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Msg  370017 of 372562  at  11/25/2021 10:42:01 AM  by

ghmndod

The following message was updated on 11/25/2021 10:45:28 AM.

IEA Faith Birol CNBC

In fact, some of the key strains in todays markets may be considered as artificial tightness ... because in oil markets today we see close to 6 million barrels per day of spare production capacity lies with the key producers, OPEC+ countries.

https://www.cnbc.com/2021/11/25/oil-iea-chief-criticizes-artificial-tightness-in-energy-markets.html

In October OPEC produced 27.453mm bbl. p/d

The highest they ever produced is for a few months during the oil price/market share wars and that was 33.5mm bbl. p/d. It is believed much of that was from stored oil.

For the past 16 yrs.OPEC has produced slightly more than 30mm bbl. p/d.

Since that time their reserves have declined. Many OPEC countries are in permanent decline. 6 of the 13 members could increase production. Two of them though are Iran and Venezuela.

At best the group could increase production back to their avg. of slightly more than 30mm bbl. p/d or an additional 3mm bbl..

Russia may be able to increase production by an additonal 500m bbl. p/d.

An all out effort by OPEC+ would bring am addional 3.5mm bbl. p/d if all sanctions were removed from Iran & Venezuela. It is believed Venezuela would need $B'a to bring production back. China which looked to incease production has only put in a meager effort.

At best we will see 2mm bbl p/d come back from OPEC+. Between depletion & the resulting production declines due mainly to the lack of CAPEX and geology that will be it.

The IEA has joined the politicizing of oil. What should be said if the West had not discouaraged CAPEX via the "green revolution" and the "leave it in the ground" and "stranded assets" mantra we would not be begging for oil.

The Wests liberal politicians should look in the mirror they then will see where the oil price problem was caused.

One only has to look at the "plans" that have come from the World Economic Forum at Davos along those from the UN to see the globalism, one world the elites have in store for us. It will not be pleasant. One though is below.

Nancy Pelosi one of the elite leaders bought an ocean front home on Jupiter Island about 5 miles from where I live. She no doubt bought it for the protection the island gives. Every car is filmed the moment it goes on to the island and essentialy tracked until it leaves. Those that reside there seasonally are retired COB's CEO's or active in those positions along with very old money generally founders of these corporations with massive trusts. I would not expect she would be welcomed by most there. It will be safe for her though. Too bad she can not be forced to live in San Francisco or California, the areas her elite policies have severely hurt. How many more will run to Jupiter Island?


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