Long OIL From all around the globe:
Russian oil production (crude and condensates) fell again in August, dropping 0.5% m-on-m to ~10.43m b/d, according to official data. With that, Russian oil output has been flat-to-down for the last 5 consecutive months.
Additionally, within OPEC, 6 out of 13 member countries were unable to increase production in August, according to the monthly @Bloomberg survey
Oil price is being capped by the idea that there is a ton of spare capacity within OPEC+. Russia is one of the two biggest players. If they can’t grow production, the spare capacity argument looks very different.
Things are looking good >> Long OIL.