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OPEC To The Rescue | Rory Johnston’s Cautious Bull Case For >$80 Oil
Forward Guidance
The OPEC Cut in Production Restrains a Future Rise in Oil Prices
I think that a big part of what gave us those really, really high and volatile prices of the first half of 2022 were not. had inventories been plunging globally,. shale was sluggish. And everyone was starting to talk about like, what is Saudi Arabia's ultimate production capacity. The super backwardation we saw was essentially people precautionary buying. I view spare capacity in this or pretty low, but I think it's very much through the same lens as I view the US strategic petroleum reserve.
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