RE:Outlookgeezer21 wrote: The EIA short outlook for 2021 estimated total world global production of 95.86 mb/d and global consumption of 92.42 mb/d there is considerable amount of evidence now that estimates are off.
China, India, and the U.S. are pulling oil out of strategic supplies. U.S. off-shore production had declined. Backers of U.S. shale producers want debit reduction and not rs take on debit to ramp up. Russia is having to keep more oil at home for domestic use. Russia due to underinvestment is unable to ramp up production. Equador's production is declining. OPEC+ has only been able to increase production to its goal of 400,000 b/d, Saudia Arabia's claim of excess capacity is questionable. New production from Iran is unlikely. Consumption is climbing much faster than anticipated. Gasoline stock are down and refineries will be ramping up after maintenance shut downs. Winter is coming.
Here are some readings on the situation:
https://www.eia.gov/outlooks/steo/report/global_oil.php
https://bisoninterests.com/content/f/the-myth-of-opec-spare-capacity
https://www.reuters.com/business/energy/us-oil-output-sinks-august-offshore-production-drops-eia-2021-10-29/
https://www.eia.gov/international/content/analysis/countries_long/Ecuador/Ecuador.pdf
BP said the world is using 100 million barrels of oil now !!