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Art Berman, a petroleum geologist who has been interviewed for past Seeking Alpha articles, was recently interviewed on MacroVoices. He discussed his theory about a line item on the Energy Information Administration’s Weekly Petroleum Status report, line 13, Adjustment.
He tallied up the cumulative adjustment and shows it totaling 308 million barrels since July 2016 (the graph is mislabeled to say July 2017). His point is that this oil exists somewhere and could be brought into the market by someone flipping a switch, and that is why oil prices are depressed. It is also a