets

We need war
But seriously, Yemen does not block the major sea road unlike Arabian Gulf areas. So buying from Saudi to far East won't really affected. More on speculation

Nope, this is the thing KSA won't do as they will lose out the market share later on.

us oil/energy stocks already retreating after a good run yesterday. think that's it!
in o&g? the local scene seems all hunky dory, no news of any staff reduction, etc.
foreign cos. - i can understand, they r ruthless in times like this.
stay cool.

i was, long time ago. seen things then that are happening now.

For me, in between US and KSA, I prefer US to lose on this battle(of flooding the oil market).
Remember, US with their QE for few times already making them going to broke, so the shale oil is their last bet.

To produce shale oil, the fuel used, amount of waste gas(methane) generated will be a lot. So is not just cost of money, cost of creating more waste included.
The future lies to OPEC's hand now. But then OPEC are run by a bunch of alligators, so they may cut production to protect their interest. Still KSA refuse to do so, not much worry for this for the time being. We only need to worry if KSA come out with statement that they will reduce output. That will be nightmare to us.
US are waiting for this. And the price will shoot up to USD200 when this really happens.

USA is a net oil importer. They dont export oil due to the export ban even when there is excess lying around. low oil price is always good for USA. You need to differentiate between US shale oil producer interest and the country interest. In the long run USA is the one that benefit the most from suppressed oil price.

People in Middle East? Come to 1 of those country and you will know how good they are
They are playing poker right now, see who surrender first.
Like oil price low, some are trying to keep them on ship tanker. but then it is risk also, like leaking to sea due to corrosion.
So is like you say, it won't last long.
OPEC knows that they can't lose out their market share to US, but they are not united going against their common enemy, US
So, this is what happen now, people are getting jobless.

For ME fellows, they already gain from the past, so they won't worry much.
But then now they are heart sick also, for every barrel sold, they are making much lesser profit.
Now US are keep on importing oil and at the same time exporting shale oil, this is to secure more market share.
And once they secured more market share, they will sell back the oil they imported with much higher price.
Like with average price they got was USD45, if they sell it out at USD200, how much they are making?
That's why some speculate the price will reach USD200 last time. Those speculators are paving the way for this.
But they never expect that KSA never get shaken by this
So, this is it. Now what can really affect the price of oil is war and is started.

this aspect is interesting.

any idea how much storage is available there - still plenty, almost full...?

saudi is said to be sitting pretty on usd700 billion reserves, surely can last a long fight.

but do they have the space to store for say, another 6 months?

will anyone just dump anywhere or burn if n when the "overflow" situation arrives?

http://www.forbes.com/sites/christopherhel...-gas-companies/
In response for your query, it is until June only.
Get your red wine, popcorn ready

allowed to export ultra light oil as more us refineries is already exceeding capacity to refine this.  shale oil is not condensate. the fact is still oil and gas make up 1 percent of US gdp. That is based on published figures, not anyone opinion or wild gueses

I suggest u do your math
http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbbl_a.htm

Only around 3 billion bbl of crude produced. Lol. even at 200 usd/ bbl , it is merely 600 billion usd, not much in term of percentage yeah? But they also import crude oil.
Us gdp is around 19 to 20 trillion USD. I do agree in absolute value, the amount seems large, but still too low considering the total gdp of USA. Maybe you can start applying your common sense on this buddy

u r the smart one! onlookers have clarity of mind, so they say!

seriously, i take stan's comment here at heart. for 2 reasons - gom is currently desperate for cash to continue the plunder legacy... and their track record of being not forthcoming with truthful facts. so, buy or sell anything u deem fit.

yes, desperate for cash & I can really sense it.. I bet those on streets also feel it..

stanzai comment is also good.. He have 1st hand experience because he currently in O&G sector while most of us only hear stories or from research 

When economy poor, high oil price don't do any good also.