Reports of more oil on the market "now", yes. Rumours of more oil on the market in 2018 and beyond, not so much . . .
Petrobras of Brazil is discovering some very large deep sea fields, there have been three or more announcements this year, these are believed to be appx 16BN barrels. These dwarf reasonable estimates of ANWR's size. You notice that oil price has kept going up? Because everyone knows meaningful oil won't come from those fields for many years.
Quote:
Originally Posted by legion
Markets react to rumor, not fact.
Rumor of more oil on the market will do more to reduce prices than the actual supply.
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