Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
https://oilprice.com/Energy/Crude-Oil/The-Pandemic-Could-Lead-To-A-Major-Oil-Supply-Crunch.html
jubileey, they took down every post on the link, mine included.
I agree with you in regard to Biden who will certainly look to remove tax breaks, dump more regulation on oil.
How much remains to be seen but that uncertainly is leading to USA banks not lending to shale.
He will try to bring Iran into a nuclear deal imho, especially after bringing in his new CIA head who was one of the team negotiators on the original deal.
Iran themselves are aiming for about 2 million extra barrels of production per day by March yet they will need to gas inject etc to get wells running and US sanctions overturned. It is doubtful they will agree by then/iran can rush production up.
Once there is agreement OPEC+ will have to take it into account if they all want oil prices to continue to rise.
Asian oil demand is expected to grow by 1.7 million b/d in 2021.
Given they expect China to grow oil demand 6-8% when indications based on the last 2 quarters are double digit growth and India is at 100% refining capacity it could easily be half a million barrels a day on top of projections.
2021 wont be the year Western oil demand recovers but well get at least half way.
The longer companies hold over capital investment which is still here till that demand picks up the longer supply shortages in oil will come 2022/2023.
slift, how are you working that out when slide 39 shows a 2021 cut in costs of 23% over 2020 from $600m to $460m???
https://www.tullowoil.com/application/files/5216/0630/0517/Tullow_Oil_plc_-_2020_Capital_Markets_Day_-_FINAL.pdf
slift, where do you get your figures from?
the capital markets day presentation makes no mention of costs with the exception of lowered operating costs for Ghana of $62m in 2021 over 2020. A drop in operating costs of almost 16% for 2021 in Ghana. Slide 13
Also drop in well costs of 20%. Slide 14
Also drop in overall costs $140m for 2021 over 2020 slide 39 suggesting $35 2020 oil costs will be 23% lower in 2021
https://www.tullowoil.com/application/files/5216/0630/0517/Tullow_Oil_plc_-_2020_Capital_Markets_Day_-_FINAL.pdf
but at least ur not in Zimbabwe...
https://www.aljazeera.com/news/2021/1/6/worst-nightmare-zimbabweans-suffer-amid-rising-covid-cases
South Africa 1.13 million cases, Zimbabwe next door 17194 cases just shows you the lack of facilities rather than a true account of covid reported figures.