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Is that the US oil producers need $50 or more to make a profit. A drop of oil exports from the US down to say 3 million barrels a day would balance the drop in demand from China. China imports 7.5 million barrels a day and the US exports 7.5 million barrels. There is a huge cost for US oilers to get their oil to the ports and the last time the price of oil dropped below $50 american oilers shut down.
GLA.
Wizard I know of no news from the site today other than what has been said on twitter, but many years of experience connected to the oil industry (all over the world) tells me that by now a plug or seal will be in place and tests are being carried out. Halliburton move quite quickly.
GLA.
Craig I will bet that HH1 will be shut down for its protection until the fix is done. That is why its been shut in this last week or so. Yesterday I know it was flowing but hope as we speak its shut down again. All in my opinion.
GLA.