OPEC+ is out of spare capacity - May 13
Posted: Fri May 13, 2022 2:06 pm
OilPrice.com: OPEC+ Misses The Mark Yet Again.
Dragged down by plummeting Russian production, continuous underperformance in Angola and Nigeria, and port disruptions impacting Kazakhstan, the collective output of OPEC+ countries was 2.7 million bpd below the targeted level for April, marking the worst month in terms of production discipline in the oil group’s post-pandemic history.
Biden can beg OPEC for more oil, but they are out of any spare capacity that can be quickly added to global supplies. Saudi Arabia and UAE have some, but not enough to offset declines from other cartel members.
I cannot stress enough how important it is for America to get more diesel. Distillate inventories (mostly diesel) are 23% below the 5-year average. If we are forced to ration diesel, it will be a major blow to the U.S. economy. This country runs on diesel.
Dragged down by plummeting Russian production, continuous underperformance in Angola and Nigeria, and port disruptions impacting Kazakhstan, the collective output of OPEC+ countries was 2.7 million bpd below the targeted level for April, marking the worst month in terms of production discipline in the oil group’s post-pandemic history.
Biden can beg OPEC for more oil, but they are out of any spare capacity that can be quickly added to global supplies. Saudi Arabia and UAE have some, but not enough to offset declines from other cartel members.
I cannot stress enough how important it is for America to get more diesel. Distillate inventories (mostly diesel) are 23% below the 5-year average. If we are forced to ration diesel, it will be a major blow to the U.S. economy. This country runs on diesel.