Oil to $380/Barrel?

I do not believe OPEC+ has the capacity and at least Saudi does not have the will.

None of us have the actual numbers at all. There are reasons for that I can concisely mention.

But

https://www.ft.com/content/2b6ed520-347b-4c1d-be08-6e70b767f…

snippet

June 7, 2022

What did Opec+ promise — and why now?
After months of White House pressure, Riyadh relented and agreed with other Opec+ producers to accelerate production. The decision pulls forward supply increases already planned by the group for September into July and August, when the monthly increases will be about 650,000 barrels a day.


Cartels are often set up for commodities by countries with dictatorships. A major feature the dictators can be bribed for extra output. The accounting is not accurate at all. The bribes in the west are illegal. Our oil company accounting is not accurate. Mix in the needs of different agendas to create perceptions for investment and pricing pressures. Frankly we have vague fuzzy accounting regarding what is actually being supplied.

This would never be any sort of shock to any of you. But consider the "official" numbers are not right.

This is includes SA's capacity numbers. The public number is kept very vague to stabilize oil prices at higher levels. We do not know their actual capacity numbers. If you expect to invest on what the Kingdom tells you remember you are being lied to in all likelihood.