We all have our opinions but let's try and keep it all pleasant after all we are all after earning on here and passing on knowledge is the best way.
Can someone just let me know where the first drill is? Someone sId recently it was sea lion area where rockhopper located the oil in 2010 I think it was however I heard it was somewhere else albeit via another website
There's an interesting article for you. - http://www.wealthdaily.com/?r=1 entitled - The Number One Reason You Should Invest in Oil Stocks by Geoffrey Pike Its quite a reasoned argument I think. Hope you enjoy reading this one.
Apologies accepted. Lets move on ! Yes OPEC is scheduled for Nov. Doubt much will happen though as several of the mavericks therein will do their own thing and Saudi is a shadow of its former self. I think OPEC is hoping for a severe Northern winter so they can carry on as usual. They may be lucky but who would bet against mother nature. They have several problems in that India is building new reactors partially using the new user friendly thorium plus India is moving closer to Iran assuming their uranium problem is solved and China recently signed a large Siberia production deal with Russia. If that was not enough USA last week started shipping Alaska condensates to S Korea so that market is iffy now. As to Japan its now rebuilding reactors with thorium also plus buying Australian crude. Europe is still in the doldrums and the USA purchases of Gulf crude have dropped by 50% and by 2016 USA won't need any Gulf crude. BIG OPEC PROBLEMS LOOMING !! Both Citibank and MorganChase are forecasting severe Gulf countries' financial problems by 2020/21 but personally I think it will be earlier. But hey they've had it easy for 45 years so can't really complain now.
If you want the latest on the oil price war go to. www.gulf-daily-news.com. Page 19 of today's paper - long article entitled - Oil price war intensifies to expand market share. This will tell you exactly what is going on re Gulf producers. As more US oil is exported from 2016 the OPEC market share will fall further. Have a good read. !!
Just get over it ! I'm not Chris Oil whoever the **** he is or was. Neither am I advising sell or buy. In fact quite a lot of your trading advice is sensible. I own quite a lot of FOGL stock so why would I try to talk the price down ?? I'm just a simple oil co director and 33.33% shareholder in the company with two Arabian Gulf blocks of P90 plus 50% of a P20 Kenya block.
Problem is that several brokers are telling their clients we're entering a bear market for oil so dump now and buy back cheaper. The floor is $80 for WTI at which point a lot of small shale oil producers will close down. It should mean $85-87 for Brent so Premier at $85 for sealion is about right. But there's a lot of unsold oil about at present due to Europe and China slowing down and OPEC will definitely cut production at $90 to try to defend that price. By 2016 OPEC will have lost further market share and be irrelevant.
Some brokers are actively telling private clients to dump any oil stocks at present due to the falling Brent crude price. FOGL is being caught up in this. But at $90 per bbl OPEC will definitely cut production to defend the price.
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