RE:So Predictable.....CHINA!! This is more about OPEC+ and unwinding some of the voluntary cuts starting in Oct.
They may feel its a good time to start this with the Libya situation.
Just shows that traders believe there will be too much product available, even with the Libya shutdown vs, present & short term demand.
Not much you can do about that, as almost everyone wants to grow production.
OPEC not going to keep conceding market share that easily.
Sometimes a little pain is required.