State-owned enterprises have perhaps more options than international oil companies. Without shareholders, they can go places that might not be politically acceptable.
More Quotes from Victor Shum:
Because of this, there is concern of a potential disruption in gasoline supplies due to this switch-over.Victor Shum
The geopolitical drama over Iran and Nigeria is sending oil prices upwards.
Victor Shum
But then the storm reloaded over the weekend, gained strength and set on a path toward the oil facilities, ... The people who sold on Friday are probably kicking themselves now.
Victor Shum
It's a lingering fear in Nigeria, so even though it is sort of old news, the market is concerned about it.
Victor Shum
Here's the concern. We're heading into the last quarter of the year, the winter peak demand season. Energy costs for consumers and industries certainly will be high.
Victor Shum
There's not a whole lot of movement in the market today. I think the crude market will watch for the two meetings this week.
Victor Shum
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