i saw the interview at the time - was about a week ago
people who listen to entrepreneur drillers will generally hear overoptimistc statements. you dont get to be a billionaire wildcatter without betting big and having blind optimism
as i said a few weeks back - youll lose 20% of rigs before you even start to scratch the surface on production uplift
at same time as marginal small explorer/producer cut back the big companies will be increasing output as much as they can to lower price/barrell
but price isnt always about supply shortage - the same way high total demand didnt stop prices falling.
its the rate of change between the 2 - plus game theory. which is why so many get this wrong for soo long, cycle after cycle.
even though the glut will continue for another 6 months in my view, increased demand and eventually more optimism about global recovery i think should drive price up.
the question is whether there;s another pull back first
the other question is what the new long term range of oil will be - i said $us60-70 a month ago. ill stick with that for now.
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