Comments on: Oil Expert Verleger: OPEC Needs 7.7 MBD Cut to Restore Supply/Demand Balance http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd.html Sun, 22 Nov 2009 11:45:14 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: www.gregor.us http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd.html#comment-40478 www.gregor.us Thu, 12 Mar 2009 20:56:00 +0000 http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd-cut-to-restore-supplydemand-balance/#comment-40478 Phillip Verleger is a kook. His only aim is to make the most impossible, hyperbolic market calls to draw attention to himself. He's been doing this for years. For example, he said after Bush's SCOTUS speech on biofuels in 2007 that ALL global growth in demand for oil would be met by biofuels in the years ahead, thus "leaving the call on oil, flat."<br/><br/>And it just gets sillier from there.<br/><br/>This financial crisis ends when people like Verleger get taken out. Please, no more quotes about the world from Verleger, Greenspan, and so on. These people need to go away Phillip Verleger is a kook. His only aim is to make the most impossible, hyperbolic market calls to draw attention to himself. He’s been doing this for years. For example, he said after Bush’s SCOTUS speech on biofuels in 2007 that ALL global growth in demand for oil would be met by biofuels in the years ahead, thus “leaving the call on oil, flat.”

And it just gets sillier from there.

This financial crisis ends when people like Verleger get taken out. Please, no more quotes about the world from Verleger, Greenspan, and so on. These people need to go away

]]> By: Bob_in_MA http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd.html#comment-28981 Bob_in_MA Fri, 12 Dec 2008 00:23:00 +0000 http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd-cut-to-restore-supplydemand-balance/#comment-28981 I read (OK, on Wikipedia) that the oil sands in Canada are break-even at $28, so I would guess they start closing down in the mid 30s, but they are just 1-2m b/d.<br/><br/>Maybe we can all buy in at the same price Jim Rogers did in the late 1990s! ;-) I read (OK, on Wikipedia) that the oil sands in Canada are break-even at $28, so I would guess they start closing down in the mid 30s, but they are just 1-2m b/d.

Maybe we can all buy in at the same price Jim Rogers did in the late 1990s! ;-)

]]> By: mxq http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd.html#comment-28958 mxq Thu, 11 Dec 2008 20:36:00 +0000 http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd-cut-to-restore-supplydemand-balance/#comment-28958 <a>Here's 60 minutes w/ OPEC</a>, from last weekend.<br/><br/>imo, if banks can't even trust each other for the greater good in this environment, i have a feeling dictators, autocrats and keptocrats will have a hard time cooperating, too... Here’s 60 minutes w/ OPEC, from last weekend.

imo, if banks can’t even trust each other for the greater good in this environment, i have a feeling dictators, autocrats and keptocrats will have a hard time cooperating, too…

]]> By: joe c http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd.html#comment-28939 joe c Thu, 11 Dec 2008 19:08:00 +0000 http://www.nakedcapitalism.com/2008/12/oil-expert-verleger-opec-needs-77-mbd-cut-to-restore-supplydemand-balance/#comment-28939 Right, though actually that's a little low. If you look at the 79-83 slow down, demand dropped around 13%, that would equate to around 11.5 million barrels today. However it looks increasingly like this slow down will be worse, so you could say 12 million plus, needs to be cut. That's not going to happen.<br/><br/>The oil scenario certainly makes a strong case for deflation. I dont think we really understand deflation, nor does our illustrious Fed chairman.<br/><br/>Well, place your bets we'll see, there's certainly a lot of money sloshing around out there and ever increasing amounts of oil and other commodities with a precipitous fall in demand. Right, though actually that’s a little low. If you look at the 79-83 slow down, demand dropped around 13%, that would equate to around 11.5 million barrels today. However it looks increasingly like this slow down will be worse, so you could say 12 million plus, needs to be cut. That’s not going to happen.

The oil scenario certainly makes a strong case for deflation. I dont think we really understand deflation, nor does our illustrious Fed chairman.

Well, place your bets we’ll see, there’s certainly a lot of money sloshing around out there and ever increasing amounts of oil and other commodities with a precipitous fall in demand.

]]>