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Took some more at these cheap prices .
New CEO imminent.
Oil meeting.
News on 1 billion asset sales .
Lots a drivers and a massive gap up on chart above 47 p
Lol what are u on about.. every country affected by the virus has given business a life line, Putin hasn’t done **** cause they have no money to do that.. he ****ing said it on the national tv channel that poo under $42 is really bad for Russia.. they have reserves of $540b and nothing more.. that won’t last a year with their commitments elsewhere.. Putler is on his knees and he needs this deal more than anyone... they just pulled out of Venezuela where they lost billions, do u really think they would’ve done that if they had money, get real
That should read "back to 10mbod"
Jbatch, you read too much western junk
Petrodollar is under huge pressure, when countries like China and India want to trade with their suppliers in own currency then the end is nigh for dollar dominance. Russia burning through nothing, the collapse in 2015 was more severe and lasted longer. SA will have to halt or scrap their transition plans. The US will continue to subsidize shale, to allow wall street banks to withdraw in orderly manner. US production figures going to collapse, its what happens when the rigs are removed. Production had stagnated anyway at 60. Will see another 100 rigs gone in next month or so. Couple the rig losses with well depletions and it wont be that long before the us is back to 1mbod. That 3mbod will be made up from somewhere.
The argument that rigs will pile back in when oil is 60 is not a given, not without the bail out as wall street wont comeback in as before. People need to remember that there are 50billion in debt due this year, and 100billion next year.
Energy independence for US policy is very expensive and comes on the back of military efforts to cut out cheap producers like Iran and Venezuela. Market economics with strong arm tactics.
Personally I hope that Russia tells SA and US to fcuk off, and to sort the mess out between themselves. It will delay price support but it will hammer shale out of market in longer term.
I do love some of the arguments here, no substance just opinions....
1. End of Petro dollars ... WTF not going to happen
2. Russia are using up their reserves like never before with Virus, wars in Syria and Libya, let alone the money they are losing from oil and the lack of global trade.
3. USA are holding their own and are making money from many sources they have no real issues.
4. Saudi has surface oil and can up or lower their output at will by attacking Russia in Europe they have increased their market share and Russia's has fallen.
5. Saudi just has to upset its people for a couple of months by cutting some of the subsidies and they will be safa to go on for as long as it takes.
Russia ran to the bargaining table when USA brought the deal tweet.... lets see on Thursday what happens, but odds on a deal will be done! may not be the great deal Trump mentioned infact hardly likely too as unrealistic but a deal to reduce is a deal to reduce.... heading in right direction.
By the way What on earth has Iran got to do with it. They are under heavy sanctions and barely afford to run their country... Russia is subsidising them not vice versa
No not stalking you Red just reviewing your record which doesn't say a lot!....UJO, UKOG, ESL.....the list goes on, just another monkey juggler with the monkey still on your back and a chip on your shoulder. I'm not calling you an idiot anymore as even an idiot calls it right sometimes.
Oh Alamo, have I got a stalker?
I’m terribly flattered.
Fortunately other investments have done a lot better, including TLW
But yes you are an idiot
Now pipe down pet
Redhead....idiot?.....how's Hur doing these days? Pension fund?....nice little find at 0.30p?.....who is the idiot here now?... Disengage brain before speaking sonny!
"Russia has no foreign reserves left"
Redhead please check your statements before you present them as facts, Google is your friend.
Furthermore low lift costs for Saudibarberia mean jack since it needs £75-$80 to service the economy (much higher than Russia).
ps. Russia also has one of world's biggest gold reserves.
Lift costs are the same for each, probably a bit cheaper for Russia now with recent ruble weakness. Moodys only last week pegged Russian sovereign wealth fund at half a trillion mostly in gold and euros etc. Dollar dumped over past 3 years
Alamo
You are an idiot
I’m not going to argue with you because of the above point
However
SA lift costs are negligible
Russia has no foreign reserves left
SA started this and they will finish it
Russia will come to the table like a good puppy and sit, beg and perform tricks and then POO will stabilise around $40-45/bbl
See if that isn’t how it plays out
You nitwit
Who would need dollar reserves when they were dumped for gold, Russia not having to play ball ever again for petrodollars. I suspect one outcome from this CV will be the end of the petrodollar over time, that's been russias game for years. Prodding Saddam, khomeni, Mauro, Gaddafi to push the agenda. Game is up on dollar dominance, it's amazing what the theft of face masks and ventilators from allies accomplishes.
Agreed - we will see tactics and volatility leading up to Thursday. But I think all stakeholders know they and the world needs some stability and an oil deal will help. This has been the perfect storm of an oil crash plus a global pandemic. I'm getting sick of reading the word 'unprecedented' but it truly is and therefore this makes the current price a once in a decade buying opportunity.
I tried the not so subtle approach, now the reasoning redhead. Russia can afford the price to go as low as $20 for another year, SA can only afford 2/3 months at that price. Rather than a busted flush Russia has support from Iran. Trump is worried that's why he broached the meeting because if shale. Make no mistake USA and SA are worried indeed! Oil will drop leading up to Thursday, IF the meeting goes Trumps way not a lot will happen, I expect an adjournment because Putin will put strong arm tactics.
More like a busted flush
They can’t live with oil prices this low
SA is proving that
The only reason Russia is coming to the table is because SA is shafting them
They have close to fook all dollar reserves left
At this rate Russia will be broke in a month
Alamo or rather Coco the clown - please pipe down son, you’re embarrassing yourself
Oh, and I think that you’ve soiled your underwear too
Go clean yourself up