Gear Energy Ltd T.GXE

Opec cut 1.16 millions bpd..

[JTDOUBLE]

All positive oil trade this week!!

traders hold on your bullhorn here this coukd ignites some drastic move on the price here!!

[Roscoe747]

Payback for the SPR releases last year, 'voluntary' cuts may be responsible for January production that is 1.8 mmb/d under OPEC official quota. If demand destruction priced in to WTI does not materialise, WTI is only a refinery fire or oil spill away from last year's highs if not higher. Joe will encounter pushback if he attempts to sell more SPR, which he will. Failing to contract

[JTDOUBLE]

Opec means business no one expecting  a cut , they actually giving Joe his own medicine here ..  They will hold oil price to 80 bucks floor ..

[Roscoe747]

A small quibble: These cuts are NOT OPEC cuts, they are voluntary cuts by individual members. This leaves the organisation free to make an official cut if Joe tries another SPR disposition.

[JTDOUBLE]

I think smart in a way to say voluntary rather than opec decisions .. media blitz not to blame Opec.. underneath the mask we know it is opec..

[pierrelebel]

Two weeks ago, GXE concluded their monthly update with these words: "We will watch the market over the next few weeks and decide if anything in our current business plan needs to be changed to accomplish these key goals." Today's announcement will lead to GXE confirming the $0.01 monthly dividend tomorrow!