Its an initial 7.3million barrels which going off guidance of 60-62mmboe is less than 10% of production - leaving over 90% if prices were to suddenly move North say up to $60-65 (which I strongly doubt for the next 6 months) in the meantime prices could go anywhere so from a conservative viewpoint do I lock in todays prices or risk tomorrows prices keeping in mind the volatility. I think they've made a sensible first step - be good to see them lock more in if we re-test the $53's say another 7-8% of FY production then wait and few weeks to monitor again.
Its so easy to look back and see they did the complete opposite to this - they just simply did nothing to monitor the oil price other than to say they thought things would get better which is sticking your head in the sand. STO can now say they have a guaranteed return locked in of x amount whereas before they were naked 100% and felt the full force of oil movements.
Russia is unlikely to do a deal with the Saudis not because they don't wont to but because the US/EU don't want the Saudis to but Russia is taking advantage of US weakness at the moment and they keep pushing just like they did around Cuba many years ago and I can only see a back down again when things go to the point of war just like in Cuba. Saudis are the meat in the sandwich and the US through Trump and others is making all the wrong noises as to talking of "old alliances" - just look at the Philippines with them going over to China - the world as we knew post world war 2 with pax Americana is in turmoil which I believe is directly linked to the likes of Edward Snowden who showed the world who really was friends with whom and showed the way the US was playing puppet master with "friends"..
Oil is completely dominated by politics and its the lifeblood of all sides in this game of thrones - makes you want to move planets as these fools have the means to destroy us all if they make a wrong move dancing around the chess board..
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