Is there a supply problem right now for Oil Absolutely yes um and this this goes Back to 2014. overall capex is down 35 Yet demand is higher You know if you look at every producer With the exception of uae and saudi Arabia are producing less today than They were in january 2020. um so when we Think about these supply constraints They're broad-based in particular you Think about Non-core opec places in africa like Angola or nigeria because it's deep Water offshore platforms and the Concerns around decarbonization we've Seen no money go into those parts of the Oil complex and as a result the supply Constraints are severe throw on the the Russian shock on top of it the supply Constraints are you know the biggest we Have seen in in decades since the 1970s So no this is a real shortage hence why The americans just you know had a record Spr release that is still insufficient To be able to deal with the scale of the Problem
