Mike Wittner - Société Générale

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Last quote by Mike Wittner

It's something they've been thinking about - these two countries, and others - all along. They knew they needed to support prices but then the U.S. producers would see that and there would be an investment and supply response. The bottom line - these two countries are acting in their own self-interest. Their own self interest is higher prices , and their own self-interests coincide.feedback
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May 16 2017 OPEC
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Mike Wittner is associated, including OPEC, Saudis, and market. Most recently, Mike Wittner has been quoted saying: “We expected big stock draw downs in the second half and we still expected big stock draws in the second half. We think we get to around $60 [WTI] in the fourth quarter…There may be a little downside on the fact that draws are happening more slowly than we thought.” in the article The drillers of West Texas are ready to undermine any OPEC, Russia deal to boost oil prices.
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Mike Wittner quotes

I know the bond sale, they've been planning this for many months. But the fact that they're, as of Algiers, signaling 'we're back in the game of actively managing the market,' it fits together to do that and then sell your bond. The investors of the bond are going to be more comfortable about the financial health of the issuer. To the extent that you're thinking about oil prices, it's 'don't worry, we got it.feedback

They didn't play nice in April but again al-Falih made a real effort to try to mend fences in June. The tone and the content of the statement is consistent. They weren't playing nice in April. That's when MBS (bin Salman) called (former oil minister Ali) al Naimi and said the deal is off.feedback

What refining margins are telling us is there might be some weakness in product demand. I think some of the fears out there are a bit overblown. If I look at product inventories, yeah, they're high, but they've been high for months. Maybe markets are waking up to it. It's not like we've taken a sudden turn for the worse.feedback

I think there's a soft floor at around $40. It's possible it could go lower.feedback

Not much of anything has really changed since Doha. I think it would be hard for Iran and the Saudis to get along, and with prices the way they are, I don't see that they have much incentive.feedback

Oversupply still persists due to resilient U.S. production, even if declining moderately; high OPEC output, led by Saudi Arabia and Iraq; and the gradual return of Iran starting Q1 2016.feedback

It's actually going to make it possible for the U.S. to pay less attention and actually foot less of the bill for protecting Middle Eastern oil supply and basically, in effect, say to China and other countries hey you guys are the big consumers now you guys have to step up and do your part.feedback

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