Blog: Oil industry braces for biggest idling of wells in 35 years

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2 comment(s). Last comment by firehawk 2020-03-27 21:57

calvintaneng

56,036 posts

Posted by calvintaneng > 2020-03-27 21:51 | Report Abuse

1. Coronavirus caused airlines to stop
People movement by cars dropped

Leading to crash in demand for oil

Us sanction Russia for dealing with Venezuela caused Russia to pump more and drop oil prices to USD in order to kill off US shale

Saudi in response pumped even more oil and dropped crude to the low of USD25

Double whammy of fallen demand and increasing glut will cause bankruptcies again in the oil world

Ezra, Swibor, sumatech, Perisai, barakah already gonner

More will join the carnage now

This is the clarion call to sell all Ogse stocks except T7 global and Scomies

T7 global being in subsea jobs for carigali and vestigo will be safe

Bombed out Scomies has Assets more than debt should come out ok

Scomies will be the only company to benefit from such low oil prices because of its Rm600 Millons oil mud supply to Kuwait oil corp

In Saudi and Kuwait cost of oil extraction only USD8. 00

So Kuwait oil Corp will survive and Scomies should benefit

firehawk

4,782 posts

Posted by firehawk > 2020-03-27 21:57 | Report Abuse

wan dan

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