RE: Brent3 May 2019 11:12
Tomcorvid,
My thoughts if you want them.
1 Venezuela production cannot come back online that quickly ( an ex PDVSA worker has been posting on the oilprice forum, damage has been done there to infrastructure, workers arrested, oil majors left its a complete mess, can't just be turned back on with political stability and money )
3 Iran sanctions ( or lack of ) hasn't taken much if any oil off the market. I heard someone quote not one barrel has been lost. Yet,
4 Saudi have overstated their spare production capacity ( again according to ex worker of 20 yrs in Saudi )
5 Not sure if Libya will ever be 'normal'.
6 Global demand slowdown.. Yes it is quite possible that will happen or worse but when ?