Jul 24, 2026 · 1 hr 3 min · 11 segments
Thank you for watching -- let us know if anything you'd want to hear about next week, episodes every Friday!Steve - https://x.com/stevenfiorilloAmit - https://x.com/amitisinvestingBasis Points…
Oil, oil, oil's up.
I think we should start the pod with this conversation as well because it'll bleed into everything going on with the equity market.
So oil was at $65 in June.
You were right for the past three months saying that it will inevitably come down, especially before July 4th.
That did happen.
It is now up 25% in the past month, unfortunately.
Hit 92 today.
There was a sell-off today.
There were some stocks that also went up, but I think the exaggeration of the sell-off, especially on the names that went down, happened because oil was pushing the 90s, and the 10-year also topped above 4.7.
So, I mean, what do you think happens if oil actually gets back to 100%?
Depending on which metric you're looking at, it already has.
Yeah.
Problem now is when you go look at the production per country, Saudi Arabia is currently producing 6.6 million barrels per day.
When we were in the beginning of the year in January, they were just over 10 million barrels per day.
You have a lot of crude that came off the market due to the conflict overseas.
Iraq is another big one.
Iraq is the number seven or eighth oil-producing nation.
They were consistently around 3.8 to 4.1 million barrels per day.
Now their production is 2 million.
They used to be around 3.2 to 3.4. Now their production,
2.4.
Oil, oil, oil's up.
I think we should start the pod with this conversation as well because it'll bleed into everything going on with the equity market.
So oil was at $65 in June.
You were right for the past three months saying that it will inevitably come down, especially before July 4th.
That did happen.
It is now up 25% in the past month, unfortunately.
Hit 92 today.
There was a sell-off today.
There were some stocks that also went up, but I think the exaggeration of the sell-off, especially on the names that went down, happened because oil was pushing the 90s, and the 10-year also topped above 4.7.
So, I mean, what do you think happens if oil actually gets back to 100%?
Depending on which metric you're looking at, it already has.
Yeah.
Problem now is when you go look at the production per country, Saudi Arabia is currently producing 6.6 million barrels per day.
When we were in the beginning of the year in January, they were just over 10 million barrels per day.
You have a lot of crude that came off the market due to the conflict overseas.
Iraq is another big one.
Iraq is the number seven or eighth oil-producing nation.
They were consistently around 3.8 to 4.1 million barrels per day.
Now their production is 2 million.
They used to be around 3.2 to 3.4. Now their production,
2.4.
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