That is key. Untapped reserves in the ground are far different than a producing field with wells turned back to 50~80% flow.
“That is key. Untapped reserves in the ground are far different than a producing field with wells turned back to 50~80% flow. “
I agree. My point is that if you look at the words you posted it suggests everyone is producing whatever they want.
It is a timeframe thing only, immediately producible vs within a reasonable timeframe producible.
The USA is purposely not producing what they are capable of. This also props up oil prices over the longer term.
BTW, we do have a lot of SPR that exists in the ground that is readily producible, so, for defensive purposes, this country is also artificially holding prices up (Although I would not suggest we produce the SPR).