Price of oil....A person is really gambling on what Putin decides too do in May on when oil wil go over 75 again....
If Russia doesn't cut production in May on exports...plus this economy...oil will be sub 65 dollars
But if Russia cuts like they say they will, oil prob has a chance of going over 73 at min.
I want to be on sideliens until this plays out.
Putin has the power to sink oil under 60 if he so desires, russia would have production capability.
Western media has a bias on reporting on anything russia is doing well in oil and gas industry.
Russia in many ways is a very large cardinal energy production profile wise, waterflooded or large old fields of 2-15 barrels a day wells but tons of wells.....
I don't think Russia can shut in these type of wells very easily as good chance well doesn't come back producing again as shut in wrecks it. Those old fields are not designed to be shut in on purpose for any length of time.
Poltically I think putin as many reasons to want to sink oil to 60 bucks as it is obvious he has lost the ng battle with europe. Europe will easily have enough gas for next winter. Prob 100% full by mid Sept.
But 60 buck oil would shake up the world.
Alot will depend on how low russia oil prices are from china and india...if wti goes to 66 for example...what would russian price recieved be...45 or 50 or even 55....
Whenever russia is getting over 60 bucks a barrel i think they really open the taps...their treasury needs to the money to pay social programs and pensioners.
I think people are naive to believe that Putin is scared of middle east opec leaders or will listen to them...he will do whatever he wants as he doesnt care.