Posted on 12/14/2023 7:16:28 PM PST by Round Earther
Huge volumes of US oil production, as well as output from Brazil and Guyana, have eaten away at the Organization for Petroleum Exporting Countries and its allies' command of global crude flows, with the energy cartel's market share dropping to its lowest mark in nearly a decade, according to the International Energy Agency.
In its oil report covering data up to December 2023, the IEA said OPEC+'s market share had fallen to 51% in 2023.
It hasn't been that low since the group expanded to include additional allies in 2016, the Paris-based firm said.
"Record-breaking supply from the United States, Brazil and Guyana, and sharply higher Iranian oil production, along with easing demand, prompted some OPEC+ members to announce more extensive 100 2 1Q24 cuts to fend off a potential inventory build," the IEA said.
(Excerpt) Read more at markets.businessinsider.com ...
Biden Crime Syndicate — “How can we get our 10%? What did we miss?”
Global Climate Catastrophe Greeniacs deeply saddened. No matter what they do, production goes up.
How is it that the Bidenites and Obamaians have allowed this domestic oil production to take place? My “all politicians suck” daughter has been poking me with how gas prices are down to 2.60 here in central FL; I thought it was because of the Hamas war, but it’s probably this instead.
Is it increased oil production or drawing down on our strategic oil reverses. I suspect the oil reserves are being pumped out
The oil reserves really isn’t that much, and it was emptied months ago.
Those easy pickings, helped to develop fracking and such innovations that resulted into private property oil development.
There was minimal federal control over that production due to private property. The US has some of the best innovation and production value per rig, etc. God bless Obama and Biden for their overreach.
Perhaps this explains Venezuela's recent interest in annexing Guyana's oil fields.
We are actually putting a little oil back in the SPR:
The biggest factor is the slowing of economies (as if they were scorching along anyway!) world-wide. Good production in some non-OPEC countries helps too, but the US certainly could be doing more.
Why is gas and fuel cost still so high?
Check your figures from the Reagan days, adjusted to inflation.
gas is down probably $1.00 a gallon. I paid about $2.50 today. In the greater scheme of things, not bad at all.
IF this be the case why am I paying over $3 for gas??
Just a thought. What has happened to our native (legal) population? People dying off can reduce demand.
In spite of this regime.
Trump’s fault!
Seriously, current oil production levels are due to permitting under Trump.
The Biden-Oil-Chokepoint will come into effect down the road.
“How is it that the Bidenites and Obamaians have allowed this domestic oil production to take place?“
The bastards changed the way it is calculated and MSM let them that’s how. Just like they let them get away with removing fuel and food from the inflation figures.
This is nothing but another election year lie
How was the calculation changed?
Just think about how great things would be w/o the BiXiden Crime Fam running some of the levers of power.
What state are you in?
$4.80/gal in Oregon.
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