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Sk i dont post here generally but i have been invested here since 25 before suspension, I am very happy to sit it out for a good while yet and plan to exit at 250, i dont need to deramp or ramp whether i happen to be in or out , champage bath maybe in 2019 we will wait and see.. enjoy your sunday afternoon
The Saudis are the ones who created this mess in the first place, who knows what they are capable of
With oil off peak already large production increases (even if they retain such capability to increase after a long period of nil investment)are likely to be of lesser importance to whats on the nopec opec meeting lunch menu. Why would they wish to savage the oil price at early point of recovery of their oil and gas industry, a token gesture increase at best Imo
Hi GTLD. So what are the other three scenarios you are looking at?
Am sure it is being considered. However, one should recall that OPEC is not just SA. Russian statement that they have agreed a 1.5 million barrel increase with SA doesn't stack up. Will rest of OPEC support sthng that high? No. Maybe it is an opening gambit so that when they agree on 800ks to 1 million it looks like all sides have won something during the negotiating? Always smoke and mirrors with OPEC /NOPEC Many articles suggesting that between Venezuela and Iran, 1.5 million could be lost.
Thanks Branson, are you seriously telling us Reuters is incorrect, a 1.5mln bpd increase is not being considered and should refer to a poster on Enquest BB instead?
According to poster chilting on enq bb lse.... The Russian statement is actually meaningless, what he actually said was a 1.5 million increase over an extended period of time without giving the time frame - although some commentators have misquoted this as a 1.5 million increase in Q3 2018 - rather different !!!
MOSCOW, June 16 (Reuters) – The OPEC and non-OPEC countries in a global oil output deal will consider increasing output by 1.5 million per day in the third quarter only, Russian Energy Minister Alexander Novak said on Saturday, the TASS news agency reported. Russia and Saudi Arabia have agreed to extend cooperation indefinitely and will discuss the agreement in Vienna next week, Novak said, TASS reported.
Next week it's likely Brent will fall to 70 dollars, will this cause mass selling?, looking at the chart it is feasible that a deep retrace could see PMO at 78-80p, I'm not saying I think this will happen, but it is one of 4 scenario's I am looking at.