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Anyone else gutted it’s a bank holiday now? Lol

I see everyone is forgetting about US and China both opening back up, shale still declining and huge cuts in place for long periods. Oil is heading north

Saudi Arabia, UAE, and Kuwait have agreed to cut another 2 million barrels per day in addition to the OPEC+ today's deal.”

Saudi Arabia, UAE, and Kuwait have agreed to cut another 2 million barrels per day in addition to the OPEC+ today's deal.”

That’s on top of the g20 3.5 M so we have the 15M we wanted!

SA and others apparently just agreed an additional 2mbd on top! Good luck shorters

Guys, congrats to all.I’m thinking we should see a nice lift off the back of this,Oil demand is returning in the short term but the cooperation to cut is invaluable.

Fact,Regardless of numbers it’s a good deal. Demand is returning in the very short term and so is $40+ oil.

Deal still not done yet by the sounds of it. Red or black atm

Nope sorry NEW I have misread it as I was on the move. Talks still ongoing, what a joke México are, trump will nail them with tariffs on everything if they send shale under.

Opec 10M is official, tweeted by opec just now. Not sure about g20 members cuts yet

If that deal is done this ain’t going down I know that.

Everyone has them, they just are not as upfront about them as RRE. It’s madness that we are not £35 per share.

Does anyone really think the uk government are going to want to give all this money back in tax relief for no benefit to them what’s so ever?
It’s already Known the infrastructure has been there that long now it’s home to vast marine life and removing it would also be extremely disruptive, not to mention very high risk for divers carrying out the work aswell.
I don’t think much will get decommissioned at all, they will push for CCS to utilise as much as they can

Im not sure about serica but I would think they will be in the same position with decoms?
If you have time upomega watch the recent AA interview which was posted on here a few days ago and he explains how with £2B paid in tax (from marathon) entitles us to 60% for brea and 40% tax relief for all other future decoms.

Still unclear about actual cuts but I’m expecting a blue day for oil Tuesday, looks like a real joint effort to tackle the oversupply with the US willing to cut for Mexico, it’s unheard of! By the time you take into account shale production decline on top of cuts by all I’m thinking we must be near the 15m mark. Expecting $40 oil soon.

33p 40p by the end of close

I’ve said it before but I’ll say it again, my main ho,don’t is rockrose energy
Currently 22kboepd exit 2020 at 30k. 80M 2p reserves (inc cotton )370M in cash and no debt with an Mcap of 100M, you couldnt make it up.
And before anyone mentions decoms we have tax paid on £2B so have 40% tax relief minimum on all decom costs, not due until 2030.

Why pmo went for sheerwater for $650 M is beyond me, they could have literally taken RRE for free, or even been paid to take rockrose. £300M would buy it with £370m cash on the balance sheet.
An acquisition like that is a game changer for PMO.

Totally agree with your post Woodstock.

There seems a clear disconnect with peoples understanding of humanity’s dependence on oil. You want to cause a worldwide implosion,chaos,and unprecedented death toll, then take away oil.

They next few months certainly will not be good for buisness and a recession is inevitable but once these lock downs clear the demand will be back, only with a lot less producers.

Some nice big buys rolling in recently

I agree ohmytoe,I think the ‘price war’ is what dropped pmo so hard with not knowing where the bottom was or how long it would go on for. The cuts show that they are will to cooperate and minimise the glut they are just expecting everyone to do their bit now,it’s no good achieving $40-50 oil and letting shale resume without cutting their fair share,so now it’s their turn.

So wise, maybe a retrace to 27p possibly? I will be buying more if it does though.
Don’t forget China,US, Germany and others are all looking to get started again in the next week or so which will probably knock 10M off the oversupply straight away. The deal is not bad at all, and if g20 shows any extra cuts we are laughing.

On the U.S. side, keep in mind that we have neither a national American producer nor an OPEC, so there is no way for us to assure OPEC or the G-20 that any cuts can be guaranteed. It’s every company for itself in the Permian Basin right now.

But there are two big things OPEC leaders will be watching here: first, the level of capital spending cuts by Exxon, Chevron, Occidental and other major players has been sizeable, so the group knows U.S. output will fall from natural attrition and lack of new well drilling.

Also, the Texas Railroad Commission, the obscure three-person organization that regulates that state’s oil production, could vote April 21st to impose production quotas or caps. It’s a hot topic for another day, but if OPEC believes the commission will vote for quotas, it could take another million or so barrels from the global market.