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'where is the additional demand / growth going to materialise from ?'
More of the worlds population participating in the global economy. China etc and growing asian/ emerging markets. This will drive the growth while eurocrats dtive EVs to meeting in Paris to agree the % climate accord
On future oil demand.
My concern is that current oil usage is already back to near pre-covid levels, I recall around 95%, so with the price of oil already reflecting current usage/demand in being up from mid $30s to mid $60s, where is the additional demand / growth going to materialise from ?
I appreciate the current restrictions on travel, be it flights, car journeys etc but that will not have a massive affect on demand and I would take an uneducated guess that airlines have already put in future oil orders now.
So, with industry, manufacturing, cargo transportation already working, where is the demand for enough oil to make a substantial difference to where we are today, back to pre-covid demand and near usage.
I am heavily invested in BP but I have concerns that the above with the demand of gambling with billions on every green energy opportunity will cost us the company, and more importantly us, dearly.
There is bound to be greater demand over the coming months. Watch the supply side
Totally agree with you. I sort of admire BP's diversification but only because it can't help to mix it up a bit, albeit greenish! FTSE well up today which is great news for all, but I have gone all long term of late, despite my advancing years and I do love a divi!
Chittybangbang
Mr Green. Not everything is as green as it seems.
By way of example, for a future green nirvana, rare elements are required. These are distributed in tiny quantities, vast piles of ore need to be dug up my massive machinery, not powered by wind, processed and refined to produce minuscule amounts for green energy projects. Land is destroyed, natural habitats destroyed.
For a single kilo of gallium – used in energy-efficient light bulbs in a green world , 50 tonnes of rock needs to be excavated. Always two sides to an argument of whats best for the planet and our children.
Not a fan of the green revolution? So making a pleasant environment for your children is not up there on your agenda. Oh well your choice. And, if you are looking for an alternative to BP, Shell isn't doing so well either. Huge demand for copper now and seemingly in the future too, wallop some in BHP,but maybe that is too green for you.
Bobcats
I am not a fan of the green revolution but recognise how companies such as BP have been forced to invest and transition long term to pander to the clean green lobbyists and retain investment from investment funds/pension etc. In dirty oil but this is clearly at a dear cost to investors.
Today is another example of BP's poor SP performance along with all other current duff oils. I would not like to imagine what would happen to this flatlining SP if there was any actual 'bad' news. It's gasping for air to keep afloat with loads of good news.
Short term black gold or fools gold.
BoBetts, BP's strategy under Dudley centered on bringing 900,000 boe on stream at the lowest cost of any oil major. Dudley would have handled the challenges of the past year in his proven calm and robust manner, with a dividend and share price significantly above today's car crash.
Dudley increased the dividend in Feb 20, Looney halves it a few months later. Now Looney talks about buybacks that will produce shareholder returns akin to Dudley's payment. How shareholders have suffered the past year not having a CEO of the calibre of Dudley. I notice Gilvary has rocked up at Ineos. It does ask questions of the board, how can you let two titans of the oil industry leave at the same time, to be replaced by a McKinsey clique.
Markgo I totally get your sediment BP feels like watching groundhog day mixed with field of dreams atm :)
Couldn't agree more.... this is like watching paint dry... This should be 3.30 plus by now... Hopefully a few months will make a difference
Bobcats
Bullish long term still but would have expected the SP would have responded to nothing but positives. End of year debt target achieved. Oil around $25 + pb over break-even level. Global oil demand predictions up. Market boosted by daily recovery news. Yes I am impatient to see a reflection of a little of this in the SP.
What will it take I wonder for this gigantic oil sloth's share price to be energised. Oil at a level that could only have been dreamed of 6 months ago. A unbelievable fantastic trading update last week, 11 days to the Q1 results and it yet treading water, bobbing forward and backwards.
At 323 on 12th March there can't be many who would have predicted 304 16th April ?
I may have to revise my uninspiring suggestion of 317 on results day downwards.