General Lee
Well-known member
- Joined
- Aug 24, 2002
- Posts
- 20,442
From a Reuters article on CNBC dot com, an excerpt from the article:
US, Brent crude tumbles as OPEC takes laissez-faire approach
Reuters
"KUNA quoted Omair as saying $76-77 a barrel might be the level that would end the oil price slide, since that was the cost of oil production in the United States and Russia.
Top oil exporter Saudi Arabia is also quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
In private meetings with oil market investors and analysts Saudi official have telegraphed that the kingdom, OPEC's largest producer, is ready to accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two, according to people who have been briefed on the recent conversations."
Wow, that will really add to profits at all airlines, and the resulting profit sharing for those airlines that have it. Oil this low probably could have sustained 50 seat RJs and their lower range of profitability. (How ironic) Instead, 200 plus will be parked at one legacy, regardless. At least there will be mainline expansion and hiring.
Bye Bye---General Lee
US, Brent crude tumbles as OPEC takes laissez-faire approach
Reuters
"KUNA quoted Omair as saying $76-77 a barrel might be the level that would end the oil price slide, since that was the cost of oil production in the United States and Russia.
Top oil exporter Saudi Arabia is also quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
In private meetings with oil market investors and analysts Saudi official have telegraphed that the kingdom, OPEC's largest producer, is ready to accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two, according to people who have been briefed on the recent conversations."
Wow, that will really add to profits at all airlines, and the resulting profit sharing for those airlines that have it. Oil this low probably could have sustained 50 seat RJs and their lower range of profitability. (How ironic) Instead, 200 plus will be parked at one legacy, regardless. At least there will be mainline expansion and hiring.
Bye Bye---General Lee
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