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kilter

757 Posts.

40

02/06/22

13:49

Post #: 61780328
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Originally posted by PaddyMac33: ↑

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.

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You might want to wake up to the fact that you come across as a rude little man
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