Providence Resources Forum

spuddy if you can copy and paste the articles for us cheapskates that dont want to pay for subscription.. cheers

[link]

48% pay cut for Diageo CEO

Combine the Saudi angle with the Futures contracts that US Shalers have been enjoying (due to end soon) this will put a serious dent on the Shalers ability to service debt and stay in business....US shale oil production could fall very quickly as these guys run out of cash

Saudi Arabia is not going to continue pumping 1m barrels more and thus suffering huge losses on potential profits. Saudi is not a benevolent state looking to offer cheap oil to the whole World. Saudi needs oil to rise to enable it to balance Its budget and keep its population happy with subventions. Saudi Arabia has virtually no extra capacity to produce oil. Saudi Arabia Will do a Deal with Iran as it is in both their interests and deals Will be reached where proxy wars with Iran are being fought. Believe that Saudi Will look to move into refining business. Frackers, Canadian tar, deep sea oil all damaged as breakeven cost of production too high. Theses Will be the marginal producers but investors and oil companies will be wary of These projects for some time to come. World demand rising and supply will be reined in By falling project investment or agreement to limit production By Opec, Russia etc

the Saudis hate Iran wondering why they would cut to give them market share. doesnt make sense

[link]

Just Have To hold our nerves And conserve cash. This market Will turn and all the so called experts Will change their stories telling us that they had predicted the rebound. OPEC led By Saudi Arabia along With Russia Will cut production By between 1 and 2 percent. Saudi will Have crushed Shale and made space to allow Iran back into Market. Demand will rise approx 1,4 million barrels next year. Shale will decline next Year and Is already doing so now. Talk of productivity gains, cost reductions is nonsense. 1000 rigs less in US means less Oil production. October is the date for credit lines to highly indebted US fracking companies To be reassesed. With oil at 43 WTI and circa 290bn in outstanding debt who will provide additional loans. Rolling over existing debt is becoming even more difficult as can be seen By yields in secondary junk bond markets. Bankruptcy and takeovers likely with majors scooping up independents and finally putting control on silly US over production. Canadian tar. Deep sea Will also Take a hit. Also need to factor in natural declines 3-5 % on conventional oil fields plus cancelation of over 200bn in projects for future supply and all points to a recovery.

granto this news is old now.. its still a given though that it was a waste of money.

But why they start drill Middlton, instead of Broe?