RE:RE:RE:RE:RE:Good morning $90 oil"Not quite sure what you are referring to, but it seems you are forgetting that the strength in the price of oil has been because of the production cuts from OPEC+"
And, the previous weakness in the price of oil has been because of intervention by US SPR sales. Both are market distortions that do not allow the market to set price. The bull market thesis is that demand will overcome supply because the anti-oil crusade will cause supply deficiencies due to underinvestment in supply growth while ageing legacy fields can not replace depletion (Saudi). Spare capacity is a matter of speculation as the most prolific producer nations consider this data proprietary.
Outside of the OECD climate hysteria alternative reality, no one is willing to sacrifice prosperity on the hysterics' altar therefore the bull market consensus that supply will not keep up with demand.