An increase of 430,000 barrels a day only represents a 1.4% increase in daily OPEC production, and 0.4% of global output. This increase is immaterial 1ronnie.
Recall that the Biden administration released 60m bbl in November last year; it had no impact on the oil price because the market implicitly knows that SPR forms part of the inventory pool. That would take 139 days to catch-up, although as mentioned "the cartel has struggled to meet its supply targets over recent months". In that same time the oil price has increased by 70%. Wake up 1ronnie.
- Forums
- ASX - General
- Its Over
Its Over, page-12891
-
-
- There are more pages in this discussion • 10,668 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)