So Brent didn't do so bad after all, eh Mongy?
We will have a little bit of volatility over the next few months by the looks. Risk is back and combined with the shale oil kick we have seen over the last few months it's scared the bulls a bit. I'll admit, I didn't think we would see the US this strong so soon but I believe it's predominantly the unfinished wells from the last crash that have now been brought online bringing the boost very quickly.
There's a lot of moving parts. World growth will consume another c. 2m bbls a day. Then you have some countries increasing production: Brazil and Canada, 500k combined. And then you have some additional countries with declining and reducing production, Venezuela (declining) and Iran (reducing due to potential sanctions).
Hopefully it doesn't flow through into the PNG economics with the oil price-linked LNG contracts.
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