OPEC May production dropped again despite soaring prices.

Nigeria’s production is the lowest since S&P started recording.

Nigeria also happens to make the highest quality crude (Bonny Light) of any of the 40 or so standard grades.

When the Ukraine war started, OPEC increased production quotas, but other than the gulf states, there’s no spare capacity.

My projection is if oil and gas prices stay where they are, TTE will make about 18/share. At a P/E of only 6, that suggests it will go above 120.

While certainly prices could drop or taxes could unexpectedly rise, I think this is offset by a higher chance prices just keep going up and investors start piling into oil, so $150+ seems quite possible too.