Petroleum Economics and the Middle East (31 Viewers)

[CORVETTE]

and u get really well paid, more than $10k a month for the first year.

Man , I hate the thieves who run our country and the company which I'm working in .

Aramco is the largest oil corporation in the world with the largest proven crude oil reserves and production .

and look what my salary is compared to you guys in UAE .

$3,200 ===> $10,000

It could have been better if the Americans continued running the company .


@Aaron

It's fine for me if it's only 2 or 3 years working off-shore , but the problem is that I'm supposed to work off-shore until I retire .

 

Buy on AliExpress.com

[swag]

True.

And the US Dollar is like the world's chemical weapon concocted by the financial terrorists, central bankers.

BLOOM! The entire World economy summed up in cocaine and terrorism.

True dat.

Though I had to get a little laugh at some personal visuals reading some of the opinion commentary in last Sunday's New York Times:

http://www.nytimes.com/2008/12/21/opinion/21duelfer.html

I couldn't get past the image of an Al Qaeda terrorist with mortgage-backed derivatives strapped to his chest, stepping onto the exchange floor and threatening everyone that he knew how to use them.

BLOOM!

 

[Bjerknes]

True dat.

Though I had to get a little laugh at some personal visuals reading some of the opinion commentary in last Sunday's New York Times:

http://www.nytimes.com/2008/12/21/opinion/21duelfer.html

I couldn't get past the image of an Al Qaeda terrorist with mortgage-backed derivatives strapped to his chest, stepping onto the exchange floor and threatening everyone that he knew how to use them.

BLOOM!

That's what it is... financial terrorism.

Some make the argument that less regulation would have actually saved us from some of these disasters, like the whole Madoff scandal. If there was no SEC, people wouldn't put their blind trust in authorities who may not be doing a proper job. There is word that the SEC knew about what Madoff was doing in 2005, yet they didn't step in! Then in the case of the Clinton era, sub-prime mortgages were seen to be the "American Dream" answer to housing problems, so they forced those to be implemented. So perhaps the market should have sorted that out.

However, the elimination of that deregulation act (Spiel something) during the 90's allowed bankers to leverage themselves to absurd proportions, thus why they started passing around exploding bonds that were worth nothing.

So perhaps we need to have less of both and simply save more. And have no Federal Reserve.

My professor showed us this funny piece on the sub-prime mess... spot on.

http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1

 

[Bjerknes]

Crude is finding support around the $40 per barrel mark for the May contract. It will interesting to see how the market moves in the next two years due to all this money being printed out by the Feds. I suspect we will be in this trading range for about another few months, enjoying lower prices for gasoline, but then we'll see prices spike up again and eventually testing $150 per barrel again in another year due to inflation.

 

[ReBeL]

 

[Bjerknes]

Why the sorrow?

Such a development will hurt the US consumer even further.

 

[ReBeL]

Why the sorrow?

Such a development will hurt the US consumer even further.

I'm not against American consumers, Andy

I just thought of the horrible prices of oil last year, and how people here sold their cars.

It will be a very tragic hit for the normal people again all over the world.

 

[Bjerknes]

I'm not against American consumers, Andy

I just thought of the horrible prices of oil last year, and how people here sold their cars.

It will be a very tragic hit for the normal people again all over the world.

Indeed, it will be even worse now with the economic situation. It does not have to be like this with inevitable record prices, but governments are setting themselves up for it despite being able to tap into other reserves.

The real collapse of the economy happens when the money runs through the system and inflation starts to rise rapidly - an inflationary depression.

 

[ReBeL]

Indeed, it will be even worse now with the economic situation. It does not have to be like this with inevitable record prices, but governments are setting themselves up for it despite being able to tap into other reserves.

The real collapse of the economy happens when the money runs through the system and inflation starts to rise rapidly - an inflationary depression.

I hope it will not be so critical.

I think this time prices won't get down again without a new war that makes some fundamental changes in some countries.

And I'll wait another couple of hours before having the chance to buy a house

 

[Bjerknes]

And I'll wait another couple of hours before having the chance to buy a house

Prudent decision.

 

[ReBeL]

Prudent decision.

I meant a couple of years.

By the way, I read in the Economist before around 2 weeks that the region that will see the highest percentage of prosperity in the coming decade will be North Africa, specifically Libya and Algeria because they were still virgin countries when the financial crisis hit all the world. They were affected the least because they had not made any material investments using sophisticated tools like those which were the reason for the crisis.

These two countries are starting to attract many investments, and in the Arab world it seems they will take the place of the Gulf countries gradually.

By the way, I'll be visiting Libya, Yemen and for the third time in 6 months Lebanon during the coming 2 months. I'll keep you updated with what I see in Libya.

 

[Bjerknes]

I meant a couple of years.

By the way, I read in the Economist before around 2 weeks that the region that will see the highest percentage of prosperity in the coming decade will be North Africa, specifically Libya and Algeria because they were still virgin countries when the financial crisis hit all the world. They were affected the least because they had not made any material investments using sophisticated tools like those which were the reason for the crisis.

These two countries are starting to attract many investments, and in the Arab world it seems they will take the place of the Gulf countries gradually.

By the way, I'll be visiting Libya, Yemen and for the third time in 6 months Lebanon during the coming 2 months. I'll keep you updated with what I see in Libya.

That's interesting. The nations that have not leveraged themselves will turn out to be in decent shape indeed. One would think that Libya would be hurt by the low oil prices, but if they didn't partake in the derivatives market and hedged themselves at low oil prices, they should be OK. The Saudis and Emirates seem to be the ones who are screwed due to leverage.

Have a nice trip.

 

[Fred]

I meant a couple of years.

By the way, I read in the Economist before around 2 weeks that the region that will see the highest percentage of prosperity in the coming decade will be North Africa, specifically Libya and Algeria because they were still virgin countries when the financial crisis hit all the world. They were affected the least because they had not made any material investments using sophisticated tools like those which were the reason for the crisis.

These two countries are starting to attract many investments, and in the Arab world it seems they will take the place of the Gulf countries gradually.

By the way, I'll be visiting Libya, Yemen and for the third time in 6 months Lebanon during the coming 2 months. I'll keep you updated with what I see in Libya.

Ah visiting Libya. What part are you visiting? Keep us updated, i miss my home country

 

[ReBeL]

That's interesting. The nations that have not leveraged themselves will turn out to be in decent shape indeed. One would think that Libya would be hurt by the low oil prices, but if they didn't partake in the derivatives market and hedged themselves at low oil prices, they should be OK. The Saudis and Emirates seem to be the ones who are screwed due to leverage.

Have a nice trip.

I think they didn't partake in the derivatives market. And that was a great hedge for them although I think it was not on purpose.

Thanks, Andy, for the nice wish.

Ah visiting Libya. What part are you visiting? Keep us updated, i miss my home country

Initially it is Tripoli, but I may go to other cities according to my work there.

How long have you been since you visited it the last time?

 

[Amaurisimo]

my uncle had job in Tripoli for maybe 5-6 years. At that time oil refinery from my town (Bosanski Brod) were building refinery or something in Tripoli.

His other "illegal" part time job was to make "rakija" plum alcohol drink.

He made lots of money anyway..


and have great and safe trip

 

[Fred]

I think they didn't partake in the derivatives market. And that was a great hedge for them although I think it was not on purpose.

Thanks, Andy, for the nice wish.



Initially it is Tripoli, but I may go to other cities according to my work there.

How long have you been since you visited it the last time?

Cool. I visited last summer, but it feels like that was 10 years ago. You'll love the Libyans they are extremely hospitable people.

Have a safe and enjoyable trip mate.

my uncle had job in Tripoli for maybe 5-6 years. At that time oil refinery from my town (Bosanski Brod) were building refinery or something in Tripoli.

His other "illegal" part time job was to make "rakija" plum alcohol drink.

He made lots of money anyway..


and have great and safe trip

Interesting, Alcohol is prohibited in Libya.

 

[ReBeL]

my uncle had job in Tripoli for maybe 5-6 years. At that time oil refinery from my town (Bosanski Brod) were building refinery or something in Tripoli.

His other "illegal" part time job was to make "rakija" plum alcohol drink.

He made lots of money anyway..


and have great and safe trip

Cool. I visited last summer, but it feels like that was 10 years ago. You'll love the Libyans they are extremely hospitable people.

Have a safe and enjoyable trip mate.



Interesting, Alcohol is prohibited in Libya.

Enshallah, I will