Weekly Review

“We spent a lot of money to go out and drill and use new technologies Continue Reading

“You can never have an agreement whereby everybody cuts production. We can’t trust all OPEC Continue Reading

“Sweet crude from the Bakken fetched less than $32 per barrel on Jan 6, and Continue Reading

“Saudi Arabia and their allies have been very clear about not giving up market share.  It’s Continue Reading

“If prices go down, we are going to cut back to save our wealth—which is oil in the ground.  I’ve seen this six or seven times.  We have ample liquidity, our total revolver available, no near-term debt, a lean organization with just 1,100 people, production of 200,000 barrels per day, and a low-cost, high-margin operation.  We’re going to navigate right through it.”  

—   Bravado from Harold Hamm, CEO Continental Resource.

“Taking into account the future decline of shale production in the U.S. and Canada, it is Venezuelan oil that can become the substitutional element for the receding volumes of those markets.

–Igor Sechin, CEO of Russia’s Rosneft

“[Drilling] Costs are falling nearly as fast as the price, which means oil producers can spend less to get the same or potentially even more in terms of production. While reductions in capex are coming faster than expected, it is unlikely to translate into less supply.“
 
 
— Goldman Sachs report [dartboard alert]

“[Drilling] Costs are falling nearly as fast as the price, which means oil producers can spend less to get the same or potentially even more in terms of production. While reductions in capex are coming faster than expected, it is unlikely to translate into less supply.“
 
 
— Goldman Sachs report [dartboard alert]

“The world has such an improved outlook for supplies. Peak oil theorists have been run out of town by American ingenuity.”
 
 
— Bill Colton, Exxon’s chief strategist

“We are becoming poorer, our savings vanish, prices grow; however we see an opposite effect to the one that is wanted by people who wish to see Putin knocked down.”
 
 
— Olga Kryshtanovskaya, sociologist, Russian Academy of Sciences.

“Russia’s real problem is not a risk of a crisis, but the fact there is no way out of the current situation. A catastrophe is possible only if some really dramatic decisions in foreign or domestic policy will take place in the near term.”
 
 
— Konstantin Sonin, professor, Moscow’s Higher School of Economics