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LEVIS, are we to believe that Russia & and the Saudis didn’t know that there was going to be an oil oversupply due to covid. They then announced that they would increase supply in a supposedly oil spat knowing that there was going to be zero storage left, only to make up very quickly. In the meantime oil companies share prices crash and the Saudies go on a share buying spree, I don’t know if Russia done the same.
With most industrial countries going into lockdown, oil production was always going to exceed demand. By using covid they have increased the costs to the yank shale producers, bought billions of dollars of shares on the cheep. A win win situation for them in times of trouble.
Now Russia and the saudies are in control of the price and supply of oil.
Big games getting played in times of strife.
They were, it's a continuation of the same cuts from April...
It's just some counties do not follow these OPEC+ cuts - namely Iraq and Nigeria...
Pappy with Shell you can sleep like a puppy! Your money here is as safe as houses.
Literally clawed back about 5k of losses today! A few more days of the same and I can sleep again! Damn you Russia and COVID and US Shale!!
Great rise today. Let's hope it can continue a while yet. It must be nearly back at same price as results, dividend cut day. Let's not get to carried away though. But a increase in dividend of a few pence would be a good start next update in July. . If only OPEC had been up for such cuts 3 months ago, when Russia & Saudis & a few others spat their dummies out. But that's the violatilty of oil & that's the reality.
Better to keep the powder dry until Q2 results end of July. If the supply cuts have started to eat into the 1bn barrels of oversupply AND demand has recovered more, then could look to double the div to 2/3 of original
Just talking to right people.. I guess you must just read the tea leaves..