[jyl]

OPEC+ has been holding down production, they are ready to increase. If I was Russia or Saudi, I’d want to pump all the oil I could in the next decade, before demand starts declining for good. Shale production can ramp quickly, if prices are high enough to sucker I mean attract investment. Demand in the US is coming back strong, I’d guess - traffic is certainly back to normal-ish already, and that’s with unemployment still high. Covid is still suppressing demand in other countries - India, let’s say. EV sales are rising fast but still a drop in the bucket. I’m sure Iran would like to resume selling to simone other than China. Financial markets have been bidding up oil and other commodities as inflation hedges, but with OMG INFLATION!!! on every TV show and news story, it’s probably time to start fading that trade.