Providence Resources - Market Will Turn - Just Have To hold our...

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.