Thread of 8 Charts on the oil politics between the Biden Administration and OPEC! Looks like a story!
#Oil #OPEC #Biden #OOTT #COP26
1-8 I am using IEA demand numbers so no one can say OPEC numbers are self-serving.
2-8
Notice that the demand gap shown in the IEA chart above is bigger than the OPEC production gap!
#OPEC #Oil
3-8
Saudi crude oil production is almost back to normal and will exceed 2019 levels soon.
#SaudiArabia
4-8
If the Biden administration is worried about gasoline prices, it should support US refineries! Or at least investigate why they are not back to 2018 levels!
#Refining #OOTT
5-8 The Biden Administration should also look into this: Why isn't US crude oil production back to normal?
#Shale
6-8
Despite a major decline in US crude oil production, crude exports remain relatively strong.
Dare anyone think reinstating the export ban will solve any problems.
#Shale #Exports #ExportBan #Biden #Obama
7-8 No comment (Although I just did 😂)
#Russia
8-8
the US does not even depend on OPEC that much.
While asking OPEC to increase production will not solve any immediate problems pointing fingers will backfire. OPEC officials can point fingers too. That is called "Oil Politics"!
Welcome to my world! #OOTT
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