ST Alpha - "depends how much of our oil comes that way. -- nm" (Reading a Post)

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In response to "Those Somali pirates? they've taken $150M in a year" by decline

depends how much of our oil comes that way. -- nm

Posted by loosilu (aka loosilu) Nov 21 '08, 07:13

(No message)

Responses:

And when Exxon alone's making like $10 billion in profits per quarter, $150 mill worldwide seems a drop in the bucket. -- nm - Ender Nov 21, 07:16 15
- any effect on prices (were there to be one) woud be more about the rerouting of supply to more expensive routes rather than ransom...nm - x Nov 21, 07:18 5
  - and perhaps increased insurance costs and hedging against possible disruptions of supply. - znufrii Nov 21, 07:19 4
    - right. but it's at least possible that it either causes re-routing or tanker folk charge more for going through that route for higher risk....nm - x Nov 21, 07:27 2
      - agreed, but, even so, it is, overall, a relatively small effect in terms of its effect on prices. -- nm - znufrii Nov 21, 07:32 1
        
        absolutely...nm - x Nov 21, 07:33
    - One ship that probably has every oil shipper thinking hard about piracy risks -- nm - Roger More Nov 21, 07:25
- not to mention that don't just target oil tankers. So the oil shipping companies' share of that expense is quite a bit lower than $150m -- nm - znufrii Nov 21, 07:17 2
  - I think they got just the one oil tanker. -- nm - loosilu Nov 21, 07:18 1
    - that's what I thought. -- nm - znufrii Nov 21, 07:20
- doesn't a significant part of our oil come from Nigeria? -- nm - loosilu Nov 21, 07:17 5
  - #5 supplier I believe -- nm - decline Nov 21, 07:19
  - and Venezuela! - Roger More Nov 21, 07:18 3
    - OK, what I've found is the US gets 15% of its oil from Africa - and from another article (linked) that it wants to increase that to 25% - Roger More Nov 21, 07:24 2
      - According to the EIA statistics Africa has hit 21% in 2007 -- (link) - VMan Nov 21, 07:27 1
        
        thanks for posting that - interesting to see how much oil comes out of Angola these days -- nm - Roger More Nov 21, 07:31
it's fungible. -- nm - znufrii Nov 21, 07:14
No, no it does not depend on t hat. -- nm - Beryllium Nov 21, 07:14 3
- why not? -- nm - loosilu Nov 21, 07:15 2
  - because it's a fungible commodity. disruptions anywhere have an effect on prices across the board, not just on the particular destination of - znufrii Nov 21, 07:33
  - The US invades other countries to lower the price of oil on a global scale. The actual oil th at goes to the US is from Canada and Mexico and similar - Beryllium Nov 21, 07:25

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