Praise be! The US uses 20 million per day, 100 million world wide. That extra 100,000 will save us. Now Biden’s got Putin where he wants him. What a joke.
https://www.weeklyblitz.net/opinion/saudi-arabia-reselling-russian-oil-is-depleting-western-resources/
Saudi Arabia is buying Russian oil cheap and selling it back to us. SMH
And how much of that 100,000 bbl is actually refined as gasoline? The common breakdown is approx 46% gas and the rest various other items. Decent breakdown here:
https://petroleumservicecompany.com/blog/oil-barrel-42-gallon-breakdown/
Quick SWAG would be about a mere 193,000 gals of gasoline. But, if they want to let me have it that’ll be okay. 🙂👍⛽
“The US uses 20 million per day, 100 million world wide.”
Another 100,000 bpd would replace about 3% of Russia’s current exports (3.5 million).
A much bigger factor in the near term will be demand. In a recession, Global demand can drop more than 10% (more than the total of Russia’s current exports). Then the politics of who has to eat the reduced quotas within OPEC+ will become a big deal.
We will have to see what they actually pump. Since OPEC+ has been underproducing their quotas, the Saudis and Emiratis could actually ramp up production more than this month’s quota increase might indicate.
Beyond the current quota number however, a lot of money is being sunk into increasing capacity of non-Russian producers. That will bear fruit later.