OIL EXPLODES TO THE UPSIDE ON REPORTS THAT THE HOUSE OF SAUD IS SLOWING PRODUCTION

Crude is fucking lambasting to the upside, now higher by 4% on reports that Saudi Arabia slowed production by an astounding 40k barrels per day, down to 10.63m.

Separately, Iran increased production to 3.63m barrels from 3.62 and Iraq’s production increased to 4.638m barrels per day from 4.606 and Kuwait increased production to 2.987m barrels per day from 2.95m. Also, Nigeria’s production increased to 1.456m barrels per day from 1.27m

And, it’s worth noting, that Saudi Arabia’s production in March was only 10.22m barrels per day, more than 400,000 LESS than current production levels.

In other words, the people who are bidding up crude here are criminals of the first magnitude. This is a non-event and the headline of a Saudi production freeze is 100% horseshit.

But, don’t let the inconvenient truths get in the way of a little wanton speculation and depravity.

Oil stocks are through the fucking roof, higher by 4%. But, as you can see below, many of these names are playing catch up to losses endured over the past 3 months.