Overhang.
To say the least.
72 million bbls.
On the producer side, OPEC inventories remain elevated, up 15 million year-on-year. Saudi says it is their country's responsibility to keep the oil market balanced -- if so, how did they let this get out of control?
One would think, if the Saudi's want oil at $80, they would cut production to get it there. Problem has always been in OPEC, not all the 25 countries are motivated by the same ideals.
ReplyDeleteQuestion has to be- How low do you go to get the price and at that level of production are you making the money you need.
That's been a constant theme of the blog. Saudi is in deep trouble.
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