No. of Recommendations: 1
Industry analyst Jason Bordoff was on Amanpour tonight. He put some numbers on what we have been suspecting: at the start of this year, the industry was looking at 2-3Mbpd of excess production. The war has now solved that problem.
That invites the question, why haven't the markets gone absolutely ape? As we discussed here, he attributed the market's casual response to Trump's repeated assurances that the war is almost over, everything will be back to normal in a few weeks, ie, he is using the same playbook he used with Covid.
Bordoff's timeline for it to get real, for the US, is another two to three months.
Steve
