
Originally Posted by
LongShortLong
Did they say who was cutting output? I was reading somewhere that Russia faces enough headwinds getting their product to market that their output will fall 1-2M bbl. I.e. Is opec+ putting lipstick on the pig that is Russia's war and its effect on Russian production, or are they planning additional cuts? Pre-pandemic US production rose ~1M bbl/d/year, since then it's been a half million/year. Theoretically, the US could cover much of the gap.
Hmm, the
oil futures market is much flatter than when I last looked early Summer. Back then, there was a month over month drop of $3-$5 hitting a low in Feb. Now the drop is ~50c per month, down $8 by July. The traders don't seem impressed
Didn't see where the cuts were coming from. All I know is that my XOM stock is up over $100 this morning.
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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