Warren Buffet is optimistic on Oil outlook ...consolidate your position against short sellers..!
Oil's latest non-OPEC supply in 2016 by nearly 0.5 mb/d - the biggest decline in more than two decades. Lower output in the US, Russia and North Sea is expected to drop overall non-OPEC production to 57.7 mb/d. US light tight oil, the driver of US growth, is forecast to shrink by 0.4 mb/d next year.
1. Barrick Gold Corp. (TSE:ABX) holds first place in global ranking, 7.17 Moz,significant drop in output at its Cortez Mine
2. Newmont Mining Corporation (NYSE:NEM) ranks second in the global gold competitionproduced about 4.85 Moz
3. Third-ranked AngloGold Ashanti Limited (NYSE:AU), annual production 4.44 Moz of gold significant decrease of gold output at its North America’s operations (-16%)
4. Goldcorp Inc. (TSE:G) produced 2.87 Moz
5. Kinross Gold Corporation (TSE:K), fifth in world gold production rankings, produced 2.71 Moz slightly exceeded the Kinross’ guidance of 2.5-2.7 Moz of gold equivalent and is 3% higher than 2013
6. Australian Newcrest Mining Limited (ASX:NCM), produced approximately 2.33 Moz of gold in 2014
7. South African Gold Fields Limited (NYSE:GFI), currently ranked seventh, produced 2.22 Moz
8. Russian origin Polyus Gold International (LON: PGIL) produced 1.7 Moz
9. South Africa's Sibanye Gold Limited (JSE: SGL & NYSE: SBGL)1.59 Moz
10. Agnico Eagle Mines Ltd (TSE:AEM) gold output jumped by staggering 30%, from 1.1 Moz in 2013, to 1.43 Moz
KGC-US‘s decline in gross margins has not produced any significant offsetting improvement in its working capital . This leads Capital Cube to conclude that the decline in gross margins are likely from operating issues and not trade-offs with the balance sheet. Working capital days are currently 243.37 days, compared to last year’s level of 180.91 days.