It looks like they missed a zero off the figure.
I have been hearing from banks, globally over production is around 1M bpd.
I have been out of action for a week, but from what I have been seeing up until then stock piles in the US particularly were growing b the day.
Then there is the oil being stored off market.
Iraq & Russia both increasing production and Libya I understand has the capacity to do so as infrastructure gets fixed.
There are some production cuts, however to date from what I have seen they are minuscule.
I'm sure they will happen, but I think its still a while off mainly due to the hedging around fracking.
What I have been hearing a lot of is restructuring of hedging & using in the money hedges to extend hedging further to try & survive as long as possible.
STO at $7.oo. What to do?, page-100
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