RE:RE:RE:RE:OPEC and IEA Oil Demand Views Are A World ApartAt no point in this thread was Saudi Oil production mentioned.
GLTA
VeritasVern wrote: Umm in case you are having difficulty following the conversation, the story was about Saudi increasing production---remember?. They are the glue that holds opec together and if they raise production, then everyone in opec does. Not exactly the scenario that helps them. But tell us how shutting in Golf of Mexico rigs is a wash again?? That was classic.
But the point was and is that the Saudi story is a Rumor, with no verification from the Saudis, but intended to keep the narrative and pressure on oil price. The Helene shut in had absoulutely no effect on prices but the imminent cease fire in Lebanon did pressure prices lower considerably yesterday. Right on cue, today we find Israel bombs apartments in Lebanon and the Houthis have increased attacks on US vessels. Interestingly I see a story says prices have spiked, really now, taking a look it appears that oil is up 60 cents, less than 1% and likely will end the day flat or down. Yup it appears nothing will stop the pressure on prices, perhaps the recent story that says Russia has lowered their threshold to use tactical nukes in Ukraine and any nation that assists them in deploying long range missiles? Nah that's not enough
I'm in agreement on the SAGD project but if CJ uses their revolving credit and if they are priced at $3-4 in a big sustained bear market, they will have little besides massive dilution to buy up other producers. The big boys will be cleaning shop and possibly taking out CJ.
GLTA