<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div dir="ltr">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.</div><div dir="ltr">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.</div><div dir="ltr">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."</div><div dir="ltr"><br><strong>Trump has just taken the biggest economic gamble of his presidency</strong><br>When it comes to oil supplies, the world is already skating on thin ice. Trump may have just made it worse.<br><br>Read in The Sydney Morning Herald: <a href="https://apple.news/A2mv-VT2uRwaMfrcT6XQ9Zw">https://apple.news/A2mv-VT2uRwaMfrcT6XQ9Zw</a><br><br><br>Shared from <a href="https://www.apple.com/au/news">Apple News</a><br></div><br><br><div id="AppleMailSignature" dir="ltr"><div>Antony Barry</div><div>antonybbarry at <a href="http://me.com">me.com</a></div><div>Mob +61 433 652 400</div></div></body></html>