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DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » 5 % of Daily Production o... » Reply #6

Response to Stuart G (Original post)

Sun Sep 15, 2019, 01:45 PM

6. Yes, but at higher prices

OPEC just agreed to about a 2 million bpd cut continuation to keep prices up. That can disappear as prices will be higher without the artificial constraints.

Then thereís US production with at least a million bpd shut in by lower prices and (my guess) another million that can ramp up quickly if prices climb anywhere close to what is feared.

The rest can be covered by stored reserves (possibly even those in Saudi Arabia) while other production ramps up. One question I have is whether the attack will actually force Trump to deal with Iran (which has quite a bit of oil production that it canít sell)

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