To The Moon

Oil as an investment has definitely seen better days in 2023. Crude oil peaked at $83.26 on 12 Apr 2023 and has not revisited it since. As per 04 Jun 2023 OPEC+ meeting, Saudi Arabia has unilaterally added another 1 million bpd cut to its already agreed 8 million bpd reduction, that remains enforced until end 2024. With the additional cut implemented since 01 July 2023, oil price still did not rise correspondingly; defying the principal of supply & demand and dashing the intentions of Saudi Arabia. On Mon, 3 July, Saudi Arabia said it would extend the “self-imposed” 1 million bpd production cut for another month to August. In a “surprise” turn of event, Russia also announced a 500,000 bpd decline in exports, commencing in August, 2023. Did the news trigger a rise in oil price? Based o