Tony ................... unfortunately the worlds is now aflood with oil, the US can survive for >4weeks on just its stored oil alone without adding any from production and goodness knows how much other countries have in storage plus there are the tankers drifting round with another few weeks supply so even if the world production dropped by say 2mb/d it would take a long time for the stored oil to drop in vol ................ SA badly misjudged the effect of the increase in their production IMO and they will suffer (and sadly third world producers) the consequences for a for years to come.
HKP
Under the surface, page-5
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