America, it has been reported is having a trade spat with China.

As a result China has hinted that it could dump its vast holdings of US government debt thus promoting a slump in the dollar.

China holds approx $900 bn in a mix of US bonds - liquidating the dollar could trigger a dollar crash perhaps tipping the US into recession.

The games are so important for China's image - they will do nothing till they are over.

The collective over oil is something the Chinese, Russians and others are keen to establish asap - especially now oil is available in Iraq.

The above are to be monitored - the chinese hold all the cards and the USA knows it but cannot do anything about it.

I advise caution and to keep a watchful eye over these future events as they will have a huge impact worldwide - all in my opinion of course !!

Hope the above helps clarify.

Hatto - 28 Aug'07 - 11:14 - 94785 of 94786


25k roll-over just gone through.....looks like 2 sells but isn't.

The world needs oil.Peak Oil predicted years 2010-2015. Oil in Iraq is crucial to keep pace with world demand.India and China.PET initially will be valued on oil in the ground i.e proven resources and again when it becomes independant Iraq oil producer.Oil is just sitting there in billions of barrels do bear in mind oil easy and cheap to extract.

Quite right lex - peak oil is already here and things are already going wrong - the saudis in my research do not have what they say they have - hence why Iraq is so important.

This will become a battleground between Eastern powers and the western powers for this oil in Iraq - PET is in a great postion to benefit it's shareholders - Itochu is the largest importer of pacific oil - work it out which side PET will eventually be on !!

My comments in other posts will have an effect on all that happens in Iraq and the world - just be aware nothing wrong in that.

For those that do not know - August is the Olympic games in China

Pinnacles---------Very interesting couple of posts, I gather from what you are saying that there will be two markets for oil in the future, ie one in dollars & another in whatever currency the Russians, Chinese & Iranians decide upon? Whilst PET is in a great position (I still hold PET), I would have thought that ultimately the beneficiaries will be decided by the Iraqi Government, and if a large chunk goes to the U.S. then that would somewhat dent the aspirations of the R,C, & Iranians to become the dominant force in oil. Only my view.
2517

I don't think the Iraqi's will give much to the USA - the american oil companies will try to get what they need by takeovers.

In pet's case it will the Japanese who will make the offer - all in my opinion of course.

In terms of aspirations most of the new oil will be in the East making it very tough for the americans - however word is they are now waking up to the problem so watch those tiddlers get swallowed up !!

You have to remember that it is cheaper to take others over than drill to the depths to get oil - apart from Iraq of course.

Tar sands - waste of time and too expensive.

Pinnacles ----One of my earlier posts on the previous PET thread voiced my fears of PET being taken over before they (PET) realise their potential, ie acquired on the cheap. Interesting that you think the U.S. won't get much Iraqi oil. I agree with your 'most of the new oil will be in the East', and if the majority of it is under the control of the Russians, Chinese & Iranians then God help the world, which is why I think the West and in particular the U.S. will be huge beneficiaries. I cannot see the yanks after the losses they have incurred in Iraq, allowing themselves to be held hostage by an unfriendly (possibly) Eastern cartel.
2517

George,

I would like to think you are right, however they are already being held to ransom by the middle east.

The new era sadly is in the hands of the chinese and russians and they don't take prisoners.

If anyone really thinks they have mellowed then they are not part of this planet.

The contracts I bet will have a proviso in them stopping any USA companies taking over the contracts unless the Iraqi government says so.

The Americans are not what they used to be and the Europeans are now more to the left - so the gap is already there.

Remember that PET when awarded contracts can book the reserves to the balance sheet - we do not need to wait until the actual oil is coming out the ground - it is all down to potential.

The dangerous bit with this share is not to be too greedy when the price reaches 'ss.

Excellent thread and an excellent share. This is the start of big things

The only thing that could screw this up is Mr Bush.

The speech he has just made is not far short of putting Iran on notice of something imminent.

Any action would seriously screw up PET's intentions and share price.

Let's all hope that Putin puts a shot across Bush's bows and makes him see sense.

Fatgreek - 28 Aug'07 - 21:13 - 95046 of 95104


lol



Bush Touts Iraqi Agreement

Tuesday August 28, 2007 12:16 AM


By JENNIFER LOVEN and ANNE GEARAN

ALBUQUERQUE, N.M. (AP) - President Bush on Monday said an agreement among leading Iraqi politicians is a promising sign of political progress, but that the pact on some issues that have blocked national reconciliation is not enough.

``The agreement begins to establish new power-sharing agreements, commits to supporting bottom-up security and political initiatives, and advances agreement among Iraq's leadership on several key legislative benchmarks,'' Bush said in a brief statement upon arriving in Albuquerque.

Bush had called Iraqi Prime Minister Nouri al-Maliki and other top leaders from Air Force One before he came to New Mexico for a political fundraising reception. Sunday's political summit meeting brought al-Maliki together with fellow Shiite Vice President Adil Abdul-Mahdi, Sunni Arab Vice President Tariq al-Hashemi, the head of the northern autonomous Kurdish region Massoud Barzani and President Jalal Talabani, who is also a Kurd.

``I reminded them, and they understand, much more needs to be done,'' Bush said. He added that it will be up to the Iraqi parliament to make the new agreements law when the legislature reconvenes in early September.

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The last sentence imo is a big clue to say that the HCL will pass as soon as parliament comes back at the end of the week.

>pixi - 29 Aug'07 - 09:00 - 95256

The MM's have a serious problem and its the simple one of supply vs demand. The closer it gets to the politicians getting back to work in Iraq, the worse the problem will become.

As for current world problems created, once again, by our American cousins, I have been stocking up on oil and gold. Whenever they print paper money to bail themselves out of trouble they are causing more problems for themselves.

>bahouse - 29 Aug'07 - 09:08 - 95269 of 95270

Ignore the shorters...they will not have the gut to touch Pet at this stage ...all they are doing is test our nerves (with the other eye on lurkers/potential investors).... we are in uptrend and any retrace if it happens is normal..nothing to do with shorters. No shares go up in straight line..so our Pet shows a resiliance very few have ever done, as we have seen over the last few days/weeks.

Despite the market fall last night, we finished 11p up, otherwise we could have broken through the 150p easily.

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lex1000 - 29 Aug 2007 09:24 - 38 of 39
.IMHO PET a buy to 150p

So what you are saying is we should sell at 150p - 151p

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lex1000
I bought PET way back 27th oct 04 @1-11p, I just happened to be looking elsewhere the day they dived into the deep end of the pool. Still got them but keeping a real careful eye on them these days. (bless them)

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