Saudi Arabia, Russia, And Egypt -- Big "Shout-Out" To Giovanni Staunovo -- June 29, 2022

I follow a handful of very select, very incredible energy analysts, a very select group. Even among them, there is a first among equals. Giovanni Staunovo. He provided the following. A huge "thank you." 

Link here.

After everything "we've"  been discussing on the blog for the past year or so, and now with the realization that "spare capacity" is a myth, and then, on top of that, how "trade routes" will change due to Putin's War, take some time and look at this graphic:

When I saw this, I about fell off my chair.

Why was (classical) Rome able to become and remain an "empire" for so long? One reason: access to wheat. And where did that wheat come from? Egypt. Rome went after Egypt for one reason: wheat to feed their military and their growing urban population.

Spend some time on that graphic; there's a lot there.