Thanks A.H , Obviously still a lot of work going on in N.W. W.A. A lot of new contracts have been signed and old ones extended . I'm sure we will get by , but for the day rates to return to normal we need to see a much higher o.p. A massive amount of Exploration and Development is on hold all over the world , and you would expect to see E & D pick up along with the o.p. Just as a matter of interest the rate of depletion od world oil is about 5 b. b. o. y. Consumption increase is 1.5 b.b.o.y. That is 6.5 b.b. of new oil needs to be found every year . That is only 1b.b less than the combined output of Saudi Arabia and Russia . If we were to look at the massive amount of oil depletion in the U.S from OKLAHOMA to PENNSYLVANIA to TEXAS ect the amount of recoverable oil is not what we are led to believe . China put another 20 million vehicles on the road last year . Still we are not running out of oil , but we are short of light sweet oil . What is left is heavy sour , heavy in sulphur and other corrosives , and expensive to refine ,these heavy sour oils sell for as low as $15 below the going price . So I guess what I am saying is there are many reasons why oil will come back , but the real one is Money or the lack of it . It is only one million bpd out of 94.5 mbd currently consumed , and the surplus is gone .... So if the Saudi oil freeze policy works , with the Northern Hemisphere Spring and Summer on the way ?????
MRM Price at posting:
39.5¢ Sentiment: Hold Disclosure: Held
