Over the past several months, we referred to the litany of oil supply threats, both real and imagined, that combined to push prices higher, as the global market got somewhat tight. Now, almost the mirror image is playing out. First of all, Saudi Arabia, as is their wont, responded to the market conditions and have pushed up output to over 10 million bpd, and they have reiterated a capacity of 12.5 million bpd. Recall the rapid cutback to around 9.0 million bpd, earlier this year, which contributed to our litany of supply concerns. The main supply culprits, however,
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