06 December 2024: 09:30 GMT
Just as we said, we are 60s people and prices are softening. Time to grow your long hair if you have any left old guys and for the young buy some flared bottoms trousers. We are almost there. Strangely, physical has been strong, and look at recent activity in Dubai and more importantly in Brent but the line of travel is weak. We saw on TV the Saudi energy minister selling the narrative of why they had to kicked the can down the road and he didn’t look happy. Who would be? As the dust swirls around OPEC’s delay, Brent flat price drifts lower, into the low to mid-$71 range. Hey, the Saudis and OPEC have got to save face. And yesterday at the superbly timed press conference, the Saudis wheeled out more propaganda to support the decision. But they’re clearly keen to pump; they’re investing in new capacity – Aramco just awarded three offshore deals worth over $500 million! For what… not to use it? Unused equipment degrades over time, and incurs maintenance costs, so why bother investing billions to boost capacity if you’re not going to pump it?
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