Offshore

Vikpat
20.12.2018 kl 11:49 1416

There could be many reasons or combined together,
Insider sale, WG boats back in the market, Huge sale from PGS insider, Lower oil price driven by 1st OPEC production cut and then 2nd higher inventories from the US.
There is a kind of pessimism about Oil inventories in the US and effectiveness of OPEC+ production cut.
Fact,
The oil price has dropped +35% in just 3 months, this is not sustainable for Saudi Arabia as their budget has increased the spending, in fact, lower WTI price means Slow down in shale investments. That means it will no be profitable for US either. The oil price we are seeing now is just overreaction of US inventory build up.
It will settle about 60-65$ in 2019.

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