Quote:
Originally Posted by Trochu
Yes, but nothing reserves wouldn't cover as the article suggests output will only be down for a few days. If it was weeks, or months, I think we'd feel it, but two or three days? For reference, 5% of world consumption is approx. 4.7 million barrels/day, the U.S. strategic oil reserve alone accounts for 630 million barrels.
|
I’m on the fence here. I agree with what you are saying. However, if their largest refinery that is used to feed the the tankers on the coast has been attacked that could have some very big long term effects. Just like how you said Suncor workers that don’t know the extent of the damage can’t make educated guesses; neither can Aramco PR people that haven’t even put the fires out yet. The plant was burning and they were telling us it’ll be repaired in 2 days. They didn’t even know what was damaged yet??!?!?!!! The 2 most dishonest groups I ever see on TV is OPEC, and Aramco. I don’t ever believe a word either says.
With this in mind I am like 50/50 on which way it will go. Knowing how Aramco lies, I think that their outputs are effected for quite awhile. Can other OPEC nations pick up the slack is the question if we see a rise in crude prices though.