With rumours that Exxon-Mobil's current CEO could be the next Sec.of.State... I think it's time to dive into oil. With what's his name also being on friendly terms with Putin and with the previous oil crash an economic war on Russia... the macro and politics are pointing to death by climate change.
That and for some reason, the entire world seem to believe that a 2% oversupply of oil is a "glut".
It's oil man... god don't make it anymore. And with the last 2 year's glut amounting to something like 2 weeks of global consuming; add to that emptying wells; shutdowns for maintenance... and the beggaring of oil producing states emptying their tanks but getting less dollars for the trouble.... it's only a matter of time.
Whether that time was the recent OPEC agreement I don't know, but there's a whole lot of geopolitics and game play here. With oversupply the least of the causes.
With rumours that Exxon-Mobil's current CEO could be the next...
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