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Energy Investing
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Re: OPEC to cut a further 1.4mbd????Report that Saudis will cut 1 million bopd for month of July. Paper oil being traded on basis of todays realities BUT this program of OPEC looks very bullish for future unless ( even If ) world economy completely tanks. Western stock levels ( SPR ) will not recover by end of '23. Oil is being priced ( paper oil ) as if it will respond immediately to price, this OPEC agreement is saying no even if it "ouches". So even if oil is over $100 bbl by end '23, no increase supply from OPEC until end '24? By '24 the realities of non investment in new exploration will also have manifested. Looks like Saudis determined to bring realities of ACTUAL oil supply rather than PAPER oil into focus. Patience. Looks bullish to me. |
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