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Norway Mega Project will Add 440,000 Barrels a Day by Next May

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The beginning of what Jabbar?

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(edited)

17 hours ago, TomTom said:

The beginning of what Jabbar?

The BEGINNING of increased Norway production.

The  BEGINNING of meaningful increased production from Gulf of Mexico, Iraq, Brazil, Nigeria, Russia, Guyana, Columbia, Argentina, Canada (after KeystoneXL), Saudi/Kuwait (previously disputed territory)

The BEGINNING of the END of OPEC

Can OPEC be a publicly traded company and OPEC member at the same time?. 

Then add in the partial U.S. trade deal about to be signed with China that will be based in part on China buying large volumes of additional Oil. This will add additional oil on the world market. That's Very Large Additional Volume of Oil bringing price competition.

The market hasn't seen the benefit of the new U.S. oil pipelines to export terminals.  Just starting to ramp.  China will be taking a good part of that oil.

U.S. shale wins. OPEC producers lose.

U.S. Crude exports stuck around 3 million barrels a day for a while now.  That will increase to around 5 million barrels day by end of next year.  

Don't be fooled by the shale naysayers. This is all part of industry transition.  Shale production will grow next year. Albeit at lower prices.

$55 to $65 Oil is fair price for consumers and producers for now.

Edited by Jabbar
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(edited)

9 hours ago, footeab@yahoo.com said:

Norway Production: https://www.ceicdata.com/en/indicator/norway/crude-oil-production

440k barrels will only start to make a dent and Europe is still a massive importer.  South East Asia are still developing and will dwarf usage of the west and all of them either have zero crude, or dwindling quickly.

440k only a dent.

Therefore OPEC WORLDWIDE CUT OF 1.2 MILLION WAS SUPPOSED TO RAISE BRENT FROM $50 to $70 - $80.

It's the demand.  Its your President Trump's fault.  No, not really.

Other topic: If market sets Aramco valuation at or under 1 Trillion dollars do they go forward or cancel IPO.

Edited by Jabbar

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21 minutes ago, Douglas Buckland said:

Just what we need! More oil in an over supplied market....who are these geniuses? 

People who can read an import export balance sheet

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5 hours ago, Douglas Buckland said:

Just what we need! More oil in an over supplied market....who are these geniuses? 

If they can produce profitably at the current market price, why wouldn't they?

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Greta will have a fit!!

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(edited)

On 10/8/2019 at 3:11 PM, Douglas Buckland said:

Just what we need! More oil in an over supplied market....who are these geniuses? 

Mainly Equinor (Statoil), but there are a few other partners as well. 

It is an offshore development by the way... 

Edited by Rasmus Jorgensen

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