This is so tone deaf
I can't believe the White House is begging for OPEC when when it cut off additional Canadian supply by blocking the Keystone XL pipeline.
Oil is now down a quarter-cent today at $82.00 after hitting $83.87 earlier but here's an interesting thought: What if OPEC+ doesn't really have the spare capacity?
Cracks are showing up. Oil fund manager Eric Nuttall highlights one OPEC member that doesn't have the capacity that it purports:
Why is there skepticism about OPEC's stated spare capacity? Nigeria is a case in point. Under producing its September quota by ~170,000Bbl/d ($428MM in lost revenue per month)...what are the chances that it will be able to meet rising quota levels in the months ahead???
In 2022, if we find out that OPEC+ wasn't really holding back that much oil, then we could see +$150 oil.
