Quote:
Originally Posted by 79ford
It could happen quicker or take longer but this quarter is really the first time i am starting to hear companies say production will be lower over the year. If iraq and iran etc dont add enough to offset the losses the glut could get worked off at some point in time
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Its going to happen and its going to happen more quickly than people think because MSM do not understand the technical issue and thus are not reporting the whole picture. Believe me or not but stay tuned... I'm a realist and I'll cope with whatever happens. But as a reservoir guy I do know certain things are inevitable in the medium term with the removal of upwards of a trillion dollars in oil spending today. Oil isn't finding its own way to our tanks and none of the oil we've seen in NA over the last few years has been "easy" or "Cheap".
On the negative side we may end up facing skyrocketing oil prices in 2-3 years... too late for many unemployed AB'ers and just as the world economy is about to start on an economic recovery.