SP held up well today and now looking forward to first dividend next week , going to hold long term and keep picking up the dividends. BP are ahead of the game re cost cutting and profits next year will reflect this also on the horizon is cut back in global oil production so fingers crossed we should see £4.00 sooner than later. Keep Smilling
Dividend cut of 11th February so something to look forward to, BP are also committed to maintaining current dividend so where else can you get such interest on your money. I am sticking with BP and will just keep taking the dividend Best Of Luck To All Investors Keep Smilling
Is susceptible to Internal and external religious and political problems as we all know. They are no doubt the targets ,for the next disaster . that will possibly be the next major game changer, in the next few years. Very few will help them.
I understand your reasoning but in my humble opinion the Soudies have not cut production for the specific reason as to maintain market share. Let's not forget the USA used to be a significant importer of Gulf States oil but fracking made the USA self sufficient the Soudies have driven the price down to drive the frackers out of business . Fracking is a great deal more expensive to extract oil than just pumping it . Also most fracking companies in USA are small concerns and not the big players so they are damaged quicker. A close friend of mine sells to the oil and gas markets in USA and he says they are closing at a fast rate and have cut near all none critical expenditure. Oil from Iran is pumped so they can match price for price the Soudies price as the overheads are the same and I would guess less in Iran due to Sakarya paid. That's my opinion on the downward spiral and the Soudies are I assume aware that the rush to the bottom is doing no one any good. I guess you pay your money and take your chance but one thing is without doubt oil is not going to last forever and the harder it is to extract then price will go up. BP will come good and return to former glory of this I have no doubt. Best of luck to all investors Keep Smilling
Saying that all the major oil producers will get together and do something with or without the Saudis is a little like saying all the major western powers will get together and do something with or without the United States. Possible theoretically but will never actually happen in practice because it is nothing more than an exercise in futility.
Of course they can agree to cut production without the Saudis, it would just be a damn fool thing to do because all they will achieve is to reduce their own share of the market and income while the Saudis continue to pump. This meeting will achieve zero without the Saudis agreeing to cut, and it is highly unlikely that the Saudis will agree to any such thing because what they want to do is to drive the Iranians to their knees, and they think they are beginning to do that.
BP up over $1.00 in USA !! Looks like our American cousins have also picked up that at current levels and dividends BP is a bargain buy. BP are extreamly well run and are ahead of the game re cost cutting and are at the leading edge re bio technology . Let's not forget this SP was near £5.00 not so very long ago and now main oil suppliers are willing to sit down together and cut back production this SP can only go one way roll on £4.00 !!! Keep Smilling
It now looks like a certainty that the main oil producers will now get together( with or without the Soudies) and cut back on oil production they have to do something as $30 a barrel is destroying economies so the price of oil will now go up . BP was massively oversold and with dividend cut of next Thursday I think a lot of big buys will be going in . How many others pay £0.065 per quarter ? Barclays pay £0.01 !!! Fingers crossed we see a good push North in the coming few trading days. Best of luck to all Keep Smilling
Interesting to note that the article does NOT mention Saudi agreeing to attend. "Iraq, Algeria, Nigeria and Ecuador would join OPEC members Iran and Venezuela and non-OPEC producers Russia and Oman if talks are scheduled." Can they come to a decision on cutting production without the Saudis?
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