Miscellaneous
Saudi Arabia says there is 'no room whatsoever' for non-compliance over OPEC+ production cutshttps://www.cnbc.com/amp/2020/06/08/oil-prices-saudi-arabia-says-no-room-whatsoever-for-opec-non-compliance.html- but really, can Iraq comply when it doesn’t have full control over its own industryRussia's Novak sees potential 3-5 million bpd oil market shortage in July: Ifaxhttps://mobile.reuters.com/article/amp/idUSKBN23B0ZFWhat the Data Tells Us: US Oil Needs $70 Per Barrel to Sustain Operationshttps://www.realclearenergy.org/articles/2020/06/05/what_the_data_tells_us_us_oil_needs_70_per_barrel_to_sustain_operations_495417.amp.html- Rig count IS an indicator of activity But rig count had been declining for awhile. It doesn’t have to go back to where it was before. - We could get back to where we were in December with fewer rigs- Companies are planning well into the future and ready to apply for permit to drill the rig- Sitton predicts $100 oil before the end of 2022???Morgan Stanley flags risk oil price rally will lead to a fallhttps://www.reuters.com/article/us-research-morganstanley-oil/morgan-stanley-flags-risk-oil-price-rally-will-lead-to-a-fall-idUSKBN23F15I- Could it be that coronavirus lockdowns actually helped shale industry more by ripping off the bandaid?- Instead of a slow bleeding, forced Saudis and Russians to pull back- Will the protests help people conquer their fear of going out and actually help oil Restore oil demand Shale producers’ hedging strategies take center stagehttps://www.argusmedia.com/en/news/2112308-shale-producers-hedging-strategies-take-center-stage#.Xt5GY7E-hiQ- Pioneer, Diamondback, Parsley and Concho have hedged over 85% of their 2020 outputSaudis Make Biggest Oil Price Hike in 20 Years After OPEC+ Cuts https://www.bloomberg.com/news/articles/2020-06-07/saudis-make-biggest-oil-price-hike-in-20-years-after-opec-cutsChina's May crude imports hit record high at 11.34 mil b/d, up 19% on yearhttps://www.spglobal.com/platts/en/market-insights/latest-news/oil/060820-chinas-may-crude-imports-hit-record-high-at-1134-mil-bd-up-19-on-year- China likes cheap oil- China doing more than people think to keep people happy WHILE at the same time doing what they want to.Check out “The Rise and Fall of OPEC in the Twentieth Century” by Giuliano Garavinihttps://www.amazon.com/dp/B07VBGDBCD/ref=as_li_ss_tl?_encoding=UTF8&btkr=1&linkCode=sl1&tag=ryanraysr-20&linkId=0eeeb607dd43f7f65af5b04eb9d6e102&language=en_UShttps://www.forbes.com/sites/ellenrwald/#ddfe4cd3ebafhttps://www.forbes.com/sites/ellenrwald/2020/06/08/coronavirus-lockdowns-may-only-exacerbate-climate-fights/https://www.bloomberg.com/news/articles/2020-06-08/china-says-debt-payments-paused-for-77-nations-after-g-20-deal?sref=UDsXHHSk