PMI

SIMON SAYS: Not many people are convinced of Big Export Volumes from the U.S. But I am!

Submitted by Simon Hill on Mon, 12/09/2019 - 17:00

Yesterday we were looking at the OPEC announcement to cut crude oil production by 500 M Bbls/d, and the subsequent announcement that Saudi Arabia would maintain its voluntary and additional 400 M Bbls/d production drop. Just to show how difficult it is to gauge reality from rumour, there were strong noises coming out that earlier, Saudi Arabia and Venezuela had actually proposed a 500 M Bbls/d increase, even though this was of course strenuously denied.