• Introduces Jeff Curry's view that no policy response can stop crude's ascent and damage could take months to unwind.
    Avril
  • Jeff Curry
    There is no policy response that can stop this ascent in crude, none. Flow rate is what matters. The maximum sustainable flow rate from the SPR is 2 million barrels per day. 400 million barrels would take 200 days to get out.
    You've disrupted global supply chains. This is not just oil, it's gas, fertilizers, metals, petrochemicals. You've taken pressure out of fields shut in places like Saudi Arabia, Iraq, UAE. The damage is going to take months to unwind. You put the 400 million barrel release in the context of a disruption of around 18 million barrels per day right now; it's minuscule in terms of offsetting it. The key issue is to keep hoarding down, as hoarding in the 1970s created an increase in demand of 2-3 million barrels per day.
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