Also - just an update on the oil picture.
russian oil right now can’t be sold. It’s being offered at -$15 and no one wants it. Tanker rates are thru $200k a day for Russian ports.
the supply picture was already strained (opec maxed). Russia export 5m barrels (of their 10m)…. This could cause significant upward pressure. Even with Iran coming back online (500m) there is no way enough to meet rising demand and lack of supply.
let me make this clear - my thesis has never been on Russia supply issues - and I am disgusted by what happening in Ukraine.
#istandwithukraine.
PB
Macquarie says Karoon worth $5.15 if oil > 100, page-2
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