Here are some snapshots of his presentation:
Despite the constant news stories about "demand destruction", global oil demand has only fallen by 200,000 barrels per day!
Latest U.S. crude stocks are about the same number they were throghout the 1980's! (Daily demand has grown by about 20%)
On the chart below, although 3.4 billion barrels in storage might seem like a lot, total OECD demand per year is roughly 15-17 billion barrels per year (in other words, total stocks can last for about 70-80 days of consumption)
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