There is more smoke around the larger OPEC output hike report from earlier. It suggested 500k bpd, while this one says:
- To consider increase of 411K bpd
- Could consider as much as 500K bpd
It looks like the blue chunk here could be gone soon after year-end. That remaining spare capacity is dubious but this is undoubtedly bearish in the short-term. However it could be very bullish in the long term if it cripples shale investment.
