Posted by Tobby > 2022-06-19 18:54 | Report Abuse

You know, OPEC is not the only oil players in town! There are plenty of deep see rigs going online soon! And with that, explosion of cheap oil! It's a race when the first to flood the market makes it super big! And that's what's happening right now!
So yet again, we see oil tankers flooded with oil with little buyers! A deja vu all over again!

Posted by Tobby > 2022-06-19 18:55 | Report Abuse

At current oil price, plenty of domain rigs to get operation within months and after many months, i am very sure plenty have done so to get piece of the action while it still hot!

Posted by Tobby > 2022-06-19 18:56 | Report Abuse

This round however, things are not like last time! More and more EVs on the roads! In 5 years time, few buyers for ICE cars! Meaning demand for oil will drastically drop as well! So yeah, for oil riggers, it's now or never!

Posted by Tobby > 2022-06-19 18:58 | Report Abuse

For non OPEC oil producers, they have a short window to exploited! For OPEC, it's certain doom down the road!
So i am guessing, if Biden makes friends with the Sauds, then kaboom, Saudi will open their taps on max! But as for now, they are holding back, not because of demand but because of geopolitical and survival of the Sauds!

Posted by Tobby > 2022-06-19 19:00 | Report Abuse

It's the end of the road for middle east! In 5 years time, the Sauds will have zero leverage! But if Donald Trump wins, then they can take a deep breath knowing they have a friend in US! At the moment, Biden is just plain enemy for the Sauds!

Posted by Tobby > 2022-06-20 12:33 | Report Abuse

Looks like oil price already declining!