>Saudis have no extra supply apparently..not in the short term which i'm quite surprised about...
My understanding is that Opec has/had rules about how much you can pump and sell, based on a % of your oil reserves. Oil reserves are self declared. So, if your reserves double on paper, you can pump and sell more. What this means is that oil reserves might be a function of how much you need to sell, rather than your actual physical. All good at the beginning. But as depletion starts to bite ......
On the other hand KSA may be playing hard to get, after being called out by Biden when he was first elected. Why would they pump more to drop the price? Why would you want to support that president? Don't pump, get paid more, wait 2 years and deal with a fresh new president.
All disclaimers
>Saudis have no extra supply apparently..not in the short term...
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