Agree downside , especially if we have a driver , which is a rise in the op . Some months ago OPEC released a document on the depletion rate and the shelving of investment all across the world . The consensus was that ten trillion US was needed over the next ten years just to keep up with rising consumption and depletion . Of which OPEC 's share was 30% and the west was 70% .Well as no investments have been made over the past 2 years , in fact hundreds of billions have been shelved or simply wiped out . I think it's fair to say that more than the trillion a year is required . However as the rout has all but emptied the coffers of oil producers , I believe that op will have to rise over the $110 pb to meet the cost of future Exploration and Development . When the day rates rise with the op , that will be the real driver that MRM needs .....
MRM Price at posting:
36.5¢ Sentiment: Hold Disclosure: Held
