However, just a caution, oil peak in early 2014 at >100/bbl but American shale flooded the mkt. In less than six mths the mkt tanked. Hopefully, the scenario cud b different.
Repsol sales were completed on January 20. So won't be in this QR but will be interesting to see what they will announce in the investor briefing notes.
The question now is whether the current situation is more like the first half of 2014, or whether it is more like 2011, when prices rose above $100/bbl and largely stayed there for the next three years.
I would argue that we are somewhere in between. In 2011, the markets weren’t oversupplied, but that’s where they were ultimately headed. U.S. oil production has increased by 600,000 barrels per day (bpd) year-over-year, but we are still 1.5 million bpd below the levels just before the Covid-19 pandemic hit the U.S. Thus, with demand largely recovered to pre-pandemic levels, we are still undersupplied relative to two years ago.
With 30T debt, they have to ferment discontent and provoke war among states to sell their weapons. Else how to survive? America is the greatest evil and hypocrite in the world; making rules for others to obey; they never explain to the world how the Red Indian population reduces from 300M to present 4M, what human right they are talking about? But, trust Putin - the ex-KGB agent. He is a smart ass in the tricky political world today.
Posted by pang72 > Feb 14, 2022 10:02 PM | Report Abuse
If you understand the history then you will understand the evil to start the war is America always.
Ukraine war will not be exempted. US is pressurise putin to start the war. It is super obvious
The direct military sales by U.S. companies fell 17% to $103 billion in fiscal 2021 from $124 billion in fiscal 2020, while sales arranged through the U.S. government fell 31% to $34.8 billion in 2021 from $50.8 billion the prior year, the State Department said.
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Posted by myongcc5 > 2022-02-14 14:10 | Report Abuse
However, just a caution, oil peak in early 2014 at >100/bbl but American shale flooded the mkt. In less than six mths the mkt tanked.
Hopefully, the scenario cud b different.