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Page added on July 29, 2016

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Statoil CEO ‘very confident’ oil will reach $50-60

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The CEO of Norway’s biggest oil company says he has few doubts that crude will again trade at around $50 to $60, marking a jump in prices that could be more than 30% compared with today’s level.

“Eventually, I’m very confident that it will,” CEO Eldar Saetre said in a television interview with Bloomberg’s Manus Cranny and Anna Edwards on Wednesday. “But there is a lot of uncertainty. We still have a situation with a lot of volatility.”

Following a June 2014 peak, oil prices collapsed 77% through January, when prices hit a low point of $27/bbl. Brent crude has since recovered some of that drop as supply disruptions from Nigeria to Canada trimmed a worldwide surplus. But those developments failed to maintain a rally above $50, and oil has since dropped to about $45.

“The market will find a balance in the course of this year,” Saetre said in a separate interview in Oslo after a press conference. “But we believe it will take a while before we get a normal situation on the stockpile side. And it’s difficult to say how the market will play out in the meantime. There’s a lot of uncertainty.”

The fallout of lower oil prices on Statoil’s earnings was broadly what the company had expected, Saetre said on Bloomberg TV. The oil company posted its first adjusted loss as the price decline took its toll. That comes after BP on Tuesday reported a 45% slump in earnings and missed analyst estimates.

World Oil



28 Comments on "Statoil CEO ‘very confident’ oil will reach $50-60"

  1. regardingpo on Fri, 29th Jul 2016 7:14 am 

    Bahaha norwegians are totally screwed. But hey, as long as they’re “confident”.

  2. shortonoil on Fri, 29th Jul 2016 8:48 am 

    Dear readers,
    Our site was hacked and we had to move our host. There has been considerable confusion with the move. If you could go to our site and tells us if it is working we would appreciate it.

    http://www.thehillsgroup.org/

    Thanks,
    BW Hill

  3. Boat on Fri, 29th Jul 2016 9:16 am 

    So far the glut continues in spite of a loss of 500,000-700,000 bpd from Nigeria.

    Other possible glut factors. China and India have been buying oil for their reserves. At some point this will stop. Libya shows signs of possible peace. 300,000 bpd rather quickly and another 1 mbpd over a year.

    Iran, Kuwait, Iraq and the Saudi plan to increase production.

    No one can predict geopolitical events but there is a path for the glut to continue until 2018.

  4. regardingpo on Fri, 29th Jul 2016 9:25 am 

    shortonoil, the site you linked to is working for me.

  5. marmico on Fri, 29th Jul 2016 9:35 am 

    Did you forget to pay the $5 for the annual web host renewal fee since the $59.99 on special for $0.99 sales are just off the charts, you ETP fuctard?

    You are a pathetic shit.

    http://www.thehillsgroup.org/petrohgv2.pdf

  6. Apneaman on Fri, 29th Jul 2016 9:38 am 

    short, it’s working fine for me. Oh my, I always blush when someone tells me I’m dear.

    A few more positive mentions of your work over on James the microbiologists site, Megacancer, in the comments section .

    Economies of Scale

    http://megacancer.com/2016/07/27/economies-of-scale/

  7. Apneaman on Fri, 29th Jul 2016 9:47 am 

    marmi, feeling the pressure are we?

    Precious economy not going as planned?

    AHhhh

    Homeownership Rate in the U.S. Drops to Lowest Since 1965

    http://www.bloomberg.com/news/articles/2016-07-28/homeownership-rate-in-the-u-s-tumbles-to-the-lowest-since-1965

  8. yoshua on Fri, 29th Jul 2016 10:41 am 

    Gold Bugs – Gold is dirt cheap today and costs only $4 an ounce in 1934 dollars. The dollar is still king.

    http://www.gold-eagle.com/sites/default/files/images/macleod010716-3.jpg

    FMQ = Fiat Money Quantity

  9. shortonoil on Fri, 29th Jul 2016 10:49 am 

    Thanks folks.

    Interesting blog Apneaman. The globalists have made one common error. The have confused gross energy with net energy. Gross energy keeps oil companies in business; net energy feeds the rest of the economy. They don’t both chart the same curve.

  10. marmico on Fri, 29th Jul 2016 11:06 am 

    Go back to your doom porn meteorology sites, apeman. You too can be a fuctard like the Turdburgers and the ETPers.

    Is it Five Guys or MickeyDees on the menu today?

    Yoshua can report back to the Turdburgers every 2 hours on his short gold/long oil trade! ROTFLMFAO.

  11. Apneaman on Fri, 29th Jul 2016 11:18 am 

    short, you’re welcome. That James is one sharp dude and funny as hell, but since he is a determinist like me (only nicer – who isn’t?;) most will have a hard time with his overarching view. I get that.

  12. Apneaman on Fri, 29th Jul 2016 11:20 am 

    marmi

    “Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.”
    – Yoda

  13. JuanP on Fri, 29th Jul 2016 11:25 am 

    Short, your site works perfectly. It loaded instantly. I was impressed by how fast it loaded. All the pages linked worked. Good luck!

  14. Sissyfuss on Fri, 29th Jul 2016 11:31 am 

    Short, I’m on a tablet thru Verizon and just get a bunch of symbols and letters when I log on to your link. Sorry.

  15. Sissyfuss on Fri, 29th Jul 2016 11:31 am 

    That was at 12:30 pm Friday.

  16. Plantagenet on Fri, 29th Jul 2016 11:36 am 

    Of course oil will go back to $50 bbl some day. The oil glut can’t last forever.

    Cheers!

  17. JuanP on Fri, 29th Jul 2016 11:50 am 

    Hey, Marmi, how do you choose which personality to use when? Or is it an unconscious thing? Are you possessed by demons?

  18. yoshua on Fri, 29th Jul 2016 12:21 pm 

    I’m long gold and short oil… or… what the hell… I just roll the dice.

  19. shortonoil on Fri, 29th Jul 2016 1:05 pm 

    “That was at 12:30 pm Friday.”

    That may have propagated through the email port. As of 1:00 PM they still didn’t have it set up. They said up to 4 hrs. Try again later and let us know. Thanks.
    BW Hill

  20. shortonoil on Fri, 29th Jul 2016 1:21 pm 

    “short, you’re welcome. That James is one sharp dude and funny as hell, but since he is a determinist like me (only nicer – who isn’t?;) most will have a hard time with his overarching view. I get that.”

    I think he is pretty much on with his analysis. Globalism is not a sustainable system in a world of declining energy to the general economy. The MegaFactory, along with MegaOil, and MegaGovernment are heading for extinction. The Gobalists must be beginning to figure it out from the feedback coming from CAT thru DOG. Things are likely to get real nasty when they finally concede.

  21. Joe D on Fri, 29th Jul 2016 3:16 pm 

    Hi shortonoil, your site works for me. Glad to see your web site is back up and running.

  22. marmico on Fri, 29th Jul 2016 4:25 pm 

    I’m long gold and short oil… or… what the hell… I just roll the dice.

    That’s the Turdburgers in action.

  23. Sissyfuss on Fri, 29th Jul 2016 4:35 pm 

    Working fine now, Short. Keep the knowledge coming.

  24. GregT on Fri, 29th Jul 2016 4:38 pm 

    “Gold is dirt cheap today and costs only $4 an ounce in 1934 dollars. The dollar is still king.”

    Now, if only I could trade 4 of my 1934 silver dollar coins for an ounce of gold. Fortunately, being made out of silver, they’re actually now worth over 1500% of their face value.

  25. shortonoil on Fri, 29th Jul 2016 5:11 pm 

    Thanks again everyone. This turned into a real pain in the butt. Maybe in the new normal they will start hanging hackers, except for DNC sites.

  26. yoshua on Fri, 29th Jul 2016 7:04 pm 

    The derivatives bubble is imploding. “According to the Bank for International Settlements’ statistical releases, the gross value of bank-held derivatives has been contracting since 2013. Notional amounts of outstanding OTC contracts peaked at end-2013 at $711 trillion, and by June 2015 had declined to $553 trillion. This is an important point, because an unseen bubble at the heart of the financial system is deflating with unknown consequences.”

  27. onlooker on Fri, 29th Jul 2016 7:33 pm 

    Warren Buffett: Derivatives Are Still Weapons Of Mass Destruction And ‘Are Likely To Cause Big Trouble’
    http://etfdailynews.com/2015/06/22/warren-buffett-derivatives-are-still-weapons-of-mass-destruction-and-are-likely-to-cause-big-trouble/

  28. Kenz300 on Sat, 30th Jul 2016 8:36 am 

    OIL companies …..promoting a positive spin on OIL….
    What a surprise……….talking up your book……….

    While Iran and Libya increase production driving down prices……….more OIL company bankruptcies are being filed……….

    Climate Change is real….. we will all be impacted by it……

    Exxon’s Climate Change Cover-Up Is ‘Unparalleled Evil,’ Says Activist

    http://www.huffingtonpost.com/entry/exxon-evil-bill-mckibben_561e7362e4b028dd7ea5f45f?utm_hp_ref=green&ir=Green&section=green

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