Listen to interview with Anas Alhajji on July 20

[dan_s]

You should all listen to this interview: https://www.macrovoices.com/

He is still bullish on Q4 oil price, but "less bullish" than he was three months ago. Why? Because China has added a billion barrels of cheap Russian oil to their SPR and they will use it to keep oil prices at $85/bbl. However, it is not enough oil for China to keep a lip on oil prices much beyond year-end.

JP Morgan now forecasting that U.S. oil production could decline by 4.5 million bpd by 2030. < There is no way that OPEC can fill the gap and oil-based products will have to be RATIONED BY PRICE.

Just in the last few weeks there has been a MAJOR CHANGE IN THE WORLD VIEW OF NEED FOR FOSSIL FUELS. < This is the start of the Big Paradigm Shift away from the "Green Policies" that most people now know WILL NOT WORK.

FLAWED GOVERNMENT POLICIES will cause a SIGNIFICANT SHORTAGE of oil within a year.

Paradigm that OPEC can always increase production is wrong.

Global oil demand will hit 105 million bpd in 2024, six years earlier than IEA's forecast that it would happen in 2030.

This will be a big issue in lead up 2024 election. Biden's War on Fossil Fuels is going to look very bad to voters.

It will take MUCH HIGHER fuel prices to create the demand destruction they are talking about. Remember that oil prices went to $150/bbl in early 2008 and demand did not slow down until the financial crisis, which had nothing to do with oil prices.

SPR refill will be very slow and probably won't last long because Team Biden will get blamed for higher fuel prices. Shale Oil will not go into the SPR.

We are going to need a lot more Gulf of Mexico oil because we need more heavy crude in the SPR. Why? Refiners cannot make diesel out of ultra-light shale oil.

China, Russia and Iran are using "Dark Tankers" to avoid sanctions. India also part of this scam. Several hundred tankers are now "dark" because they have turned off their transponders. IEA and EIA data is now even more of a Wild Ass Guess.

Paris Climate Accord Goals are nonsense and will not reduce oil demand. $4 Tillion spent on renewables. NO WAY OECD countries can achieve net zero carbon emissions this century.