Providence Resources Forum

The world’s biggest exporter of oil, Saudi Arabia has cut its production of crude oil in what business reporters are interpreting as an effort to keep prices close to $100 per barrel. With this move, the oil-rich kingdom continues a policy characteristic of the OPEC cartel, which often artificially manipulates the price of oil by increasing or slashing production, as opposed to market forces dictating the price at the pump. Reuters reported: Top oil exporter Saudi Arabia told OPEC it reduced its oil output in August by 400,000 barrels per day, a cutback coinciding with a drop in oil prices towards the kingdom’s preferred level of $100 a barrel. In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries said Saudi Arabia reported August production of 9.597 million barrels per day (bpd), down from 10.005 million bpd in July.

I suppose there could be sometime in these charts, but a lot of people can read them and see a share is undervalued. So therefore the share should go up straight away if the charts are to be believed

feck! hope it holds!!

When is the AGM?

Down another 4%. easy one to short. you are guaranteed it will go down. regardless of what happens. ship is going down and i can hear violins.. and yes i am a holder god help me.

maybe they could be interested in b'roe..

Some of the biggest names in private equity are set to boost the flagging North Sea industry with a $1 billion swoop on undervalued oil and gas fields. Blackstone, Blue Water and KKR are planning to invest in two new shell companies that will snap up mature fields in Britain and Norway that oil majors and smaller explorers do not want. - The Times

maybe they are bankers to the other party? i know they have chinese walls but maybe want to keep their rep unsullied. hoping it's true more than believing it though.

i think maybe liberum capital, davy and cantor should all zip it. they obviously have no clue as to what it takes to deliver this kind of deal. all we are getting is words words and more words and no action. and pie in the sky valuations that seem to have no link to reality.

i think we will die waiting. he definitely couldn't be the type of sales man that could sell oil to the arabs anyway. nevermind what he describes as a world class resource to a resource hungry world.