Quote:
Originally Posted by The Elkster
Most if not all their shale is declining now. Permian is hanging in there but it'll likely fall now that prices have gone this low. Either way their production is coming down.
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The oil inventories are really piling up in the usa lately, the warm winter and demand dropping for everything else from last year is pushing up gasoline, diesel and oil inventories all at the same time. Nigeria actually has bottlenecks at some shipping facilities due to lack of storage, the associated producers are having issues just producing oil because tanks are full at the other end of the pipeline. Brass river terminal in Nigeria which loads shell and some other companies oils has the tanks filled to the brim lots of times, its pretty bad in some places.
Oil had a few good days this week and it is still under 30$.... you would have gotten laughed out of the room for saying sub 40 oil a year ago, now breaking 30$ would be a rally in price lol