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Monday, 01/16/2017 6:26:01 PM

Monday, January 16, 2017 6:26:01 PM

Post# of 41155
Oil is going back to 40$ a barrel mininum, could go lower. There is a surplus of 3 billion barrels as of june of last year. They cut production a measly 1.7 million bpd in total. We have an overproduction of 1.5 mpd. If the US doesnt produce any more oil, and they keep these production cuts to a tee it will still take 41 years to remove the 3 billion barrels of oil at this current rate. They would have to halt production worldwide for at least a month to remove those 3 billion barrels. The glut is absurd. Do not count on oil going up, its only going to react positively to these production cuts for so long until investors realize how bad the glut really is.

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