The price of Organisation of Petroleum Exporting Countries, OPEC basket of 12 crudes stood at $55.97 per barrel, compared with $52.86 over the weekend, according to OPEC Secretariat calculations
Adobong. No not at all. I am still here. I only decided to wait the cycle out. There will be demand for oil again.
We are experiencing an oil glut because Shale gas in the United States has added 9.2 million barrels of oil being produced.
OPEC is producing 24.2 million barrels per day
A quote form IEA
"As of early 2015, the IEA Oil Market Report forecast average demand for the year of more than 93 million barrels of oil and liquid fuels per day worldwide – that works out to more than 34 billion barrels a year – with January 2015 production totalling just over 94 million barrels per day."
Most articles I have read have said it is not cost productive for most US shale companies to produce oil at these low rates.
Plus fracked wells dry up quickly. US have to keep drilling new wells to maintain production.
The rig count is dropping.
Our company is greatly undervalued at the current share price.
I much rather have shares at this starting point.
What do you think the SP will be when the oil price starts recovering?
I just can’t tell you when it will recover.
Is this not what it is about to support them now and to grow with them?
Sacoil share price has been under pressure with the falling of the oil price unfortunately. Something interesting. Hamra Oil first phase of analysis shows there are oil tracks in Lake Malawi. [link] I just want to highlight in the article this paragraph: Then Hamra Oil joined with other three other companies, Rakgas of the united Arab Emirates, Pacific Oil and Gas of Singapore and the South African Company Sacoil have also been granted licences for prospecting. And this sentence: “What we have managed to get is giving us confidence that there are oil tracks in Lake Malawi.†Chiza-Mkandawire said Kind regards Gerald.
George Mpofu wrote about the Multi-Billion-Dollar Gas Pipeline In Development To Link South Africa With Mozambique on Ventures Africa website [link]