Chart has short term potential, page-282

Good morning Mermaids , I think it is time to take stock and look at the big picture . What do we know , OPEC unplanned production has fallen by 2.5 mbd ' IEA ' Non OPEC production fell by 2.5 mbd . However inventories remain high , but will reduce over the Northern Hemisphere Summer months . World consumption has risen on average 1.3 mbd for the past three years and this trend will continue into 2017 . North Sea Oil has depleted rapidly and will continue to do so due to low investment . Low investment will see an acceleration of depletion across the World well into the future . So overall , lower production , higher consumption , higher than expected depletion , but high inventories . Still the IEA describes this as a very tight market . What the IEA does not report on is the effect of extremely high debt builds , especially in the Arab States , the closure of debt markets , debt defaults and unplanned outages , and as wells and fields deplete the lack of investment/ funds to replenish the oil required for the company to stay in the game.
There is more oil moving around the world than any time in the history of the world , but little money for E & D . and repairs and maintenance . This is a recipe for disaster as described by Goldman Sachs , this is not how the oil industry works . Except for the Arabs , the whole world wants to cut supply and raise prices ...... So there we stand , the old Mexican stand off . ..... Cheers