Amrith Ramkumar
speaker
860 appearances
16 recordings
1 series
first heard May 2018
last heard Sep 2021
Amrith Ramkumar’s voice in public audio — every appearance, attributed to the second.
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Appearances
So there is plenty of oil, but people don't want to go into those stockpiles because they really need to focus on ongoing production to meet capacity.
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No, not often at all.
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It's, again, a last-ditch effort.
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So one of the last times was in 2011 during the Libya civil war when there were massive outages there.
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And they can make a difference again, but if you're wanting to calm markets down, that's not the way to do it.
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That will just get people really nervous about what is actually going on probably and raise a lot more questions than they may answer because, again, that's not a sustainable way to meet production.
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Other OPEC countries and Russia have also said that they're not going to put out more oil.
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And so that's, again, another sign that Saudi Arabia doesn't want to lose market share and thinks they can get things back to normal without, again, going too crazy with other countries' stockpiles or production methods.
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I think that's exactly right.
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A lot of it driven definitely by the Federal Reserve, which has basically done almost a 180, it seems like, in the six weeks between its December meeting and the end of January.
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And we saw early in January the comments from Chairman Powell really kind of ignited the rally.
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And helped sentiment, which was the biggest thing.
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People kind of realized that the Fed isn't going to aggressively tighten, at least in the short term, and cause some really big problems for the economy that is set to slow this year.
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So that's had a huge impact.
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And then that, along with some economic data that was better than expected, I think, like you're saying, really helped.
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And also, you have to remember, earnings calls have generally, I think, helped calm some investor fears.
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Companies like Boeing saying that demand generally is strong has definitely had a positive effect too.
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It depends.
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Oh, absolutely.
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Especially because, yeah, like small caps and banks were among the hardest hit along with industrials toward the end of the last quarter when people were really having these kind of intense recessionary worries.
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