Thursday, May 5, 2022

Saudi Quota, Historical Saudi Production -- May 5, 2022

Three data points:

  • New OPEC+ Saudi quota: nearly 10.7 million bopd production. 
  • Historical Saudi production here.
  • Reminder: we're coming into spring / summer when Saudi's domestic needs for crude oil increase significantly.

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All Signs Point To An Oil Super-Cycle

Oil tonight:

  • Brent: $111.40; up about half-a-percent.
  • WTI: $108.70; up 0.4% and lots of room to run, although I still maintain $5-gasoline is not good for the US.

Link here to Tsvetana Paraskova.

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