CLR: Jack Stark entered into Consulting Agreement, steps down effective today as President. Source. I have no idea what this is all about, but the comments at the link might provide more detail. Or not.
AMLO vs Biden:
- one demands faster action;
- the other does everything he can to slow things down;
- source.
Biden's Surge: I do believe "everyone" agrees that the Biden Surge will have unintended circumstances. Source. The Biden Surge is tracked here.
The executive order: the whole enchilada.
SPR: one giant spread trade. We actually talked about this on the blog earlier. The link is to Reuters. And here, also. Most interesting: we talked about this earlier when we mentioned backwardation vs contango.
Fun fact: there's still Iranian crude oil in the SPR caverns. Source. If you look at the graphic at this post, it makes sense.
Russian oil production: already signs of a decline. Source.
The myth of spare capacity:
- OPEC March, 2022, oil output rises a paltry 90,000 bopd month/month to 28.54 million bpd
- OPEC states' compliance with OPEC+ output cut pledges rises to 151% in March from 136% in February
- it's almost like OPEC is running out of spare oil apacity;
- OPEC+ spare capacity is insufficient;
- if anyone thinks OPEC is complying by 150+% out of the goodness of their hearts, I have a bridge to sell you.
- source.
Capitalization: source.
OPEC: to use Rystad, WoodMac data instead of IEA. Source.
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