The underlying reason the Saudi's are doing this is to grab more market share and knock out marginal producers that have high production costs, SA will come out within the next few months with a statement "supporting prices" by reducing its production
Don't you people that doubt the articles understand its significance? All SA has to do like they did on November 28 this year, state that they will curtail production to support the price of oil, that it its price will shoot up again?
If you read the article its first states "Saudi Arabia's 2015 budget is probably assuming an oil price of $80 a barrel. Then two paragraphs down its states:
"Everyone was expecting to see a budget on the price of oil around $60 but that would have sent a negative message to the oil market. Sfakianakis said from Riyadh "With a fiscal breakeven price of $80 a barrel the government is sending a message to the market that it is expecting to see a rebound in oil prices.
IMO if SA's fiscal year starts on January 1st than there should be a movement by SA to curtail production shortly after the beginning of the year.
Sentiment: Strong Buy
Last time oil was trading in the low $80's was on October 15, 2014 only 2 1/2 months ago At that time LINE was trading at $22.40, look for LINE to begin to approach those numbers some time in the first quarter of next year.
Article on Bloomberg today "Saudi Arabia Seen By Former Foreign Advise Assuming $80 oil written by Wael Mahdi 12-25-14
The interview was with John Sfakinakis, former chief economic advise to the Saudi Arabian Ministry of Finance
Yes if you keep your cool and invest long term like Warren Buffet does. Oil will turn upwards when the Saudi's believe that they've beaten down US producers, that's when the Saudi's and the OPEC cartel will begin to curtail production
And the ultimate cost of the Iraq and Afghan war will exceed $4 trillion dollars. The Iraq war was began by Bush/Cheney under questionable excuses
You're a typical low life basher, I've seen your posts, relying on unconfirmed sources to lie the stock down. Cruds like you are the reason I began to post here to publish the fact not lies and innuendos
I have been tracking the effects of supply side economics since Reagan adopted it at Cheney's urging, it was a complete flop, the only reason why are heads are above the water is the Fed's aggressive reduction in rates
It did immediately after the announcement of the GDP numbers, in fact Level II indicated major purchase typical of short covering.
The unique factor involved is oil still rising with the positive GDP numbers while gold is actually down, signalling a bottoming of the price of oil
A typical basher using headlines that are false as well as misleading; you haven't got a clue about what LINE is going to do with its dividend(s) or its business, particularly the strong hedging it has done for all of 2015, whereby 60-70% of its oil production for 2015 is hedged at $92 too $94, By late 2015 oil will come around to the $90's
Go back into your hole of lies
Despite great GDP numbers announced this morning driving up the strength of the dollar, which typically corresponds to a weaker oil price, oil is still up strong today, forming a bottom to the oil market, should see a strong return early next year.
Listen jerk learn how to analyze yourself, don't rely on the street, LINE has locked in a price of $92 to $94 per barell on 60 tp 70% of its production for 2015.
Sentiment: Strong Buy
Your absolutely correct, go to Bloomberg or any other credible web site and TheStreeet isn't even mentioned, it's typical #$%$ from The Street supporting their "former" boss's utterances, all garbage coming from Cramer being backed up by The Street
ps: since the time I saw that interview on The Street (it has been removed from the Web) I've dispised that guy!!!