in August OPEC+ will be running out...in August OPEC+ will be running out of spare production capacity. Put simply, Saudi Arabia and its allies can’t pump barrels they don’t have. Despite recession fears, oil demand is probably going to grow by at least 1.5 million barrels a day in 2023, after a 3.4 million increase this year. The need for extra crude will become particularly acute as, by late October, the US will wind down the sales from its Strategic Petroleum Reserve, which right now are adding more oil into the market than some medium-sized OPEC+ member countries.
https://www.washingtonpost.com/business/energy/opec-mulls-when-to-fireits-last-oil-production-bullets/2022/06/22/feec8868-f1e8-11ec-ac16-8fbf7194cd78_story.html