MacroVoices #349 Rory Johnston: Crude Oil Outlook & SPR Discourse
Macro Voices
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Global Supply Factors Changing After the Pandemic
The world had run out of spare capacity with the one exception that US shale was growing in leaps and bounds. Saudi Arabia has admitted publicly they have at most another million barrels beyond what they're already producing. UAE is consistently one of the only members of OPEC that doesn't seem to want to cut back production. They want to grow.
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