So, most of the Gulf oil heads to Asia, and we're already seeing big disruptions on the consumer side of that region. With most analysts I'm seeing that the overall world supply is down about 10M bbl/day when you try to include all the moving parts. Ie., release from reserves and oil on the water, etc.
I haven't heard anyone talk about the current demand destruction already occuring in Asia, I wonder what that does to the -10M/day. Thoughts? Sources?
Posted by Fossilhog
4 Comments
>about 10B bbl/day
Million, not billion.
>I haven’t heard anyone talk about the current demand destruction already occuring in Asia, I wonder what that does to the -10B/day.
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I don’t have any numbers, but this is clearly happening in some parts of Asia, but at a guess I would say it’s a mere fraction of the barrels lost.
Many articles about Phillipines, Sri Lanka, Thailand etc, the situation is pretty bad.
Million not billion.
Could this be why oil stocks stopped moving? At least Equinor i own a norwegian oil company is flat on a day like this.
I don’t get it but maybe oil stocks need a few more days/weeks before moving up again?