RE:RE:Can someone explain something to a big dumb rookie?As a commodity it will trade and be influenced by macro events. These events will come and go BUT the general consensus is that we will have a shortfall for at least the remainder of the year even with Opec' s increased production.
Read:
Coordinated increases in oil supply from the group, known as OPEC+, will begin in August, OPEC announced in a statement. Overall production will increase by 400,000 barrels per day on a monthly basis from that point onward. The International Energy Agency estimates a 1.5 million barrel per day shortfall for the second half of this year, indicating a tight market despite the gradual OPEC supply boost.