RE:RE:RE:I was spot on with COVID 19, I’ll be on storage tooAn official “agreement” was just reached to cut 10 million barrels per day for 2 months. However, it’s really only around 7 million as it comes off higher production from Saudi Arabia and Russia. And a lot of smaller producers were unhappy so will probably ignore cuts expected of them.
Regardless, the cuts are 2-3 times smaller than needed so the marketplace will cause the cuts and it will be incredibly painful when it happens as global storage capacity is reached. JMHO. GLTA.
WheresMeGold wrote: You can get details if the OPEC+ negotiations live from this Twitter account. It’s not going well. They will eventually pronounce the agreement. However, their difficulties demonstrate there will likely be violators. Regardless, the the agreement is irrelevant as I have warned.
https://mobile.twitter.com/amena__bakr?lang=en WheresMeGold wrote: As I warned you the OPEC+ deal would be impotent and irrelevant. The agreement to cut production by 10 million barrels per day for two months is not enough, not even close to enough. So the marketplace will force the cuts as global storage capacity is essentially breached at some point within the next two months. The marketplace always has the last word eventually.
I warned you on this very message board of the huge deflationary impact coronavirus would have, and in particular on oil, over two months ago. People here mocked and ridiculed me as they held and bought VET shares around $20 per share. Many held these shares all the way down. I’m sure it will happen with my current call on storage. Ignore me at your risk.
VET is extremely vulnerable in this environment. JMHO. GLTA.