.

Right then, thats it.
I am definitely never going to buy a tin of Argentinian corn beef.
There are 2 reasons for this.

1 Why should I buy anything that supports the Argies.
2 (and more importantly), I can never get the bloody tin open.

http://www.minyanville.com/trading-and-investing/commodities-and-options/articles/Crude-Oil-Natural-Gas-energy-sector/6/6/2012/id/41429


.........The agency, in its most recent Short-Term Energy Outlook, said that it expects global oil demand growth of 1.0 million barrels per day in 2012 and 1.2 million barrels per day in 2013. EIA’s latest forecasts assumes that demand will decline in North America and Europe but this will be more than made up by impressive consumption surge coming from China, the Middle East, Central and South America.

Separately, the Organization of the Petroleum Exporting Countries (OPEC) -- which supplies around 40% of the world's crude -- predicts that global oil demand would increase by 0.9 million barrels per day annually, reaching 88.7 million barrels per day in 2012 from last year’s 87.8 million barrels per day.

Lastly, the third major energy consultative body, the Paris-based International Energy Agency (or IEA), the energy-monitoring body of 28 industrialized countries, said that it expects world oil consumption to grow by 0.8 million barrels per day in 2012 to 90.0 million barrels per day.

In our view, crude oil prices in 2012 are likely to witness more upside -- rather than downside -- given the considerable supply tightness in the market. While domestic demand is relatively soft and the global economy still showing signs of weakness, the fact that demand is outpacing supply appears to be evident.

As long as growth from the developing nations continues and the global output is unable to keep up with that, we are likely to experience a surge in the price of a barrel of oil. With a world population of seven billion people and all the easy oil being already discovered and expended, our firm assumes that crude will trade in the $90-$100 per barrel range for the near future...........

Great news for DES and RKH about oil price means Ziltch to FOGL or BOR as found no oil.

Current price of oil (or near future price) is irrelevant to all of them as none of them are producing. What they would like to know is what the crude price will be in circa three years time.

Hi Harrycat,

Fully agree.
When ever the oil price dips, along come many comments re end of oil price increases, will be an oil glut, or/and value of oil fields decreases.
Most if not all oil analysts predict that oil demand and prices will increase over the next year to four years, whilst oil inventories will drop.
Whichever way it goes as has been often said, oil even with more modern technology re exploration and recovery, will continue to struggle to meet demand.
As to oil prices in 2015/16 and after, all my guesstimate can be is that it will be higher than the current price.

Greek.

greek if you want to know where the oil price is likely to be in a few years time ask the Saudis.

on that basis, assuredly >$85 (today's $ value) as that is the level at which Saudi sets its domestic budget

Question answered by Merrill Lynch:
"After a very strong performance (+15% on average) in 1Q12 with the return of risk appetite, the European E&P sector has pulled back sharply recently to post a flat performance year-to-date. However, the fundamentals for many stocks remain at worst unchanged and at best significantly improved. Our top picks remain: Afren, Cairn, and Tullow. And our top M&A candidates remain Ophir and Rockhopper.
Our commodities team make minor adjustments to our house Brent oil price assumptions: 2H12E moves from US$116 to US$106/bbl (FY12E US$109.4/bbl) and FY13E moves from US$120/bbl to US$110/bbl. Crucially, we still retain a FY12-13E average of c.US$110/bbl, and our long-term oil price forecast remains unchanged at US$95/bbl. Thus, we reiterate our positive stance on the E&Ps."

Ask the Saudis.
I would if I thought they would tell me, but yes, they still have a huge say in controlling the price.

Rumours abound that DANA is now moving up the priority table in terms of FOGL/RKH farm in partner.

Not far away from news methinks.



DANA's website says under its strategies :

Secure access to new provinces

......looking beyond our existing operations for growth from frontier exploration and new business development

I thought that she was taken over....didn't she win the eurovision song contest......going up in the world it seems......

There is a petition doing the rounds to stop the UK giving any further loans to Argentina, (yes, believe it or not we still are).
To sign this petition go to
http://epetitions.direct.gov.uk/petitions/34551

Would be nice, a surge in the oil price in Q3 as calls are made, giving a spike upwards in oil prices (and oil stocks all following) just as FOGL are drilling Loligo.

Perfect !!

http://newsroom.nordeamarkets.com/en/files/2012/06/120604-Updated-Oil-Price-Forecast_Perfect-storm-to-fade-soon.pdf

.

Should be a strong blue day on the FTSE Monday.

US started to spike upwards when it became clear late Friday UK time that Spain would ask for and get their bank bailout.

Not only that good news but on Saturday Chinese inflation was less than expected, and now today Chinese exports are better than expected.

Lots of reasons for a very strong start to the trading week.

http://www.bloomberg.com/news/2012-06-10/china-s-may-exports-imports-trade-surplus-exceed-estimates.html

.

http://en.mercopress.com/2012/06/11/opinion-poll-shows-support-for-cristina-fernandez-sliding-significantly

.

It looks like the Falkland Islands Government want to make it very clear where they stand with Argentina.

http://www.bbc.co.uk/news/uk-18412195

http://falklandislands.fco.gov.uk/en/news/?view=News&id=774576382

Why do they want to hold a referendum now, 30 years after we so convincingly trashed the Argies?
The preference of the Falkland Islands' population has never been in any doubt.
Have they discovered that they have something worth protecting?

I think it's just to prove a point.
I would think it will be 100% to keep the status quo as any small minority against would no doubt be ostracised.

greek remember demos.

Hi Halifax,

Depends which demos you are referring to.

Borders might be in the first target now......suspense !......I will fall over backwards if a rns comes out with something nice....