Member Info for kenniGT

Who cares what Mexico says?

Ponit is there is a will cut production till April 2022 by Opec+ and G20 countries.

HeresHopin good point, acquisition was considered when sp was 100p and oil market healthy.
Now we have unprecedented time on the market and any deal would be revised or delayed until everything is stabilised.

But this not important now.

Crisis is over. No 10$ oil on cards anymorek.
That means we are going up.
I know some people writing here, want to top up at lower sp ,hence talk about placing etc. I have seen this many times on many boards in the past...

First, company will be re valuated. No danger of 10$ oil anymore.

oiluser this is yesterday news. Sp was raising since 1 April, now only 35% of normal valuation.
Acquisition adds a lot of value as well, placing shares will be eaten in no time.

IMHO of course.

PMO sp will go up on Tuesday.
Panic is over. Now, slow return to normality. CV is not the end of the world. Will go away in time.
Those who want to top up at 15p again, missed the bus. Just look how it jumped yesterday from 28 to 33 in the morning, with whole uncertainty in mind. MM do not like investors to make monies, and PMO is one of the most wanted shares. Daily amount says that. For that reason, sp will trace back to reasonable levels, as this company is no Angus or UKOG, it produces 75000 pbd.

Knowing that market will be pushing prices up to prevent Saudis to buy out too much. Looks like it is about preservation of western industry . Completly different game to play....

The news for PMO is that oil is not going to 10$ anymore.
This is why share price was so low.
Stability in Oil price is what will lift PMO valuation.

lol reading shorties makes me laugh ;D

It is much better situation than yesterday when we did not know if Russia and SA will agree on cuts. If the cuts happen this will need to be reflected in price, as market closed before any concrete news.
Hello 40p

Thanks KSH321, so the cuts will happen. On close meeting later they will decide how much and who. And tomorrow Yellow man will confirm US output has already declined.

And another source:

https://www.bloomberg.com/news/articles/2020-04-09/opec-agrees-on-deep-oil-output-cuts-to-fight-market-slump?sref=5F8Ao01j

Friday’s Group of 20 talks will provide the forum for U.S. President Donald Trump to respond to OPEC+’s agreement. The Kremlin has insisted that America must do more than just let market forces reduce its own record production. Trump, meanwhile, has said his country’s cut will happen “automatically” as low prices put the shale patch in dire straits.

https://twitter.com/EnergyKc/status/1248271307088760834

Just to be clear, Voluntary cuts will be discussed tomorrow at the G20 by big producers such as US and Brazil. Today's meeting will indicate OPEC and OPEC+ members specifically.

https://www.reuters.com/article/us-global-oil-opec-debate/opec-to-debate-oil-cuts-as-big-as-20-million-bpd-sources-idUSKCN21R2EW

LONDON (Reuters) - OPEC and other oil producers will debate on Thursday oil cuts as big as 20 million barrels per day, equivalent to about 20% of global supplies, one OPEC source and a Russian source told Reuters.

“That is a global deal,” the OPEC source said.

He did not specify if the United States would be involved - something Russia and OPEC producers have insisted on.

Another OPEC source and a separate Russian source told Reuters that Russia and Saudi Arabia had managed to remove their main obstacles to agreeing a new deal on oil cuts.

https://twitter.com/JavierBlas/status/1248254420305010688

I meant:
''So, I think, they are NOT in position to survive without high oil prices.''

Well, the world will not end this weekend.
Was working on metro project in Riyadh 2 years ago. They made cuts and were tight on budget as SA finance was not too good. So, I think, they are in position to survive with low oil prices.

Brent 34.5
WTI 27

This crisis was big overreaction, in time sp will back to normal levels. It is up to everyone to decide what to do. For me in longer term it does not matter what happens on opec++ meeting. Big oil producing countries do not want to sell for 1/3 of the price. For that very reason, the will do everything to go back to previous levels. If not now, than a bit later.

Here is why:

https://uk.investing.com/commodities/crude-oil