What does Bob McNally imply about the future of the oil market?
Oil Price War Escalates With Huge Saudi Oil Output Hike
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The video discusses the ongoing crude oil price feud between Saudi Arabia and Russia. Saudi Arabia plans to increase its oil production to 12.3 million barrels per day, exceeding its sustainable capacity by tapping into strategic reserves. In response, Russia aims to boost its production by 500,000 barrels per day, setting a new record. This short-term price war is expected to disrupt the global oil market, highlighting the absence of a swing producer to stabilize prices.
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What are the implications of not having a swing producer in the oil market?
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