This is just days after it was announced that governments around the world were going to release 17 hours-worth of global consumption from their strategic petroleum reserves? From Business Insider, not me:
That 60 million barrel oil release? It amounts to about 17 hours of global oil consumption, according to the IEA, which says the world consumes 84.2 million/day.Two comments: a) Saudi must be happy; they didn't even have to scare the world by suggesting they would cut production if reserves were going to be released; and, b) supply and demand is more than just about "oil" but also "type of oil."
Sure, into a weak, jittery market that was already selling oil this morning, today's (June 23, 2011) news caused a bit of a jolt, but this really is a big, inconsequential waste.
And like the "right whale" in the 1800s, Bakken oil is the "right oil."
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