Fadel Gheit
Fadel Gheit
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It's cheaper for companies to buy production and reserves on Wall Street than go drill for it. It's instant gratification.
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The volume of lost production will be significantly greater than that lost under Ivan. Not one company that was affected has been able to restore its production 100 percent.
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We could say we were releasing oil to drive prices down until they get to $25 a barrel, ... Then OPEC could say it'll cut production to keep prices up. It's a very delicate subject to tinker with.
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Operationally they exceeded expectations in terms of production; their production volume was up significantly from year ago.
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This is an industry in crisis. Every oil company will reduce their production forecast as lower spending will immediately be followed by lower production and lower reserve replacement.
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Obviously, if they had cut production more, prices would have probably moved higher, and that would have curtailed economic growth, ... They want to make sure they will not be blamed for any economic slowdown in the second half of this year.
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The more President Bush talks about releasing strategic reserves, the more we understand that weve got no more production to give.
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With the right investment environment and under the right government, Iraq could increase production by a million barrels a day every year for the next 10 years, ... It could be the largest oil exporter in the world, eclipsing Saudi Arabia.
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Everybody is trying to secure their own resources instead of being dependent on somebody else. All these government-owned companies or government agencies are emerging from the bureaucracy and the state's shadow.
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The biggest disaster was the lack of information: The refineries - are they up or down? What happened to the platforms?
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These two companies are rearranging the seats around the table of the biggest game in town. They are prepared for $12 oil; they are looking beyond that,
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It was like a very long dream, and we're finally waking up. Gasoline by any measure is still very, very inexpensive compared to anywhere.
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A rise in oil prices stifles economic growth, ... There is a close correlation between gasoline prices and retail sales. Paying more per week for gas means less disposable income, which impacts retail and the purchasing power of the consumer, as does a higher average home heating bill due to the cost of fuel oil.
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A rise in oil prices is not good news for the equity market or the economy.