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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