Oily Opportunities
03/30/2022 |
Prior to Russia’s Ukraine invasion, Russia exported 5 million bbl/day of oil, 5% of world consumption. The Saudis could boost production by 2 million bbl/day and the UAE by 1 million. However, neither shows any inclination of doing so. US frackers could boost production, but they are moving deliberately slowly. The last major oil player, China. Their current Shanghai lockdown and expected future ones are meaningfully reducing anticipated Chinese demand.