Iran revolutionary guards commander becomes new pres of OPEC

[Bruenor]

Story link here.

Anyone want to guess how this will play out?

[stamphappy]

If I understand the article, there are international sanctions against him from the US and others, and he doesn't like us. He's now the President of OPEC and per the article can determine OPEC's oil prices. I'd say we're in a barrel of sludge and I don't mean oil. How much of US oil purchases/usage comes from OPEC?

What do you think Bruenor?

[Bearfootfarm]

How much of US oil purchases/usage comes from OPEC?

Seems to be less than half if it hasn't changed

http://www.eia.gov/dnav/pet/pet_move...im0_mbbl_m.htm

[Txsteader]

Originally Posted by Bearfootfarm

Seems to be less than half if it hasn't changed

http://www.eia.gov/dnav/pet/pet_move...im0_mbbl_m.htm

The question is, where do non-OPEC countries get their oil from?

Of non-OPEC countries that we import from, we buy mostly from Canada. But where does Canada get its' oil from? Answer: Canada imports over half its' oil from OPEC nations.

[naturelover]

Originally Posted by Txsteader

The question is, where do non-OPEC countries get their oil from?

Of non-OPEC countries that we import from, we buy mostly from Canada. But where does Canada get its' oil from? Answer: Canada imports over half its' oil from OPEC nations.

Not over half, and not from any OPEC countries.

Western Canada provides itself with its own oil plus it exports 2.5 million barrels a day to USA and a few other countries.

Eastern Canada imports 1.2 million barrels per day from Norway for eastern Canada's usage. The reason for that is because there are no oil pipelines from western Canada to eastern Canada plus eastern Canada doesn't have the right kind of refineries, so it's cheaper for eastern Canada to get refined oil from Norway instead.

Norway is not an OPEC country. It is one of the 34 OECD nations, just like Canada, USA and Mexico are OECD nations.

http://en.wikipedia.org/wiki/OECD

http://en.wikipedia.org/wiki/OECD#Current_members

A small portion of the crude oil that USA imports from Canada and Mexico (its two biggest suppliers of oil) gets super-refined in USA and then the super-refined product gets exported back to Canada and Mexico.

.

[Paumon]

Originally Posted by stamphappy

How much of US oil purchases/usage comes from OPEC?

USA gets less oil from OPEC nations than it gets from non-OPEC nations. Here is the complete list of all nations and the amounts provided that USA gets oil from - that is not including the oil that USA produces for itself:

http://www.eia.gov/dnav/pet/pet_move...im0_mbbl_a.htm

[Paumon]

Some additional little tidbits of information.

USA produces for itself approximately 48% of the oil products that it consumes. The other 52% that it consumes is imported from other nations.

USA consumes approximately 25% of all the oil produced globally and it exports approximately 2 million barrels per day to other countries.

[virtuousman]

Together with the recent announcement that Venezuela has more oil reserves (albeit thicker oil) than Saudi Arabia should drive gas prices even higher.

[Bluesgal]

on the bright side, oil is down to $86 a barrel today.

Did I just say this was good news?????? wasn't it only 2-3 years ago it was $20/barrel and nobody thought it would cross $50 much less $100??????