Fadel Gheit Lower Quotations

We reiterate our buy rating, as we believe the upside potential is greater than the downside risk from sharply lower oil prices given the strong demand, tight supply and lack of spare capacity.

Volatility will continue and we are going to see higher highs and lower lows.

We're not likely to see oil prices going lower until there's resolution on the Iraqi front,

We might see some reflection on crude prices as well as gasoline prices going forward, but not by much. I hope that people do not have high hopes for much lower crude prices or gasoline prices, because that is not in the cards.

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.