Toss in some reduced EIA energy demand forecasts, lower OPEC demand forecasts, and some games on firm OPEC output, and presto, the energy market declines further. Bear in mind that OPEC grossly exaggerates its oil reserves, struggles to maintain output levels, while the Alaskan slope has interrupted supply lines. Saudi oil production is down from 9.5 million bbl/day last year to 9.1 or 9.2 million bbl/day now, not publicly trumpeted by any means. They are under strain. As one paints the ultimate reality, the market action points to the current reality.
Tags:
Current Reality
Oil Production
Alaskan Slope
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