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[littlejohn]

history, Opec+ had a pie in sky production

target in 2022 to try and help

rein in the high prices...

And underperformed by 700,000 to

900,000 bbls/day on targets...

Cut last fall allowed Saudis to quit

over producing an unsustainable

amount for long term production...

Do we know if they were using their

stock piles like SPR to pitch in to

meet the higher production targets?...

https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/

https://oilprice.com/Energy/Energy-General/Oil-Prices-Soar-As-OPEC-Shocks-The-Market.html

500,000 bbls/day of new cuts news is

from Russia and already expected...

The new cuts otherwise would be new

and effectively reduce overall sales...

Which there again allows countries

that may have been pushing their

production too hard to step back

some and produce in a fashion more

sustainable for the long term...

This may be a much bigger point

being made than meets they eye...


Similar to unlimited data for tech users

to make a comparison, which sounds

great, until band widths get maxed and

leads to down times, surprisingly, that

lead to dead times to use data...


There is no free lunch...

So we watch...LJ