OTCPK:ICPVF - Post by User
Comment by
BSdetector2016on Mar 22, 2020 4:40pm
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Post# 30835524
RE:RE:Oil Insanity
RE:RE:Oil InsanityFantome wrote: hawk35 wrote: Just updating a post I made five days ago.
Oil producing countries are still increasing their output:
3.0 million barrels Saudi Arabia
.2 million barrels UAE
.1 million barrels Kuwait
.2 million barrels Russia
These countries are increasing output by 3.5 million barrels a day. At the same time oil demand is expected to drop by 8 million barrels a day. It means the world is oversupplied by about 12 million barrels a day. Won't take long to fill up every storage tank and every floading oil tanker all over the world.
The fact these countries are pushing ahead with this increase in the face of the virus crisis suggests pride and arrogance will turn everyone into losers. Only question is who will be the biggest loser.
Everybody on your list can produce oil at much lower costs per barrel than shale or oil sands producers....take it from there....
Longer term the Saudis need higher oil revenue to keep their natives in check and not overthrow the Monarchy....
Storage capacity will be at a premium; tanks and tankers. Interpipe has tanks so maybe we could get top dollar for them while the Saudis commit financial suicide.