After Doha, crude was buttressed by the Kuwaiti oil strike, which removed 1.7 million barrels of daily crude production off the markets. It was a very conveniently timed strike. Well, all of that ended this evening, as the people with money decided it was time to permit the people without money to get back to work. Production will be in ‘full retard’ mode immediately.
Production in northern Kuwait returned to normal and Kuwait Petroleum Corp. restarted units in the country’s southeast, helping boost overall output, the oil industry’s spokesman, Sheikh Talal Al-Khaled Al-Sabah, said in a post on Instagram earlier. Output was 1.1 million barrels a day on Sunday, when the 13,000-member union started the stoppage.
Before the walkout, Kuwait was pumping 2.81 million barrels a day last month, making it the fourth-largest producer in the Organization of Petroleum Exporting Countries. The initial decline of 1.7 million barrels a day from March levels surpassed the surplus in global supply.
WTI is off by 1.7% in the overnight session.
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Overnight, some douchebag will hijack a nigerian boat containing 1.7 barrels of oil and that will be enough to reverse the 1.7% WTI loss. Cheers!