Much of this downturn has been driven purely by sentiment, so even once the supply/demand numbers start to balance again the industry will need cheerleaders like this to help sway opinion. As much as the media will try to convince us that this is just basic economics asserting itself, it's not. The market is 70% psychology and 30% fundamentals.
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"Before you forget", you say, Anon124? That demonstrates your mental weakness. Like I said, I'm way ahead of you already. Get lost.
Oh, before I forget,... 764,... YOU are, obviously, neither very smart, nor terribly literate. Please consider your shortcomings, before making any future attempts to correct the sentence structure of others, or risk further embarrassment and shame by demonstrating your shallow intellect.
079, shut the f*** UP! You're out of your element.
Anonymous186989, you dunce. Talk slowly if you like. I'm way ahead of you already. Go play somewhere else.
764,.... Shall I speak very slowly, so that you are able to understand me? I said "we" in the sense of the Royal "we". Better? Now, STFU.
Hey 211, don't put "we" in it. ... just a little "short sighted", are YOU.
474,... just a little "short sighted", are we?
Nobody mentioned Shale here. That thing caused a secular shift in the industry. Period
Oil/Brent at $42/$46 in the morning of 10/27/15. What did you say about the downturn?
I'm wondering if the Saudis might not have pushed the matter of market control, too far. Aside from economic sanctions, which he's seemingly ignored, but which HAVE served to batter the Russian economy, Putin's military isn't sitting in Syria strictly for the purpose of propping up Assad. An Iranian/Russian/Syrian coalition has formed right beneath Obama's nose, and a proposed Saudi gas pipeline, supported by the U.S., which was supposed to transport gas from Qatar to Europe, through Syria, now seems impossible. In it's place, however, an Iranian/Russian pipeline for the purpose of moving Iranian gas to Europe, is in the works. Petro-dollars for Mother Russia's coffers, increased control/leverage on Europe via natural gas supplies,... what more could Putin want? Higher crude prices would help. A LOT. With the aide of Iran (also eager for higher crude prices) and Syria (who will certainly go along,... if only to survive), Putin now has options as to how to go about procuring higher prices. It will be interesting to watch, as Obama blusters (and does, jack), what Putin chooses to do,... will he "herd" ISIS south, into Saudi Arabia, to capture/destroy Saudi oil production as a form of retribution for jacking with the market, in the first place? Who knows? But, the thing that can not be overlooked, the one thing that is most likely to change the crude pricing landscape, in the near future, is Russia's unmistakeable desire for power and control. A very good place to start is the energy rich Middle East.
I doubt it!! OP is nor well informed:
"Oil prices extend losses as glut worries persist"
http://finance.yahoo.com/news/oil-prices-extend-losses-glut-024034456.html
Saudis can hold out for a few more YEARS. Unless the global economy, and demand for oil, takes a sharp turn up, we're going to hover between $40-60/bbl for awhile.
Pull your head out OP, the Saudis are preserving marketshare by increasing production from there vast reserves. Just like they did 28 yrs ago. Troll alert.
OP, you are entitled to your opinion or bogus information sources. Have you taken a look at where oil prices ended today? This downturn in the energy sector is in no way over yet. Maybe there will be some hope by the end of 2016 or summer of 2017. If you work for Chevron, the downturn may be a bit harder to overcome. That's my opinion.
Wait till Iran starts dumping its crude in the market.