@bulb99k@Mintgecko They have a lot of lost revenue to recoup, and theylm be racing everyone else to sell. Nobody at this point is going to be reduced output voluntarily, it’s a race to the bottom.
@FocusedCompound Concerns with the strait will mean pipeline workarounds built at astonishing speed.
People don’t trust oil anymore.
Other energy sources will be prioritised for investment.
China is using less oil these days as it pushes hard towards renewables.
Everything is bearish.
@FocusedCompound OPEC production quotas are up.
UAE left to pump more oil.
Lots of Gulf countries took massive hits on not selling oil through the Hormuz, they will be falling over themselves to get as much sold as fast as possible. Oil bottom once the supply glut from backed up Hormuz is gone.
@FirstSquawk Why are people surprised at this? They won't open it fully until deal is signed. Tanker owners will wait until then so they don't have to pay toll fees.
This is entirely predictable, nothing unusual.
SEYED ABBAS ARAGHCHI: THE ISLAMABAD MEMORANDUM OF UNDERSTANDING HAS NEVER BEEN CLOSER. PENDING ITS FINALIZATION, THE MEDIA SHOULD REFRAIN FROM ENTERING SPECULATION ABOUT ITS CONTENT. IN LINE WITH OUR RESPONSIBLE AND TRANSPARENT APPROACH, ALL DETAILS WILL BE SHARED WITH THE PUBLIC IN DUE COURSE.
@HormuzLetter It's not ratified yet but come on, this deal is unbelievably good for Iran, and not very good for the USA, so it's a no brainer that they will ultimately approve it.
The ‘Great Israeli Real Estate Event’ is to be held in London this Sunday.
This disgraceful event will involve the sale of land stolen from Palestinians in illegal Israeli settlements.
Today, I called for the Government to ban this event.
@DeItaone How final are these final throes?
Are they final like when the US destroyed their nuclear capability but then came back because they needed to destroy their nuclear capability?
Or was it more like when they destroyed their Navy but then kept getting attacked by their Navy?