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

[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.

[ChicagoConservative27]

Gas was 4.39 yesterday near me

[Steely Tom]

If Trump was President, this headline would have been something like Trump Engineers Oil Squeeze To Help Billionaire Friends, Hurt American Poor.

[CodeJockey]

Higher energy costs will not help to ease inflation.

[lightman]

Gas jumped 10 cents/gallon in Maryland yesterday.

Stable in Pennsylvania...for now.

[PGR88]

[Yo-Yo]

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

[caltaxed]

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.

[1Old Pro]

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.

[cp124]

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

[HYPOCRACY]

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

[Taxman]

WAY TO GO, JOE!

“JOE BIDEN DID THIS!”

[alloysteel]

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.

[mewzilla]

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

[GaltAdonis]

This sounds like a benefit to the electric vehicle makers.
$15/gallon gas will make EVs seem almost economically feasible.

[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.

[mewzilla]

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...?

[laplata]

“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.

[sauropod]

Bkmk

[GaltAdonis]

"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?

[Carriage Hill]

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