Coopec, He may also be long? In fact isn't that likely?
This report is suggesting that the surplus is more like 1.7M - 2.5M BPD.
US production increased 1M BPD on its own in 2014 & then Russia & others are producing more.
Demand is pretty stagnant, so the numbers you suggest don't stack up.
http://www.thenational.ae/business/energy/what-to-do-about-all-that-surplus-oil
It was a nice move but its giving some of it back now.
STO at $7.oo. What to do?, page-104
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