The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Yep, big production cuts all round. US considering shutting in GOM, and with rig losses shale is going to slow really fast. 31 rigs down in Permian and 62 oil rigs in total this week.
Russia will pretend to shut in some production as usual, SA told to get OPEC in line or lose protections provided by their Washington masters.
All good for oil going back to mid 40,s.
This will relieve some pressure, still need Alaska to come in with good numbers and big concern about acquisitions at any SP below 75p.
Personally I'm surprised they haven't outlawed shorting as they have in some countries.
The Ft article is behind a paywall. ASnyway Putin says 'all major players' which means the US too. In the past the US has never committed or joined in on any cuts and were actually pumping out nearly 10m barrels per day before the fall.
Putin would be better off putting on the pressure on US Shale for a while longer rather than folding after only 1 month.
A really doubt OPEC will cut more than 10m barrels on its own leaving the US to fill in the void unless they are stupid of course like Trump thinks..
Bull****
This might help explain the movement today. Essentially Putin wants everyone to commit to cuts. Fair enough.
https://www.ft.com/content/beb5e187-35e7-457c-a99b-19afe1395040
Both way way way undervalued and now due a massive re rating.
imho
I cannot see anything else driving it. I am a bit surprised that the market follows what Trump says as he is not known for being completely honest. Well, he must know - if he can talk it down, he can talk it up again.
I'd like to read some opinions on this also.
Is the oil company share price increase today just down to an anticipated outcome from talks between US/SA/Russia?