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This is nt the article I was reading but it also mentions the meeting on 14th.
“Oil producing states, like Texas, have the authority to manage production, though the federal government cannot manage production and a consortium of companies cooperating would be seen as an anti-trust violation. The Texas commission last restricted output in 1970. It has set a meeting set for April 14.”
https://www.cnbc.com/2020/04/05/oil-drops-9percent-following-a-record-surge-last-week-as-opec-meeting-on-a-production-cut-is-delayed.html
Are nt the Texas Railroad Commission having a meeting on 14th?remember reading an article that mentioned it
Yes positive mention of rre.
Currently valued at 30% of unrestricted cash...
On the U.S. side, keep in mind that we have neither a national American producer nor an OPEC, so there is no way for us to assure OPEC or the G-20 that any cuts can be guaranteed. It’s every company for itself in the Permian Basin right now.
But there are two big things OPEC leaders will be watching here: first, the level of capital spending cuts by Exxon, Chevron, Occidental and other major players has been sizeable, so the group knows U.S. output will fall from natural attrition and lack of new well drilling.
Also, the Texas Railroad Commission, the obscure three-person organization that regulates that state’s oil production, could vote April 21st to impose production quotas or caps. It’s a hot topic for another day, but if OPEC believes the commission will vote for quotas, it could take another million or so barrels from the global market.
Amena Bakr
@Amena__Bakr
The opec plus will not be contingent on the G20 cuts - source #OOTT
We just need trump to announce either a huge decline in production or add to the cuts at the g20. That would shift oil into the 40’s imo
Amena Bakr
@Amena__Bakr
Good news! They reached an agreement to cut 10 million bpd for a 2 months period #OOTT
https://youtu.be/iwUZd7-k3uk
II piece. All good RRE gets a nice mention @ 9 minutes.
only glanced at posts tbh so apologies if I've missed something ... but what was 'unexplained about the drop into close ?
Not sure what anyone else was looking at but before close but despite being busy outdoors I heard that the Opec cut was 10m for 2 months and I watched brent drop from testing 37 to 33 or so before close and RRE dropped with it. I assumed that was the reason.
So it would follow, that for SB / CFD holder that are over exposed, the need to sell a proportion or all as they didn't have the funds to cover 100% their position should it be required. That would explain the last minute selloff but only if you were in the know of course or didn't want to risk the RNS dropping on Tuesday.
Leaks?
Only a 8.5m cut.
Not 100% sure, afaik, you may be asked to fund down to 0p, ie 880p for each SB open ( need to check with your provider). When the deal is completed, your account is then credited in accordance with the deal .. ie 1500p for each SB opened. Though as I said this process could take months to complete, hence lock-in your capital.
How do cfd and sb accounts work in that situation NEW? In reality you only own a contract not the shares?
No de-list, ie taken private not suspended which happened with Marathon.
Plus any SB or leveraged accounts may need to be funded down to zero whilst the deal is completed.
New,
Delist due to an acquisition? Not that would be nice! I almost bought in prior to Marathon acquisition but missed the boat unfortunately. Couldn’t believe my eyes when dropped below £10, let alone £5!
Dipped in with £25k @ 609p. In all honesty, i’m starting to regret not goin higher! I’ve got a couple of other oil stocks on the go. Chances are they’ll rise more substantially than RRE next week, i’ll be taking it all out all ploughing it all in RRE! In for a penny and all that!
Have a good Easter weekend everyone & Stay Safe!
OM,
All other oil producers PMO, ENQ, SQZ, TLW, HUR etc all finished well into the blue, in fact yet to find one other decent company than us being red ..... we were on for a close of +5% ( even that rise was poor) until the last 30 minutes when there was a sudden drop that didn't abate, over a -12% swing down .... mighty strange. No real reason, just literally 'out of the blue' ... into the red !
Maybe if we de-list that would lock in people funds for months and months .... maybe that is the reason !
Don't think anyone expected that finish tbh.
Acquisition? Lol
Let’s hope so
Time to get the popcorn out......
NewKOTB, what’s your thoughts on the unexplained drop in the last hour of trading!
Amena Bakr
@Amena__Bakr
·
36s
Saudi Arabia to cut from a baseline of 11.3 million bpd #OOTT
Amena Bakr
@Amena__Bakr
·
1m
Things are getting a bit chaotic I’m told.... some ministers are asking that Russia and saudi bear the “deeper cuts” they are proposing #OOTT
Amena Bakr
@Amena__Bakr
·
4m
There’s some tension at the moment....seems like Saudi Arabia and Russia agreed on a deal before the meeting and now want a deeper cut from all... lots of push back #OOTT
Amena Bakr
@Amena__Bakr
Ok so the May- June cut for this year will be a cut of 22% of output for opec plus states #OOTT #opec
https://mobile.twitter.com/Amena__Bakr
"Listen up. This is what they will discuss now. A 10-12 million bpd cut from May to June"
"And then a 8 million bpd cut from July to December 2020"
"Saudi’s oil minister is calling for “bold” cuts"
"Angola’s minister is also supporting deeper cuts"
"Amena Bakr
@Amena__Bakr
3m
The ministers will go into the closed session soon #OOTT #opec"