Member Info for oiluser

Wheres it going to be stored ponzi,

It has to shut down, there isn't enough storage anywhere that can cope with the production at today's level. The projections for us oil production based on current and projected rig numbers is a drop of 6mbod. OPEC + doesnt have to drop 10 or 15mbod, but it will have to drop a significant amount as there is simply no storage capacity. China has been filling their tanks since February, it's also beginning to come back to normality with estimate of 70% back online now business wise.

U are kidding? Ryanair grounded, af/klm 90% grounded, BA grounded, Emirates, Etihad operating at 30%. You must be looking at old data.

So what market share are you referring to ponzi, is it the tanker storage market share.

Not sure if you realize what's going on almost everywhere, nothing is open, roads are empty, skys are empty of planes,

If shale wants to pump out oil at 18$ bbl it welcome too.

None of this matters, world economies are shutting down. When FED starts buying equities then the turn around starts

Saudi wont increase exports over current levels, they have to consider summer coming and their own peak consumption which starts about now and runs till October.

Agreed, and not only nordstream.

Saudi/Russian talks are a smokescreen, unemployment data today likely to indicate a rise to 7.5%. The poo spike will short lived. Producers around the world need to reduce production by approx 20mbod. That's a lot of oil. It wont be long before they have to as storage will be full.

Exactly,

SA have their requirement, Russia has their own. Does anyone think that SA hadn't considered carefully russias position. Of course they had, so they practically willed the reversal on cuts. They and Russia know in great detail the shale situation, who owes what and when is it due. Russia also want the reversal of all US sanctions, and they will get this before they budge on cuts. SA, well I think the US will sweat them out for a bit. Nothing will be actioned until the curves reverse and demand rises

That's an incorrect statement re ppe.

These doctors were GP,s and hospital doctors who for any number of reasons including lack of ppe died. A considerable cause was not donning and removing ppe in correct order and in general most doctors dont have experience of infectious disease protocols. I wonder how many nurses and orderly died also. I would hesitate to be copying the headline grabbing statements being made on some sites. To compare the north and south of Italy in the pandemic, not 1 doctor has died in south of Italy to date. They have implemented strong separation between those working in close contact and those supporting those working in close contact.

Did you wake up from a coma only today logitech?

The slide began in January

Were 4 days since Cairn update, only info on Catcher was a reduced spend on that field this year. As a result of oilprice. I do wonder would it be financially beneficial to shut in some production rather than taking writedowns based on producing oil at too low prices.

I thought PMO would have to notify market if they are having a prolonged production outage at any facility. Is it possible there is a planned shutdown that's moved forward?.

Exactly, infact I found it very positive that he purchased last week and I'm on 19p avg.

Anyway, "we'll see says blind man to deaf dog"

Jmax, what u saying about Sam. I take it as a good sign that he is still buying. If he was short he would be notified. Also, if anyone has an inside track on Africa oil its him.

His average must be in the 60,s, so fair play to him. Another buy soon would likely indicate a bottom and I think I would buy a few more based on that alone.

Surely it depends on UK govt willingness to let/ not let UK energy companies go to the wall. I think the UK govt must be paying a lot of attention to energy independence as a result of Brexit. PMO and Enquest are not insignificant players. And this situation wont last indefinitely.

On the face of it I think that it could/should be possible to get some money from government with low interest to get them through a difficult year or 2 knowing that this couldn't have been forecast even in the worst assumptions of a risk assessment. Government is already planning on supporting other industry groups, so why not the players that make those other groups tick. No energy no economy.

Yup, stories about sxxx bags and deaths door.

"Russia may have a load of oil but getting it out of the ground is more expensive than Saudi oil."

Lifting costs are much the same between the 2 actors you mention. But 1 significant benefit those pesky Russians have is the ruble. It ain't fixed to the $.

I suppose moody's got it wrong, they see Russia GDP shrinking by 1% this year based on low low oilprice. GS sees US GDP shrinking by 25 to 40% in this quarter. It's no wonder trumplestilksen wants everyone going to work after Easter. US looks to be on a CV curve like no other due to inaction based on the desire to not disrupt economy in 1st quarter.

Whether the US goes back to work in April or not is irrelevant as the damage is done. Biggest economy biggest hit, quite obviously.

Russia has been amassing gold like no other country for 3 years as it shifted its money from the US to gold and a mix of lesser currencies for direct trading purposes.

I think Russia well placed here, SA is going to fall. I think the US are happy about that. Between orchestrating attacks on it's own facilities and chopping up a US resident in a consul in Istanbul their road is up.

Really, in 2 weeks and again in 2 months we will revisit the topic of weakness and cracked eggs.