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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
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])
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)
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!)
To: ChicagoConservative27
5
posted on
04/13/2023 12:09:17 PM PDT
by
PGR88
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)
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)
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
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.)
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!)
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!)
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.)
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.)
To: ChicagoConservative27
This sounds like a benefit to the electric vehicle makers.
$15/gallon gas will make EVs seem almost economically feasible.
To: mewzilla
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.)
To: GaltAdonis
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.)
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.)
To: ChicagoConservative27
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.”)
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?
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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