More or less correct but this was all on here a couple of weeks ago including Argentina and the Canadian oil co Madalena. There is a slight difference though as my own Saudi sources tell me that there may be larger OPEC cuts after the likely US shale drillers bankruptcies in Oct/Nov come home to roost. The Saudis cannot keep up depleting the Ghawar field much longer as they will wind up being net oil importers themselves much sooner and this is already showing in their June export figures which were down 10% due to local uptake.
It will be much worse for Dubai this time as 40% of the population are Iranians who may go back to Iran if that becomes more welcoming on the back if the nuclear deal. A lot more property for sale then plus cars at 20p in the pound. AD will bail them out but with more strings attached. Huge problem also will be Emirates Airlines and the new massive Dubai airport. Both looming white elephants even more so if from 2017 a lot of the Europe/Asia flights ignore Dubai.
Yes. - They're first and their second. My late English master would have given me hell for that silly mistake !!
Interesting indeed. Frankly it is just a matter of time until oil prices recover and recover strongly. Many (me included) will just take advantage of the dip. A dip which comes at the time of great promise for FOGL, eg, confirmed oil discoveries and as we await the outcome of the Humpback drill.
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