September 20, 2019

Russia Prepping For $25/Barrel Oil in 2020 & Attacks Knock Out Over Half of Saudi Oil Output

Oil prices were struggling for much of 2019 and in a clear bear market. Russia has even started preparing for the possibility of $25/barrel oil in 2020. Then on Saturday, attacks knock out over half of Saudi oil output!

Articles on Saudi Arabian Oil Fields Attacked:
1) Attacks on Saudi oil facilities knock out half the kingdom's supply https://www.reuters.com/article/us-saudi-aramco-fire/attacks-on-saudi-oil-facilities-knock-out-half-the-kingdoms-supply-idUSKCN1VZ01N
2) Oil To Hit $100? Pompeo Blames Iran For "Unprecedented" Drone Attack That Crippled Largest Saudi Oil Processing Facility https://www.zerohedge.com/geopolitical/massive-fire-after-drone-strike-hits-worlds-largest-oil-processing-facility-saudi
3) Attacks Knock Out Over Half of Saudi Oil Output http://www.energyintel.com/pages/eig_article.aspx?DocID=1048097

Russia Considers Possibility Of $25 Oil Next Year https://oilprice.com/Energy/Energy-General/Russia-Considers-Possibility-Of-25-Oil-Next-Year.html

3 Articles About More Problems for US Shale Oil Producers:
1) U.S. shale firms cut budgets, staff as oil-price outlook dims https://mobile.reuters.com/article/amp/idUSKCN1VR15P
2) The Shale Boom Has Turned To Bust: Producers Slashing Budgets, Staff, & Production Goals https://www.zerohedge.com/news/2019-09-06/shale-boom-has-turned-bust-producers-slashing-budgets-staff-production-goals
3) Shale Boom Cools As Employment In Oil And Gas Jobs Tumbles https://www.zerohedge.com/commodities/shale-boom-cools-employment-oil-and-gas-jobs-tumbles

Export Land Model https://en.wikipedia.org/wiki/Export_Land_Model

2 Good Articles About Transocean's (NYSE:RIG) Troubles:
1) Transocean Will Scrap 3 Drillships And Write Down $580 Million https://seekingalpha.com/article/4289523-transocean-will-scrap-3-drillships-write-580-million
2) Transocean: Readers' Request - My View On Recent Conference https://seekingalpha.com/article/4290217-transocean-readers-request-view-recent-conference

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