OTCPK:ICPVF - Post by User
Post by
hawk35on Mar 22, 2020 2:28pm
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Post# 30835317
Oil Insanity
Oil InsanityJust updating a post I made five days ago.
Oil producing countries are still increasing their output:
3.0 million barrels Saudi Arabia
.2 million barrels UAE
.1 million barrels Kuwait
.2 million barrels Russia
These countries are increasing output by 3.5 million barrels a day. At the same time oil demand is expected to drop by 8 million barrels a day. It means the world is oversupplied by about 12 million barrels a day. Won't take long to fill up every storage tank and every floading oil tanker all over the world.
The fact these countries are pushing ahead with this increase in the face of the virus crisis suggests pride and arrogance will turn everyone into losers. Only question is who will be the biggest loser.