Just do the math: OPEC+ isn't producing enough oil

[dan_s]

The EIA's global oil production estimate for 2022 is 101 million bpd and it assumes that OPEC production will average 28.9 million barrels per day in 2022.

OPEC’s oil output in February was around 25.9 million barrels per day. Five of the OPEC countries reported production declines from January to February and they are all producing less than their quotas, so they are "peaked out".

The cartel is enjoying a massive year for revenues and, barring some Black Swan disruption to global supply, I don’t see a reason for OPEC to want to pump more oil. Why would these countries want to deplete their reserves faster and get paid less for it?

Saudi Arabia is super pissed off that Team Biden is working on a deal to lift sanctions against Iran. Iran is behind the recent attacks on Saudi Arabia and everyone on Earth knows it.
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Now do the math: EIA's global oil demand forecast is 100.6 million bpd. Since U.S. and OECD petroleum inventories are already low enough to justify $100/bbl oil price, where do you think oil prices are heading?

[Fraser921]

Crude down 11 bucks, I guess we got enough.

When it gets whacked like this, some traders have to liquidate and the selling begets more selling. A few weeks ago, crude sold off from 130 to low 90's before bouncing up again to 115 ish

[KGardiner]

Nothing more than China Lockdown Demand Fears.
These traders run for the hills every time someone sneezes.
Then someone yells the coast is clear and they rush back in.
I don't see how these folks stay in business?
Lemmings!
And Trampled Lemmings!