Peter Hitchens Oil Quotations

There is an acute shortage of product (from refineries) and this is drifting back into the futures market, ... But OPEC is passing the buck for high oil prices, it doesn't want to be held responsible for a possible worldwide recession.

Hunting has reported a good set of final results ... We believe that the group will be one of the prime beneficiaries of the increase in upstream capital expenditure by the integrated oil companies.

Earnings tend to follow the cycle in oil prices, and this is the peak of the cycle. Going forward, there is a lot of investment from the industry in capacity.

supply and demand price for oil stands at around $27, so $5 to $6 (of the current price) is pure speculation. There is no demand for oil at these prices, buyers are sitting and hoping oil prices will fall, but prices could shoot up if there is a panic. There is real concern heating oil could run out.

Governments in Europe are still concerned about national interests, ... they see oil companies as important for national security.

(The target) would require the group becoming one of the best explorers among the integrated oil companies, rather than one of the worst.