Tag:
IEA
Economy
The IEA Released 400 Million Barrels. Gulf Producers Cut 6.7 Million Per Day. The Math Doesn’t Work.
Saudi Arabia, Iraq, the UAE, and Kuwait have cut combined oil output by 6.7 million barrels per day as Hormuz storage fills and tankers stop moving. The IEA released 400 million barrels on Wednesday. The net position is still deeply negative.
Commodities
The IEA Just Released More Oil Than Ever Before. The Market Didn’t Care.
The IEA released a record 400 million barrels of emergency oil reserves on Wednesday. Brent still closed above $91. WTI settled up over 4%.
