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Crude oil prices were down sharply again this week, reaching their lowest prices since 2012.. now its 79 - 80 $ levels per barrel and going down rapidly..
But in sri lanka oil prices are still on the top levels.. (MR gave some carrot ala also)
This type of price not good for devoloping country but its good for companies like LIOC.
Their cost of sales going down day by day..
Main reasons for world oil price down trend
First, global demand has continued to drop since June. This week, the International Energy Agency slashed its full-year oil-demand growth forecast to its lowest total since 2009..
At the same time, U.S. oil output reached 8.7 million barrels per day in September, creating a supply glut. That's the United States' highest output total in 30 years..
And it could go even higher.
And Increased the production of other OPEC contries has also boosted the global supply.
In next few months we could expect a oil prices uptrend bcoz .. but not sure about it
Saudi Arabia will cut production in an attempt to raise oil prices. some point OPEC will need to cut its own production. $$
And so many sites i refer saying the breakeven price for drilling most oil wells around the world is less than $80..
*************
As i said before sri lankan oil prices still on top..
SYPETCO and LIOC making good profit from this..
MR reduced the oil prices before the UVA election but its not effect to LIOC profitability.. their cost of sales still going down and revenue still on top..
Im expecting a good 9.31 financial statement from LIOC.. and break the price range of 50..
but keep in mind there will be another carrot ala from our MR near the election in next year..
But in sri lanka oil prices are still on the top levels.. (MR gave some carrot ala also)
This type of price not good for devoloping country but its good for companies like LIOC.
Their cost of sales going down day by day..
Main reasons for world oil price down trend
First, global demand has continued to drop since June. This week, the International Energy Agency slashed its full-year oil-demand growth forecast to its lowest total since 2009..
At the same time, U.S. oil output reached 8.7 million barrels per day in September, creating a supply glut. That's the United States' highest output total in 30 years..
And it could go even higher.
And Increased the production of other OPEC contries has also boosted the global supply.
In next few months we could expect a oil prices uptrend bcoz .. but not sure about it
Saudi Arabia will cut production in an attempt to raise oil prices. some point OPEC will need to cut its own production. $$
And so many sites i refer saying the breakeven price for drilling most oil wells around the world is less than $80..
*************
As i said before sri lankan oil prices still on top..
SYPETCO and LIOC making good profit from this..
MR reduced the oil prices before the UVA election but its not effect to LIOC profitability.. their cost of sales still going down and revenue still on top..
Im expecting a good 9.31 financial statement from LIOC.. and break the price range of 50..
but keep in mind there will be another carrot ala from our MR near the election in next year..
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