The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
snap
Not sure if anyone's already posted this
#PMO looks forward to working with
@BP_plc
its new partner in its operated Andaman II PSC, with the sale of Kris Energy’s 30% interest to BP completing yesterday. https://bit.ly/3aQZzBk #OOTT #Indonesia
Still, look on the bright side, the world might have reversed global warming by the time this ends and we we won't have to listen to a thirteen year old telling me i robbed her of her youth! ;-)
Durrant pulled a rabbit out of the hat on the last oil crisis. He isn't a stupid man and i feel he is fully aware of the companies plight. As long as the world gets back to some sort of normality you knoe darn well a deal will be sorted but the us. have to play their part and not keep pumping record amounts. The last few weeks has probably put paid to that anyway.
Nice to see oil head south since us markets opened, 4.30 comes and up it goes, shock!
Mr Durrant might pull another rabbit out of the hat once we get approval. He cannot go ahead with the deal he was looking at, we would have to dilute too much. Figures are his thing.
I think they should susbend all markets for 6 months, we could all have a lie in and those poor traders won't have to travel with the infected, no sarcasm honest.
Hi Emerald, as I said the other day, it's time for the US. to play ball and sit down the other two children and work out cuts that are fair to all. US. oil has most to lose.
from oil price.com
Saudi Arabia to increase production to 12.3 mb/d. In April, Saudi Aramco said it would increase production to 12.3 mb/d. Output will be “300,000 barrels per day over the company’s maximum sustained capacity of 12 million bpd,” Aramco chief Amin Nasser said in a statement received by Reuters. The move marks a major escalation in the price war
Russia could increase production by 0.5 mb/d. Russia’s energy minister said that it could increase production by 0.5 mb/d in the near future, but also said that the “door isn’t closed” for further talks. “If needed, we have various tools, including reducing and increasing production, and new agreements can be reached,” Russian energy minister Alexander Novak said.
I read something earlier that stated Russia haven't ruled out further talks. This might be why.
I think at the moment oil is so volatile, if someone farts in one direction it would have an affect.
Unfortunately I can't survive this
If anyone in US oil has half a brain they should seriously look at conforming on production cuts and work with Russia and opec.
If they don't they're going to be pretty screwed, surely they can see that. The game of those got the biggest balls will end in a party of Eunoch's!
This will clearly never happen and as much as I and everyone in PMO is hurting, i do agree with Russia as to why should they and OPEC be cutting production just to help Shale oil companies survive.
Time for Trumpy boy to eat his hat or be the man that killed Shale oil.
Probably right, i read too much into the update too. I had it in my head to wait for the full year results and that coinciding with the opec meeting i felt would propel pmo higher.
Why didn't I stick to my original plan to get out completely at 120p?
Answers on a post card please.
Pt 2
Just as the coronavirus outbreak wreaks havoc on the oil market, Russia has spotted an opportunity to hurt rivals in the US shale patch. Moscow’s partner’s in Opec now are collateral damage, and a price-sapping war for market share may follow.
The three-year partnership that joined geopolitical rivals and halted the biggest crude price crash in a generation hit the buffers on Friday when Saudi Arabia-led Opec and Russia failed to agree on deeper production cuts in response to the spread of the coronavirus that has hit the global economy and its demand for oil.
Russia’s view that rival North American producers would gain most from new efforts to prop up prices killed the deal, said people familiar with the negotiations. Saudi Arabia, unwilling to take on more cuts without Russia as a partner, may also now be dragged into another stand-off with US shale.
Brent crude, down about 30 per cent since January, slumped a further 9 per cent to $45 a barrel on Friday after Russian energy minister Alexander Novak said producers would soon be able to pump at will, ending three years of supply cuts designed to support prices.
“Of course, if there is no agreement, Saudi Arabia will produce whatever the customer asks for,” said one Opec delegate. When asked if countries were entering into a fight over market share, he said: “It could be.”
This has all the hallmarks of a price war, the only thing missing is the smell of gunpowder
“This has all the hallmarks of a price war, the only thing missing is the smell of gunpowder,” said Jamie Webster, senior director at BCG’s Center for Energy Impact.
Russia is not a member of Opec but now holds huge sway over oil policy after joining the cartel in making production cuts three years ago.
But Moscow’s refusal to agree deeper cuts was a deal-breaker this week, demolishing a Saudi plan to increase their size and prolong the curbs until the year-end. The kingdom’s plan was conditional on all players taking part: Russia baulked.
It wanted more time to assess the impact of the virus on demand, said officials in Vienna. But Moscow also eyed an opportunity to damage rival US shale producers and the wider American economy, said three people familiar with the discussions in Vienna.
“Russia has had enough of the shale guys living off Opec-plus,” said one person familiar with negotiations, referring to the cartel and allied non-members.
The Kremlin has also been riled by recent US sanctions on the trading arm of Russian energy major Rosneft and Nord Stream 2, the proposed new gas pipeline between Russia and Europe, said two people familiar with the Vienna talks.
Just as the coronavirus outbreak wreaks havoc on the oil market, Russia has spotted an opportunity to hurt rivals in the US shale patch. Moscow’s partner’s in Opec now are collateral damage, and a price-sapping war for market share may follow.
The three-year partnership that joined geopolitical rivals and halted the biggest crude price crash in a generation hit the buffers on Friday when Saudi Arabia-led Opec and Russia failed to agree on deeper production cuts in response to the spread of the coronavirus that has hit the global economy and its demand for oil.
Russia’s view that rival North American producers would gain most from new efforts to prop up prices killed the deal, said people familiar with the negotiations. Saudi Arabia, unwilling to take on more cuts without Russia as a partner, may also now be dragged into another stand-off with US shale.
Brent crude, down about 30 per cent since January, slumped a further 9 per cent to $45 a barrel on Friday after Russian energy minister Alexander Novak said producers would soon be able to pump at will, ending three years of supply cuts designed to support prices.
“Of course, if there is no agreement, Saudi Arabia will produce whatever the customer asks for,” said one Opec delegate. When asked if countries were entering into a fight over market share, he said: “It could be.”
This has all the hallmarks of a price war, the only thing missing is the smell of gunpowder
Jamie Webster, senior director, BCG Center for Energy Impact
The impact on the oil price from the collapse of the Vienna negotiations could be severe, said analysts, with some predicting a drop to below $30 a barrel.
“This has all the hallmarks of a price war, the only thing missing is the smell of gunpowder,” said Jamie Webster, senior director at BCG’s Center for Energy Impact.
Russia is not a member of Opec but now holds huge sway over oil policy after joining the cartel in making production cuts three years ago.
But Moscow’s refusal to agree deeper cuts was a deal-breaker this week, demolishing a Saudi plan to increase their size and prolong the curbs until the year-end. The kingdom’s plan was conditional on all players taking part: Russia baulked.
It wanted more time to assess the impact of the virus on demand, said officials in Vienna. But Moscow also eyed an opportunity to damage rival US shale producers and the wider American economy, said three people familiar with the discussions in Vienna.
“Russia has had enough of the shale guys living off Opec-plus,” said one person familiar with negotiations, referring to the cartel and allied non-members.
The Kremlin has also been riled by recent US sanctions on the trading arm of Russian energy major Rosneft and Nord Stream 2, the proposed new gas pipeline between Russia and Europe, said two people familiar with the Vienna talks.
Continued
Amazingly us markets have closed up over the week 1.8%. FTSE just under 250 points down.
Oil 10% down on the week. At least we have a few days off before the turmoil begins again.
Enjoy the weekend all.
So they are saying worldwide there are now 100,000 cases of covid19. In a population of 7.7 billion that's still 0.01%.
Most people recover WTF is this all about. I can't wipe my arse anymore coz all the bog roll has been bought in the supermarkets stock markets in melt down. Back in 2009 I sold my Barclays Bank shares that I bought @59p two weeks earlier, for 128p. Barclays is at 130p, unbelievable.
You wonder why Mexico's oil and gas business is In dire straights
and oil reaction.
Oil prices pared some of their gains on Wednesday as data from the Energy Information Administration revealed that U.S. crude supplies rose by 785,000 barrels for the week ended Feb. 28. The government agency had reports increases in each of the last five weeks. Analysts polled by S&P Global Platts expected the data to show a rise of 3.5 million barrels. The American Petroleum Institute on Tuesday had reported a climb of 1.7 million barrels, according to sources. The EIA data also showed supply declines of 4.3 million barrels for gasoline and 4 million barrels for distillates. The S&P Global Platts survey had shown expectations for supply declines of 2.8 million barrels for gasoline and 2.4 million barrels for distillates. April West Texas Intermediate crude CLJ20, -0.55% was up 77 cents, or 1.6%, at $47.95 a barrel on the New York Mercantile Exchange. It was trading at $48.10
Again big declines in Gasoine etc and not as big a build as expected. Can only imagine its the talk around OPEC meeting.