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Title : John Kemp Tweets On Crude Oil Supply - Demand Mismatch -- June 27, 2017
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John Kemp Tweets On Crude Oil Supply - Demand Mismatch -- June 27, 2017

John Kemp via Twitter, three tweets:

Pioneer Natural Resources sees Saudi Arabia cutting oil production to lift prices -- but [Pioneer NatRes ] won't cut its own ... oil industry's history and problem in a nutshell: someone must cut but not me ... oil market doesn't care who cuts production but prices will continue to drop until someone does cut and supply growth is brought back into line with demand.

John fails to mention:

• US shale oil is a different kind of oil than Mideast oil 
• US shale oil is a different kind of oil than Venezuelan oil and western Canadian sands oil
• US refineries are optimized for Venezuelan, Mideast, and Canadian sands oil

Isn't this what free market capitalism all about: prices will continue to drop as long as supply outpaces demand? Would one prefer the alternative, a cartel?

Oil industry's history and problem in a nutshell: someone must cut but not me. Really? I am not aware of many times in history when there was a glut of oil coming to the market.

Idle chatter. 

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