Member Info for oiluser

Name me 1 oil company that is not in the woods at the moment, BP BE is 45$, and it's one of the better majors.

He didn't have to discuss the obvious, rigs down 31 in Permian last week and I think 20 the week before. 13mbod number by EIA was predictive, actual going to be much lower and dropping.

The US imported 368kbod from SA last week, I think the threat is against future imports in event of killing too much shale. So a deterrent. Not sure if US is being boxed into a corner or not, Russia will be happy enough with oil in 40,s. That is still the end of shale.

Amen oldtimer, Friday to be seen as an example of recovery ability once oil stabilized and CV moving from front to rear view

Lets hope SA and Russia follow through on what they started, kill that mfr shale and let's get back to business as usual. You wont be seeing the banks lining up at Jack the Texas farmers gate looking to plough money into new shale anytime soon

Iranian newspaper?

You should read a little Art Berman, he predicted this situation years ago.

Tariffs on SA oil to US, that was 368kbod last week. SFA in real terms. Canada doesnt import SA oil, and neither take Russian oil on the up and up. Maybe some on the grey market. Tariffs are an idle threat. I think the alliance will sweat the big deal maker out, and rightly so. Big oil wont give a rats arse, they would happily take over loads of shale play and manage it to suit their books.

I thought I would top up at 20p, Monday but if I can do it for 12 I will be a happy camper

There are laws against arming terrorists too but they always have weapons and usually American made

I have no doubt there will be some argybargy in coming week, I'm going to take advantage of this to try get a few more of these. The main news with tlw is the RBL buying time to finalize some portfolio management and of course the CEO hiring.

Of course there is risk but at this price? I'm reasonably optimistic that opec etc including us will do the right thing as the alternative doesnt exist, there is just no storage.

They are shutting in or going into early maintenance mode if possible. There is less storage available for refined products. BP are shutting 3 refineries in US alone.

Production will fall off a cliff anyway, rigs demobilizing at a rate of 9/day.

Yeah yeah, so please ffs tell us all where the oil will be stored?

Yep, big production cuts all round. US considering shutting in GOM, and with rig losses shale is going to slow really fast. 31 rigs down in Permian and 62 oil rigs in total this week.

Russia will pretend to shut in some production as usual, SA told to get OPEC in line or lose protections provided by their Washington masters.

All good for oil going back to mid 40,s.

This will relieve some pressure, still need Alaska to come in with good numbers and big concern about acquisitions at any SP below 75p.

Your in a spot of bother now hawk:)

They need a CEO, the longer it takes the more it looks like a cheap takeover.

I doubt you understand the oil market. Its controlled. It will be priced where our masters want it priced +/- the bumps. There are other factors including the fact no one can produce for long at these low prices. All the breakeven are too high.

Totally agree Plebeen

https://en.m.wikipedia.org/wiki/Impact_of_the_2019%E2%80%9320_coronavirus_pandemic_on_aviation