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Forward Guidance
Paul Sankey: Oil Would Be Below $60 If It Weren’t For Saudi Production Cuts
Feb 21, 2024
52:41
Snipd AI
In this podcast, Paul Sankey discusses how Saudi production cuts are propping up oil prices, the implications of U.S. oil production growth, the importance of inventory quality in oil companies, and the potential impact of AI on power demand. Sankey also touches on M&A activity in the oil industry, the role of Bitcoin as a hedge, and the challenges faced in navigating power demand growth.
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Quick takeaways
- Oil market is at equilibrium with stable prices around $80 per barrel, impacted by factors like Saudi production cuts and refining industry's turnaround season.
- Growth of artificial intelligence has increased power demand, especially in data center areas like Virginia, putting pressure on electricity systems that rely on natural gas for offsetting fuel.
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Outlook on the Price of Oil
The speaker suggests that the price of oil is currently at a relatively stable level of around $80 per barrel. While there are factors that could impact supply and demand, such as the refining industry's turnaround season and Saudi Arabia's spare capacity, the overall market is considered to be in equilibrium.
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Discover
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