Maybe, but Saudi's days as a swing producer seem to be waning as the US produces as fast as it can regardless of the POO or supply/demand dynamics.... at least until their tight oil fields start to deplete faster than they can drill and the cost of production pushes them back into marginal producer status. THEN the POO will tick upward for sure. Interestingly, it appears that US production growth stalled in Q1 this year and that, to me, is the bigger story. All IMO of course.
The pot of gold at the end of Dorado, page-675
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