OPEC Oil Production Is Headed for Lower for Longer

Barron's ^ | 11/23/2023 | Ben Cahill

[Miami Rebel]

“Don’t forget selling off Syrian oil to fund moar war and raping Iraqi women as an MWR signup activity.”

This is a myth. First of all, Syrian production is de minimis. It peaked in 1995 at just 225,000 barrels and is now down to 28,000. That’s the number claimed by Assad; in reality it’s probably just half that volume. Second, the only US oil venture in Syria was Delta Cresent Energy’s, which started in 2020 and was shut down in 2021.

All told, if the US “stole” ALL of Syria’s annual oil production it would be a rounding error in comparison to what we produce in a single day.

[sauropod]

I have seen a few tech articles that explain oil is under continuous creation.

[deport]

Lots of things are under continuous creation but when does
usage overcome the creation amount?

[gibsonguy]

Is there anything left in our SPR?“

It’s down to a 1/3. Traitor Joe drained it and sent the oil to China. Apparently that is not news worthy.

[Chgogal]

Trump wanted to add to the reserve when prices were low with minimum impact to the tax payer. I stand by being smart. That’s my principal.

[Chgogal]

“ The SPR isn't meant for ongoing price control, it's for damage control in case of a shortage of product due to war, etc. SPR was pretty full when oil hit $147 a barrel under Bush. He threatened to draw it down and oil went below $50. When the SPR is low it isn't as much of a threat to countries trying to affect the price. In other news, Biden is still an idiot.”

A smart manager of the country's emergency asset takes advantage of low prices when opportunity strikes. Looks like Biden and certain Freepers would not be smart management of this country's assets.

[SaxxonWoods]

Agreed, FRiend. The Reserve should be being filled now and over the winter at these temporary low prices but this govt won’t do so to keep the Greens happy. Biden is the King of the sugar high that leaves a hangover. He sold off millions of barrels to help D’s in the midterms, a treasonable use of the citizen’s emergency reserve for partisan politics. Now he won’t undo the mistake due to the flak he would take from the whackos for doing the right thing.

[SaxxonWoods]

“The expansion of oil production from shale thanks to new technology (which took place after 2008) makes it far easier to increase production rapidly...”
Unfortunately, that is no longer the case. Shale production, once started, is very fast. But it takes years of prior investment to get a field approved, permitted and ready to drill (I’ve had mineral right on two wells for about 16 years so I follow this stuff closely). Much of that investing and preparation has been diverted to green energy and not to shale for some time (due to tax breaks and fast permitting for green energy and slow-walk for oil/gas). There is no way to quickly ramp massive production at this time. Biden had to do this because if he supported fossil fuel production, alternative energy could not compete.

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