OTCPK:ICPVF - Post by User
Comment by
NiN777on Apr 13, 2020 11:13am
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Post# 30903051
RE:RE:RE:10 million barrels
RE:RE:RE:10 million barrelsNobody can afford oil to stay low, it will be a culling of the weak / run to the higher ground.
JohnFriesen wrote: flanter wrote:
All we know for sure is that the Saudis can sell at $10 per barrel and still make money.
It always makes me laugh when people display their complete ignorance in such a clear manner.
Yes, the Saudis may be able to pump their oil out of the ground for $10, but they cannot replace reserves for that, nor can they pay for all of their social benefits.
Some have said that the Saudis need $80 Brent to balance their total budget, but even if they tightened their belts, they would probably need at least $60. Even if WTI carried a heavy $10 discount, that would be enough for most Candian producers to stay in business, and use our infrastructure.
I don't know why you are here, flanter, but displaying your ignorance sure isn't adding to the discussion.