Chart has short term potential, page-205

Good Morning again , Bloomberg this morning , Michael Cohen head of Energy Research at Barclays said that Nigeria has cut production by 600,000 bpd. and overall demand is up by 1.4 ml bpd , and expected yearly growth to be 1.1 ml bpd. And inventories are reducing slowly . Here is what we do know . Venezuela down by 800,000 bpd Nigeria down by 600,000 bpd USA down by 1.4 ml bpd and falling , Cuts from China , Norway , Algeria , Angola , Brazil , Mexico ,Kazakhstan , Iraq , Azerbaijan , Libya , and so on . There is still some concern about the 550 ml bls of inventory in the US which is about 180 ml bls above the average , but the US consumption figures are 19 ml bpd or 10 days of excess inventory . It doesn't sound much , but it still needs to be reduced to satisfy the market . The wheels of change are turning ever so slowly , but should gather pace soon . Production has come off , Consumption has risen , the rate of depletion is around 5 bl bls yr , and with no new oil coming on the market , if inventories fall to an acceptable level . A rebalance is on the cards . I hope we can hold on , as things will improve markedly , towards the end of year .....Cheers