# Oil production



## bluefarmer (Oct 10, 2010)

Oilfield Workers To Go Back To Work Soon! Saudi Arabia May Go Bankrupt&#8230;

That was a article I just read, maybe someone can find it and post I don't know how. If it is true Obama had some kind of reason to sign it.

Eatdirtmedia is who wrote it.


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## Vol (Jul 5, 2009)

bluefarmer said:


> Oilfield Workers To Go Back To Work Soon! Saudi Arabia May Go Bankrupt&#8230;
> 
> That was a article I just read, maybe someone can find it and post I don't know how. If it is true Obama had some kind of reason to sign it.
> 
> Eatdirtmedia is who wrote it.


At your request...

Regards, Mike

http://eatdirtmedia.com/2015/12/31/oilfield-workers-to-go-back-to-work-soon-soudis-may-go-bankrupt/


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## IHCman (Aug 27, 2011)

I don't know if I believe that one


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## bluefarmer (Oct 10, 2010)

Thanks VOL!

I don't know if I believe it either.


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## Lostin55 (Sep 21, 2013)

I am in the business and do not beleive it.


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## Bonfire (Oct 21, 2012)

Lostin55 said:


> I am in the business and do not beleive it.


How is your way? Any drilling going on?


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## carcajou (Jan 28, 2011)

I read it too and laughed.


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## Lostin55 (Sep 21, 2013)

Significant reduction in utilization rates and margins. This, of course, meant a significant reduction in workforce. I can't really say any more than the last quarterly reports stated. 
In a nutshell it is and will continue to be, for the foreseeable future, ugly.


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## somedevildawg (Jun 20, 2011)

Over the road diesel today....1.90


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## Vol (Jul 5, 2009)

I too rolled my eyes.....especially when I went to the "Home" webpage and scanned some other stories....but some were really good for a laugh!

Regards, Mike


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## Lostin55 (Sep 21, 2013)

Saudi Arabia has enough reserves to make it through 2018 without changing anything. At that point they will have to change or go bankrupt.


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## carcajou (Jan 28, 2011)

I read that too. That's assuming they make no changes to their Gov't spending also. If they raise taxes/ cut back here and there, they may last even longer. Not that it matters though, cause as soon as the profit taking is done on these low oil prices they will climb fast. Market manipulation/ corporate greed needs the market to swing the other way in less than 18 months. No different than other commodity markets, including grains. Like in the real estate business, the only bad market is a flat one.

The smaller/junior oil companies are hurting bad here, having to produce at a loss to try and survive. it has broke quite a few already. The service industry is bleeding, and some of them won't make it through this, BUT gas at the pumps up here is still $.99/litre or about $4 US/gallon. The major oil companies must be laughing all the way to the bank buying this low priced oil and selling it to us here.


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## JD3430 (Jan 1, 2012)

I got suspicious when it seemed to praise Obama for signing the legislation to allow oil exporting.


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