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The Saudi + UAE plan may have evolved to overproduce to the extent that they fill storage sufficiently to supply almost total global demand for a significant period. By capturing such a massive market share they may actually increase their net revenue - albeit by supplying quantities that they cannot sustain indefinitely.
Of course, some of this could simply be bought-up by competitors for resale later - as it will be cheaper than the stuff they themselves are extracting. Either way, the glut could conceivably last a lot longer with the KSA and UAE effectively squeezing all others, including the KRG, out of the market until a significant time after the inventories match demand again.

I agree Ammu. Very premature to call the recent market low the 'bottom'.
Things in the US and Europe are still on a downward path and many people in the UK effectively confined to home for the next 12 weeks - ie until mid summer. The impact has potentially only just begun in terms of scale for UK, USA, Europe and others.
Meanwhile there will soon be insufficient storage space for the amount of oil being produced and the anomaly of oil prices going negative in certain 'obscure' places may become more widespread as there will be nowhere to put it. It would be best for G and DNO to shut down, especially as they haven't been paid and the oil being produced currently will :
a) Simply increase the debt whilst generating little cash for the KRG.
b) Only realise a very low, possibly uneconomic price.
c) Be stored by others to be sold later, consequently prolonging the period of oversupply.

Sting in the article's tail:
"While Genel's share price clawed higher after the sell-off, I would not say I am highly confident the rally will continue. There are still too many variables traders will have to price in during the next months."

“Our estimates suggest that KRG is not able to pay oil companies below Brent oil price of $50-55 a barrel,” Sparebank 1 Markets analyst Teodor Sveen-Nilsen wrote in a note to clients." - from Reuters last week (link below)

“At the current oil price, we expect the Kurdistan players to report very low or none cash payments from KRG,” he added.

London-listed Genel Energy, which is also involved in the Kurdish Tawke license, similarly noted capex would fall and that output could suffer from a lack of drilling, but said its mid-term production outlook was essentially unchanged.

https://www.reuters.com/article/health-coronavirus-oil-investment/independent-oil-firms-bw-genel-dno-panoro-slash-investment-idUSL8N2BB3AJ

More widely, regarding Iraq in the current situation:
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/032620-iraq-asks-iocs-to-cut-budgets-by-30-postpone-payments-due-to-oil-price-crash

Wednesday was not the first occasion that we’ve seen G suddenly run up to a height and then get rapidly dropped. It reached an obviously suspect price that day and when exactly did news first start to circulate about the Lebanon Bank problem? The S&P article is dated 25th. G’s is an easy price to push and we know people were buying sufficiently to do so….(and I don’t mean people properly declared in RNS’s)

If we look at the comparison chart for the month to date:
https://invst.ly/q9hbw
we can see how this latest sp malarkey has left G poised in no-man’s land between the majors (RDS and Chev) 25% down and the other KRI companies (GKP and DNO) about 55% down, whilst G, at 90p, is about 40% down over the month -exactly in the middle. Maybe 10p of that could be attributed to the divi, which would still leave G at 80p - about 45% down. So it’s about 15p above equivalence with GKP after taking the div value out.

Will the latest shenanigans leave G at a premium to the other KRI companies? It does get rated more highly by some analysts but, after this week, who do you trust? Spikes and rapid fall-backs are a bit too common around G’s stock for my liking, And I hope I’ve already made it clear that I don’t consider that these are in any way connected to the company itself.

And on the issue of KRG payments, all I will say is that when you are clinging to a rope after a disaster, the last thing you need is to find yourself being hauled up by a crippled helicopter.

I’m still invested in G. But it certainly isn’t my main rescue vehicle from COVID19’s impact on my investments.

Well said bunks!

So, after carefully building back up over the last week, I'm now back down to 40% of what I was holding prior to the OP crash....
With the current KRG situation I think that's about the limit of what I'd want to risk but I don't rule out trading on a day by day basis. With no payments likely, I can't see how G's sp can recover as quickly as others in the market. If I'd known about the Lebanon bank story on Wednesday I'd have ditched the lot at 116.

That's a 5minute chart so I'm talking intra-day - sorry should have been clearer. Only an opinion.
I have sold 50% of my G this morning. I de-risked just over a week ago and then re-acquired most of it and did some trading on the way. I've now offloaded back to where I was immediately before the results day, 19th.

So, will G continue in the blue trend today? If it does then 90p won't hold....
https://invst.ly/q9buj

Plus this useful observation from TacoTaco:
Lebanese banks were paying upwards of 5-6% on USD deposits and the country had never defaulted not even during the 15 year civil war... so was a good risk/return strategy by the KRG at the time especially that KRG has been home to many Lebanese bank subsidiaries in the post Saddam era.
Unfortunately sh*t just hit the fan in 2020.
Expect much more sovereign defaults this year and stagflation in coming soon once this corona thing (the virus alone) is sorted... the idiots in the US have just printed US$ 1 trillion in the last 10 days and another 3-4 trillion are on their way...
All good for commodities especially gold... but goodbye middle class and freedom!!

Just starting a new thread so we can keep this stuff together. These links previously posted:

https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/032520-iraqs-krg-delays-oil-payments-with-cash-stuck-in-lebanese-bank-sources?utm_source=hootsuite&utm_medium=twitter&utm_term=plattsoil&utm_content=edffc0e8-4954-489f-9ec6-9b48f8e76bb6&utm_campaign=oilnews

https://www.euromoney.com/article/b1kwbrjj7pczrz/lebanon-depositor-bailin-39may-be-the-only-way39-to-save-the-banking-sector

That's disgraceful Hasiba.

Is that Corona beer?

Yep. I also think the sp is currently pricing the company at a nominal 80p + the dividend, on which basis it might remain fairly settled provided OP does not fall further. That roughly 3.1x OP +10p .

Bunks: yes agree with your payment schedule.
I think we have to assume that payments are going to be much further delayed now. The KRG needs to reach a satisfactory arrangement with the oil companies in order to maximise ongoing revenue with suitable security to cover the delay in payments. Much will depend on the Lebanese bank issue being sorted - it looks as if the KRG are going to be forced to take a 'haircut' on their deposits. Nice choice of bank for critical strategic resources.

Lebanon bank 'shizzle':
https://www.euromoney.com/article/b1kwbrjj7pczrz/lebanon-depositor-bailin-39may-be-the-only-way39-to-save-the-banking-sector

(does not mention 2020 as far as I can see) - - obviously mentions the budget issue but not specifically Oil Co payments, although the picture is very grim indeed.

Thanks Ammu, here's one source (does not mention 2020 as far as I can see):
https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/032520-iraqs-krg-delays-oil-payments-with-cash-stuck-in-lebanese-bank-sources?utm_source=hootsuite&utm_medium=twitter&utm_term=plattsoil&utm_content=edffc0e8-4954-489f-9ec6-9b48f8e76bb6&utm_campaign=oilnews

I very much agree with your assessment regarding G, Jack.
I don't think Hasiba's comments were directed at you personally - a few of us have made similar comments/observations to yourself.
Much of what he has posted in recent days has been deliberately outrageous/humorous - he's quite open about his ramping.