Post by
BayStreetWolfTO on Jun 08, 2021 3:31pm
Oil control and Chess
This is a chess match. You need to be thinking 3, 4, 5 moves ahead.
Putin know this. OPEC + needs to stay focused on long-term control. Block US control of Iraq=great macro. Russia looking to strengthen control in Middle East which is a positive for oil prices.
Given the U.S.s broad scaling-down of its on-the-ground operations in the Middle East over the past five years, a specific function of which is ExxonMobils intention to sell its stake in Iraqs supergiant West Qurna 1 oil field, China and Russia have been busy in occupying the spaces left by the U.S.
Reference: https://oilprice.com/Energy/Energy-General/Russia-Expands-Its-Influence-In-Major-Iraqi-Oil-Fields.html
Comment by
forecast123 on Jun 08, 2021 3:50pm
Just hope that when WTI is 70$ +, the US suppliers won't rush back into oil production as like in past few years !!!