Let me get this straight we have:
1) increasing global oil demand
2) declining supply not only in U.S. but in other oil producing countries including Canada and China
3) not only Santos but companies all over the world focussed on improving balance sheets which means expenditure on developing new wells will be a thing of the past for a long time to come.
4) banks and capital markets reluctant to provide liquidity to the energy sector for years.
And people think the oil price will come down again. Good luck.
POO in the POO, page-55
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