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Once the sufficient number of vaccines arrive in Europe and travel restrictions start to ease there will be an explosion of the world economy. This will inevitably trigger a new oil super cycle. Oil will go above 100$ easily. Watch this space...Happy you too.
After strong pressure from US, OPEC+ gave in and allowed an increase of 350 K barrels for April. This is not a huge increase but it will still dampen the potential rise of POO. Let’s hope a better vaccine rollout in Europe will start in April as well.
“The Barchart Technical Opinion rating is a 100% Buy with a Strongest short term outlook on maintaining the current direction”
https://www.barchart.com/stocks/quotes/TUWOY
https://uk.finance.yahoo.com/news/tullow-oil-share-price-jumped-120419363.html
I am a Geophysicist and know a bit about exploration. There is no chance they could have reached the target three weeks ahead of time. This is probably a secondary shallow target. The possible fact that they found good reservoir and traces of oil shallow is very encouraging for the deep target. Sit tight, the story of GVN-1 is only beginning.
This small dip is reaction to EIA report. The facts are that overall recovery of world economy is happening and the demand drivers are not Western economies but those in the East. Es long as Saudis and Russians work in tandem EIAs opinion is irrelevant.