The receeding oil price is logical. Germany received 6% less industrial orders in Sept and is heading for reccession.
Thats 2 consequtive quarters with negative growth. Japan is heading for recession and has shut down its fossil fuel driven powerplants and reactivated their nuclear ones. Hence lower oil imports.
USA in 2005 imported 60% of their oil. Now thats just a meager 3%.
Opec is not reducing their output, as the individual members need the income and are likely to produce even more with further oil price decline.
USD 60 a barrel is looming.
I doubt if anyone in his right mind, would even consider a substantial investment in any oil asset, unless the price was right. Very right and that would be nowhere near a few hundred million for what we have for sale.
And with Last of the Mohicans, I am concerned about the the 26 million due in december.
I have said it before and say it again. We need a few more heavy calibre independent directors to bring this management under control.
Best regards from a very worried Simon.
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