short stackWe could beat this arguement to a pulp going back and forth (which I have no interest in) , so ......
While Russia needs every ruble it can get in its account just to keep the war going and Biden wants to crush NA O&G , every producer wants a higher price . Two years ago Saudi Arabia flooded the market in a dispute with Russia that drove prices negative , don't think for a minute they won't cut another million barrels (short term) to support price . Nobody likes Biden in the Gulf , he has no friends other than Canada's simpleton PM .
The oil market is nearing a "come to Jesus" moment when the under investment collides with unwavering demand . The sidelines are getting awfully crowded , we'll just have to see what gets them back into the market .