Oil production cut backs announced

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pbm said:
I don't see anything 'good' about the dollar being replaced as the world's foremost trade currency....at least not for American consumers.
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Yes, businesses are so eager to pay stuff in new currency that Brazil and Argentina are negotiating. I mean, what a thrill would be to use currency whose guarantor is a country that bankrupts every 10yrs like a clock. Or one whose guarantor is a country whose financial policy is run by communist party.
 
pbm said:
I don't see anything 'good' about the dollar being replaced as the world's foremost trade (reserve) currency....at least not for American consumers.
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Remember there's no free lunch. Cheap goods today are being subsidized by taxpayers in the future.

The good is that it makes deficit spending more expensive. That means warfare becomes more expensive, it means it becomes less effective to brow beat the ROW via sanctions over some offense experienced by a bureaucrat/politician. In any case if, and that's a big if, it happens it's going to take decades.

Of course news outlets want you to think it's just around the corner.
 
Snagglefoot said:
And here is an update of oil imports into the USA. Canada is the largest source by far, closing in on 4 million bbls per day.
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That’s cool for Canada… not targeting you here in any way… what would imports be if Keystone XL had been completed??

On the flip side, what would imports be if the ACIC hadn’t single-handedly killed a massive portion of the US’s current and future prospects?

I’m no tree hugger by any means but I don’t endorse the wanton destruction of nature. That said, I’d much rather see a pipeline rather than a lithium pit!!
 
BMWTurboDzl said:
Driving season is ahead so this is just normal stuff which happens every spring. Of course OPEC nations have to abide by the cuts.

Interestingly on an inflation adjusted basis the price of gasoline today is the same as what it was in 2003. Energy prices are volatile and there are ways in which an individual can to a degree insulate themselves from that volatility.
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It's been done outside of OPEC, so every country does as they want. It was NOT an OPEC decision. But I'm sure the saoedi's had talks with the other nations that joined in prior to the announcement
 
Jetronic said:
Saudi Arabia announced that it will cut back it's oil production by 5%, -500,000 barrels/day. Russia had announced the same earlier.

Iraq (211,00), UAE (-144,000), Kuwait (-128,000), Kazachstan (-78,000), Algeria (-48,000), Oan (-40,000) and Gabon (-8,000) will follow suit

This will drop the worlds production by 1.5 % (including the Russian production cut) or over 1.6 million barrels per day in total. The price per barrel is expected to go up to the $95-$120 range by the end of the year, from around $80 now.

How are the strategic reserves doing at the moment?

Inflation is not going to end any time soon I expect
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Strategic reserves about half depleted to buffer consumer price.

Is anyone actually surprised?
 
pbm said:
I don't see anything 'good' about the dollar being replaced as the world's foremost trade (reserve) currency....at least not for American consumers.
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Replacing the dollar as the worlds reserve currency isnt really in the cards.

The petrodollar has lost most of its meaning already, but dollar will remain the standard most ask for.

Where are the Anti EV people ? They never really want to talk about this.
 
UncleDave said:
Replacing the dollar as the worlds reserve currency isnt really in the cards.

The petrodollar has lost most of its meaning already, but dollar will remain the standard most ask for.

Where are the Anti EV people ? They never really want to talk about this.
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The notion that dollar will be replaced is, fir the lack of better word, insane. Fundamental lack if understanding why dollar is reserve currency.

What is happening is rallying of various dictators to protect that income. It is tough balance. Hike up too much, EV’s are better proposition. Not enough, you can’t keep social subsidies.
 
Great timing as usual. Summer time coming up. All the out door activities,boating,travel,etc. Will put a crimp in the budget.:(
 
US oil production is slowly climbing and is at 12 million bbls per day. Here is the curve showing the abrupt drop in 2220. Production is still not back up to where it was, but is pretty good considering the blow back the industry has to face. Just imagine where the US would be if the production was only 5 million bbls per day like it was around 2009.

Usa oil production April 2023.webp
 
It's painfully obvious the whole oil industry manipulates the markets to what they see fit. Like clockwork, when the summer driving season arrives oil goes through the roof-it's been like that always in recent history. They also see the hand writing on the wall in regards to EVs/Hybrids, fuel efficiency gains with ICE, and so on. They are going to make as much money as they can-while they can. I don't care how much they charge-it won't (and doesn't) CHANGE my plans in regards to where I want to drive to-what distances I travel!
 
SubieRubyRoo said:
That’s cool for Canada… not targeting you here in any way… what would imports be if Keystone XL had been completed??

On the flip side, what would imports be if the ACIC hadn’t single-handedly killed a massive portion of the US’s current and future prospects?

I’m no tree hugger by any means but I don’t endorse the wanton destruction of nature. That said, I’d much rather see a pipeline rather than a lithium pit!!
Click to expand...
Years ago we’d only see a pipeline down here when it crossed a river … now they drill under the river - pull the pipe through the hole - and the rest is buried …
 
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