Originally Posted by
jerryleber
I talk to one every couple of days and your claim of 10m of the 20m bpd is grossly incorrect, but by all means show us your math on how you arrive at that claim so I can let him know.
It was 20m when demand was at $58. You don’t have to get to 10m to get to half demand of the straight at $112 barrel.
When OPEC cuts production to prop up prices you don’t think that lowers the amount of barrels that move through the straight?
The other poster is trying to say oil traders don’t know how to price demand with supply because they found an invoice of some refinery with their pants down overpaying for oil to keep their units running.
The Cheveron CEO said there will be supply shortages and there will be, people die every year of starvation and a box of cereal is not $50.
You cannot price all demand into what a desperate person will pay