Posted on 04/13/2023 12:01:00 PM PDT by ChicagoConservative27
Global oil markets will see a sizable supply deficit this year, as the production cutbacks of major exporters begin to kick in.
The world will be short by about 2 million barrels a day in the fourth quarter, more than reversing an expected surplus of 300,000 barrels a day in the second quarter, according to OPEC data cited by Bloomberg.
That's after OPEC and non-member partner Russia announced steep cuts to their production. On April 2, OPEC lowered its planned output by 1 million barrels a day, citing protection against price shocks after March's bank turmoil caused a brief drop in the oil prices.
(Excerpt) Read more at msn.com ...
5 bucks a gallon, thank you Biden , you incompetent demented idiot . Drinking Guinness with the harps while the world is falling apart.
It’s OK, Biden will make it up out of the Strategic Petroleum Reserve. /s
When we cut our own production below self sustainability we are at the mercy of foreign producers who can cause prices o rise at will. Eliminating CO2 in the atmosphere and thereby reducing the world production of food is worth having the high and rising gas prices. There’s way too much food being grown and not enough famine. The Democrats must be jumping up and down and cheering for the Russian and Arabian oil production cuts.
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