Saudi Arabia has pledged an extra 1 million barrel-a-day oil supply cut in July to stabilize the market following an OPEC+ meeting over the weekend. Oil jumped after the announcement.
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Totally irrelevant until the U.S. has enough refinery’s for supply to equal demand. U.S. is currently 20 refinery’s short of break even. So they could cut output by 10 million barrels a day and the U.S. would still not have the capability to refine what we have, or what we need. Run the numbers!
What’s wrong with this picture?First off that cut should have caused price cuts lower expectations.
It’s about subtle abnormal control of the markets.
This is why energy independence is so very important.