This is something most have failed to recognize. Yes and no, in that quite a few agencies and analyst did recognize this as a problem earlier this year, in the context that new supply responses wont immediately come online due to lag in term contract pricing, given producers are only just emerging from a brutal 2 or so year down cycle.
However the early improvement signs are there to see, hopefully further improvements each quarter.
Ann: September Quarter Production and Sales Update, page-26
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