FWIW31 Oct 2015 20:07
I ended up having lunch with an EX-BP oil trader on Thursday as part of a group. Picked his brains over their POO predictions. He said the $60 prediction given by BP after their last results was very conservative and designed to help them under promise and over deliver and provide a strong buffer for any unforeseen headwinds. He said behind closed doors internally as a company they are targeting an average of $75 per barrel within 12 months. He was keen to state that this would fluctuate + or - a few bucks and he personally thought $80 was probably more likely due in the main to the number of huge projects getting mothballed, plugged and scrapped entirely world wide by the big players . He said by next summer people will be thinking differently about oil in general . Only met him for 2 hours but seemed knowledgeable and realistic.....interesting guy.........
I guess it will only help us if we can get the bloody stuff out of the ground!!