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Mikeybob on October 21, 2023

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Mikeybob

🇺🇸🛢️ Oil prices are now up $10 per barrel, or 12%, since the war erupted on October 7th. We are back to ~$95 crude oil and rising rather quickly. As fears of escalation spread, the risk of a supply disruption is growing. Even the US lifting sanctions of Venezuela, a major development, did not weake... View More

October 21, 2023

Mikeybob

🌐🛢️ OPEC has said that global oil markets will face a massive supply shortfall in Q4 23. They expect a supply shortfall of more than 3 million barrels per day. If OPEC is correct, it would result in the biggest inventory drawdown since 2007. Voluntary production cuts by OPEC members are removing 1.... View More

October 21, 2023