[Peakoil] The Sydney Morning Herald: Trump has just taken the biggest economic gamble of his presidency

[Antony Broughton Barry]

Quote: "What we learnt from the rare glimpse of Saudi Aramco's books this month is that the legendary Ghawar field is badly depleted. It cannot pump more that 3.8m barrels a day. This is a first-order shock. The company has always asserted with magisterial confidence that it can produce 5m barrels a day without difficulty.
Jean-Louis Le Mee, from Westbeck Capital, says the physical oil markets are on fire. They are heading for a supply deficit of 1.3m barrels a day by the third quarter even if OPEC matches every barrel of lost oil from Iran sanctions. "These numbers should have every investor worried," he said.
Global spare capacity is arguably as low today as it was during the great oil shocks of the last half century. We are skating on thin ice."

Trump has just taken the biggest economic gamble of his presidency
When it comes to oil supplies, the world is already skating on thin ice. Trump may have just made it worse.

Read in The Sydney Morning Herald: https://apple.news/A2mv-VT2uRwaMfrcT6XQ9Zw


Shared from Apple News


Antony Barry
antonybbarry at me.com
Mob +61 433 652 400
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