The Soapbox

Shenhoo

Joined: 01/04/2001 Posts: 35218
Likes: 51384


Or $78 bbl, right? (Rather than the $85 bbl some 6=7 weeks ago).


US oil production, which fell to 9600 mil barrels a day in the early summer of 2020 is now around $11,500. The supply is increasing and will continue to do so when oil is in the $75-$80 dollar range. But it isn't a switch you can flip. We're only a year and a half from the time the US President was begging OPEC to CUT oil production as US producers were going bankrupt.

It will even out. The release is mostly meh and was met with gaping yawns at NMEX trading desks.

(In response to this post by nyhoo)

Posted: 11/24/2021 at 08:44AM



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US Strategic Petroleum Reserve -- nyhoo 11/24/2021 05:22AM

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