1. Today’s OPEC+ cut cannot be compared to previous cuts from a political standpoint. This is not just a technical adjustment in front of challenging macro conditions. Form matters as much as substance in the current geopolitical climate #OPEC #OOTT 2. A hastily arranged meeting in a European capital, with the presence of the Russian Deputy Prime Minister under US sanctions to discuss tightening of oil supply heading into a winter after Russia weaponized its gas exports to Europe is a poor decision #OPEC #OOTT

With oil prices back at their pre-invasion of Ukraine level, let's look at the 4 factors that have made this possible: Russian exports, Product inventories, Chinese demand, and US SPR: #OOTT #OPEC 1 Russian exports of liquid did not change much in total volumes (see below) but shifts occurred between crude (up?) and product (down), and a shift away from Europe and US, towards India, China and the Mideast #OOTT #OPEC

Few conclusions about today's large global release from strategic inventories from the US, China, Japan and India #oott #opec 1) this large/coordinated release of strategic stocks is aimed to inject more oil in markets at the time when OPEC plus has created a sense of scarcity. This coordinated action is a novel way to counter producers' slow action by forcing liquidity in the system #OOTT #OPEC

How did you end up with negative oil prices today? This happens when a physical futures contract find no buyers close to or at expiry. Let me explain what that means: 1. A physical contract such as the NYMEX WTI has a delivery point at Cushing, OK, & date, in this occurrence May. So people who hold the contract at the end of the trading window have to take physical delivery of the oil they bought on the futures market. This is very rare.