Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
No surprise refiners dont want crude if theres no demand for petrol/kerosene. Storage filling up.
Buyers will fade away, prices will fall, and wells will be shut in. Whose wells, and where, we will find out.
I guess KSA 's calculation is that they r the lowest cost producer, and the current glut may work to their advantage by telescoping the pricess into a few months.
A big game being played here, high stakes, and big implications for all higher cost producers.
Refineries in the United States and Europe are rejecting to accept any more Saudi oil, even at discounted prices, owing to a crude glut and lack of storage space, the Wall Street journal has reported, citing Saudi officials and oil traders.
Gulf Agency Company Ltd, a Dubai-based maritime logistics company, says buyers in India have also cut back on Saudi crude as that country has gone into lockdown to try to slow the spread of COVID-19. According to the company’s sources, at least 52 Indian ports have invoked a force majeure amid the outbreak, allowing them to cancel orders without incurring penalties.
Traders also told the WSJ that Russia – the oil exporter whose market share Saudi Arabia has been most keen to capture, has been able to compensate some of the decline in exports to Europe by redirecting them to China, a country where demand has been enjoying a slow recovery amid that country’s efforts to fight the pandemic.
Earlier this week, Bloomberg warned that declining oil revenues may lead to an “unthinkable balance-of-payments crisis” for Riyadh and end the country’s decades’ long policy of pegging its currency, the riyal, to the US dollar. The business news outlet warned that the country’s central bank reserves plus sovereign wealth fund minus government debt currently stand at just 0.1 percent of GDP, down from as much as 50 percent of GDP just six years ago, and predicted that the country would become a net debtor “for the foreseeable future, even if prices rise back above $80.”
Moody’s, meanwhile, says it expects prices to stabilize to $40-$55 a barrel for the year 2020, and grow to $50-$55 a barrel in 2021 pending a resumption in global economic growth.
https://sputniknews.com/business/202003271078728047-saudi-oil-industry-at-risk-as-american-european-refiners-refusing-riyadhs-crude--reports/