For several quarters, Schlumberger's (NYSE:SLB) management team has probably been the most pessimistic about when the recovery for the oil and gas market might come. Yet after a couple years of pessimism, the company's executives seem to think that this is the bottom in terms of oil and gas
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Nobody's an expert, and even if they are it doesn't make them correct on this subject. Predicting the price of oil requires knowing what is happening everywhere in the world, the thoughts of all the leaders, economies, geopolitical risks, and many more factors. On a broad sense they may be able to say we will use more oil, but that is different than the price we pay.
You would think predicting the president of the USA would be easier than figuring out the price of oil in the future because the scale is smaller and more focused. If ALL the experts were correct then the USA would have a different President-elect.
Whatever you think the price of oil will be in the future is probably just as accurate a a guess as anyone else's at this point in time. Factor this in also: "The Dutch government is debating the possibility of banning new gas and diesel cars from 2025." While a small country it might be the start of a much larger trend.
I don't believe the management of any oilfield company. None of them know anything about the future price of oil because there are too many variables and it is too complex. They only guess - same as you and I. Eventually we might be proven to be correct.
I don't believe Schlumberger's management on this one. Oi! reached it's peak in the late 70's, early 80's. It went on a steady decline thereafter. The C---ney Rejects, Sham 69 and Black Flag were at the top of their game during this period of post-sell out punk.
It all turned to custard after this. Today's nadir has produced the likes of Kanye West and Justin Bieber. I week for the youth of today.
The bottom for other companies is likely mid bottom for Weatherford. These guys screw up booms.