Member Info for LGO-fan

Wti dropped to $12, now in $14s

hahaha

sure. But Opec+ cuts are about a 1/3rd of the current over supply. The situation is likely to last for a while, a couple of months at least. This year is a write-off

it's only half the story. There are far more specialized sources out there, who indeed explain what happened yesterday but also go much deeper as to why it happened. None the factors leading up the mother of all oil price crashes is likely to change very quickly.

https://www.bbc.co.uk/news/business-52350082

Wait and see, is all we can do.

Do you have anything remotely intelligent to say?

it would have been interesting to see in the RNS what proportion of bopd CERP can sell on the open market, i.e. benefiting from the $10 difference between Brent and WTI. LK and GS have alluded to this in the past, but I have never seen any numbers on this. Not an unimportant detail in these times. Unless of course this is another promise Lk didn’t deliver on.

another “cornerstone “ investor, I guess?

I think you are are both right;

Short term: it won’t matter

Mid long term: it has a good chance to work

The initial details of the deal, outlined by Opec+ on Thursday, would have seen the group and its allies cutting 10 million barrels a day or 10% of global supply from 1 May. Another five million barrels were expected to be cut by other nations outside the group such as the US, Canada, Brazil and Norway.
It said the cuts would be eased to eight million barrels a day between July and December. Then they would be eased again to six million barrels between January 2021 and April 2022.

makes a lot of sense. Thanks for that

Agree, I have been saying this for a while too that LK will step down. Too many misses: he pretty much has under delivered on every single promise.

sorry, production cuts

So far it seems, the price cut hasn’t convinced the markets.

https://www.bbc.co.uk/news/business-52264546

Trump was very upbeat about this deal

https://www.bbc.co.uk/news/business-52264546

https://www.bbc.com/news/business-52226236

there is hope

https://www.bbc.com/news/business-52226236

Good news

https://www.bbc.com/news/business-52226236

good news

https://www.bbc.com/news/business-52226236