The Oil Minister of the United Arab Emirates, Suhail Al Mazroui, told reporters upon his arrival in Vienna for the OPEC meeting that he is “optimistic” about the meeting and that they have been seeing the market correcting upwards.
The Oil Minister of the United Arab Emirates, Suhail Al Mazroui, told reporters upon his arrival in Vienna for the OPEC meeting that he is “optimistic” about the meeting and that they have been seeing the market correcting upwards.
New from @nickcunningham1: Biden Taps SPR, But Remains At The Mercy Of OPEC+ ⤵️ https://t.co/tUg6Hn7Zqk
RT @gbrew24: Biden's in a tough spot, with few options on gasoline prices. But it's also true that prices, while high, have not yet reached…
RT @CoalitionReMo: CFM is now the Coalition for Reimagined Mobility. Addressing systemic challenges within the global #transportation eco…
RT @nickcunningham1: Methane Crisis Needs Urgent Action - @EnergyFuse https://t.co/xoA39sQ1wS
RT @gbrew24: It's an energy crunch. Why is it happening? A combination of short-run factors stemming from COVID...plus some long-term trend…
The recent oil production boom in the United States, while astounding, has created a misleading narrative that the United States is no longer dependent on oil imports. Reports of surging domestic production, calls for relaxation of the crude oil export ban, labels of “Saudi America,” and the recent collapse in oil prices have created a perception that the United States has more oil than it knows what to do with.
This view is misguided. While some forecasts project that the United States could become a self-sufficient oil producer within the next decade, this remains a distant prospect. According to the April 2015 Short Term Energy Outlook, total U.S. crude oil production averaged an estimated 9.3 million barrels per day in March, while total oil demand in the country is over 19 million barrels per day.
This graphic helps illustrate the regional variations in crude oil supply and demand. North America, Europe, and Asia all run significant production deficits, with the Middle East, Africa, Latin America, and Former Soviet Union are global engines of crude oil supply.