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Oil markets could see a supply shock of 2 million barrels a day this year as OPEC and Russia slash production
MSN ^ | 04/13/2023 | Filip De Mott

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 ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: barrels; oil; opec; russia
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Gas was 4.39 yesterday near me
1 posted on 04/13/2023 12:01:00 PM PDT by ChicagoConservative27
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To: ChicagoConservative27
If Trump was President, this headline would have been something like Trump Engineers Oil Squeeze To Help Billionaire Friends, Hurt American Poor.
2 posted on 04/13/2023 12:04:13 PM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: ChicagoConservative27

Higher energy costs will not help to ease inflation.


3 posted on 04/13/2023 12:08:00 PM PDT by CodeJockey ("The duty of a true Patriot is to protect his country from its government.” –Thomas Paine)
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To: ChicagoConservative27

Gas jumped 10 cents/gallon in Maryland yesterday.

Stable in Pennsylvania...for now.


4 posted on 04/13/2023 12:08:18 PM PDT by lightman (I am a binary Trinitarian. Deal with it!)
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To: ChicagoConservative27

5 posted on 04/13/2023 12:09:17 PM PDT by PGR88
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To: ChicagoConservative27

Gee, that Keystone XL pipeline is looking better and better, eh Joe?


6 posted on 04/13/2023 12:14:32 PM PDT by Yo-Yo (Is the /Sarc tag really necessary? Pray for President Biden: Psalm 109:8)
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To: ChicagoConservative27
You will never find a more wretched hive of scum and villainy.

Fortunately, the OPEC countries tend to start undercutting each other a day or so after announcing output cuts.

7 posted on 04/13/2023 12:16:25 PM PDT by caltaxed (ake)
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To: Steely Tom
If Trump was President, this headline would have been something like Trump Engineers Oil Squeeze To Help Billionaire Friends, Hurt American Poor.

Biden negotiates reduction in cancer causing fuel production saving both lives and the environment.

8 posted on 04/13/2023 12:16:32 PM PDT by 1Old Pro
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To: CodeJockey

According to Fox Business, inflation and the bank crisis are over. Happy days are here again.


9 posted on 04/13/2023 12:16:44 PM PDT by cp124 (80% of everything is fake or a lie.)
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To: ChicagoConservative27

Just in time for summer. Leftists really like to cause maximum pain for no benefits except screwing Americans.


10 posted on 04/13/2023 12:16:53 PM PDT by HYPOCRACY (This is the dystopian future we've been waiting for!)
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To: ChicagoConservative27

WAY TO GO, JOE!

“JOE BIDEN DID THIS!”


11 posted on 04/13/2023 12:25:36 PM PDT by Taxman (SAVE AMERICA! VOTE REPUBLICAN IN 2023 AND 2024!)
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To: CodeJockey

If, and this is a very big IF, the US loosened the reins a bit (well, a whole lot) on domestic oil production, the local production of oil would ramp us just about as fast as the OPEC countries and Russia are cutting back, making again a surplus supply across the world, and the US would be profiting from net oil exports. Assured dominance for at least a decade or more, until the electric grid finally catches up with the proposed demands being made upon on the existing infrastructure.

This is but a bridge to the future. No bridge, no future.


12 posted on 04/13/2023 12:42:02 PM PDT by alloysteel (Fiction has to be at least plausible, while reality obeys no such constraint.)
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To: ChicagoConservative27

And Deep State continues to export RECORD amounts of US energy...


13 posted on 04/13/2023 12:42:57 PM PDT by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: ChicagoConservative27
This sounds like a benefit to the electric vehicle makers.
$15/gallon gas will make EVs seem almost economically feasible.
14 posted on 04/13/2023 12:45:42 PM PDT by GaltAdonis
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To: mewzilla

And Russian sanctions have always been a joke.

Case in point...

https://www.reuters.com/business/energy/russia-boosts-q1-gasoline-exports-finds-buyers-africa-replace-europeans-2023-04-13/

So why are we exporting record amounts of everything?

Cui bono?

Because it sure as Hades ain’t the American public.


15 posted on 04/13/2023 12:46:08 PM PDT by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: GaltAdonis

https://newseu.cgtn.com/news/2023-04-07/Why-has-Germany-ditched-plans-to-only-make-EVs-after-2035—1iGb8kkdgha/index.html

Looks like the EU us bailing.

So why is our Deep State still so gung ho...?


16 posted on 04/13/2023 12:47:24 PM PDT by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: mewzilla

“So why is our Deep State still so gung ho...”?

Because their goal is to take down the US. They can’t implement their NWO as long as the US is a viable country.


17 posted on 04/13/2023 12:50:36 PM PDT by laplata (They want each crisis to take the greatest toll possible.)
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To: ChicagoConservative27

Bkmk


18 posted on 04/13/2023 12:53:06 PM PDT by sauropod (“If they don’t believe our lies, well, that’s just conspiracy theorist stuff, there.”)
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To: mewzilla
"So why is our Deep State still so gung ho...?"

.

Maybe the best interests of the United States is not what's on their minds? Eh?

19 posted on 04/13/2023 12:59:05 PM PDT by GaltAdonis
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To: ChicagoConservative27

My brand of Ethanol-Free 90 oct Premium went from $4.05/ gal, to $4.35/gal, in one day.


20 posted on 04/13/2023 1:03:15 PM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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