Make them pay!, page-166

This seems to corroborate with my data source that supply down 20% from 100mbpd to 80mbpd. And the graph above suggests US shale will shed another 3mbpd+. I recall demand plummeted to 60mbpd as everything shut down (March/April?). Maybe demand is up to around 70mbpd so supply/demand starting to come into balance. There is evidence China is pulling down floating inventory (stuff stored in tankers). Anecdotally our personal use of our cars has increased significantly in May so I wouldn't be surprised if we get to equilibrium by end FY or July and potentially into deficit if world comes back on-line soon. Still a lot of moving parts including 2nd waves on Covid19. International travel aint coming back any time soon and its use of oil is high. Strap yourself in for a wild ride to come.