RE:RE:RE:RE:Market feelingsSo US doesn't want to cut production? Lol I don't think the US operates like OPEC, oil companies don't just sit and decide to cut production by 1m bbl a day. It's a process that's starts with Capex funding cut for next year. Drilling decreases and projects are put in the back burner. So this will take couple months.
Yes some oil companies will shut down or get bought out.l and in my opinion oil will go down further. However I still feel it will be naive for Africa oil to sell now with enough money to drill the rest of the 6 basins and create some tremendous upside. Later in the year they might give reserve estimates which I think will be greater than 1 billion bbl. 6 basin openers still to go. 2015 oil rises again to the 80's. And then farm down. Thanks,