This is via Bloomberg, an interview with Jeffrey Currie, global head of commodities research at Goldman Sachs.

A couple of points made, more at the vid:

  • between now and next spring ... path is highly uncertain
  • you have China covid cases surging so you're getting forced lockdowns that were not planned which is impacting demand up to about 1.2 million barrels per day ... coincidentally the same size as the OPEC cut so you know I think that's important development there first time ever OPEC ever cut in anticipation of a demand loss
  • and then you have the G7 price cap which just they keep rolling the dial and it gets milder and milder every day