The compromise could be 700,000 barrels but the actual production increase could be around 400,000. At 1 million extra barrels prices may be drawn lower but at 500,000 prices could hit 40.
More Quotes from Peter Hitchens:
Despite the increase, there is nothing to suggest that the group will be able to increase its growth prospects, which should depress returns.Peter Hitchens
supply and demand price for oil stands at around 27, so 5 to 6 (of the current price) is pure speculation. There is no demand for oil at these prices, buyers are sitting and hoping oil prices will fall, but prices could shoot up if there is a panic. There is real concern heating oil could run out.
Peter Hitchens
These are attractive assets, and an interest in upstream assets is always valuable,
Peter Hitchens
Earnings tend to follow the cycle in oil prices, and this is the peak of the cycle. Going forward, there is a lot of investment from the industry in capacity.
Peter Hitchens
The myth about Muslim tolerance needs to be exploded, Behead those who insult Islam.
Peter Hitchens
Hunting has reported a good set of final results ... We believe that the group will be one of the prime beneficiaries of the increase in upstream capital expenditure by the integrated oil companies.
Peter Hitchens
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