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@kenniGT what do you think then the price will be given the current news and standpoint?
They will cut what’s needed, it’s the same story over and over.
Bluff and bluster but well choreographed. Behind the scenes deals will be done because at the end of the greed will win out.
The news for PMO is that oil is not going to 10$ anymore.
This is why share price was so low.
Stability in Oil price is what will lift PMO valuation.
lol reading shorties makes me laugh ;D
Well I still think we can get to a cut of 15m barrels a day if G20 cut by 5m at tomorrow’s meeting. I still don’t think that’s enough though. And I also don’t see WTI hitting $35 anytime soon. This is a worry for premier oil - do we see premier oil going under from this too?
Cut isnt enough imho
Cut not enough? On it's own no IMHO. However in time it may be. The cut has not, and IMHO will not make the oil price go up to the $45 levels that most producers can stay solvent at. So there will be a whole load of Companies going under in the next several weeks. I'm sure there are loads of oil Companies in the World that are on the edge and now the oil price has not risen after the announced cut they will throw in the towel, or their lenders will for them. The result will be of course less oil in the market and given time some sort of balance will happen. Unfortunately none of the big players will be happy at all. Russia needs $40 oil and Saudi over $75! I think over the next 6 weeks we will be lucky to see Brent touch $40 frankly, and so WTI around $35. I wonder if OPEC plus will have a re-think now we can see the 10m cut has had NO EFFECT!. The cut after all is at the lower end of expectations (rumoured 10 to 15m barrels a day).
All IMHO.
Judging by the news so far probably a drop of 25-30%
What does everything think the OPEC meeting today will do one the share price come Tuesday open? Oil futures have dropped. Not sure the cut is enough.