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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: E_K_S who wrote (199608)8/30/2019 11:48:09 PM
From: Elroy Jetson  Read Replies (1) of 199704
 
Fourteen months ago Russia agreed to cut their oil exports by 400,000 barrels per day.

This promised cut-back is less than 1/3 of the increased oil production in the Permian Basin since that date.

I'd assume Russia has exported as much oil as they can produce during this period and their decline in production was somewhat less than the 400,000 barrels per day they promised.

OPEC proper, minus Iran, promised to cut production by another 800,000 barrel per day.

So, the total cut in exports agreed to in June 2018 was equal to the increased oil production in the Permian Basin.

If the global economy weakens and uses less oil, prices will fall.

This has virtually nothing to do with anything Russia is either doing or not doing.
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