tag:blogger.com,1999:blog-1149283829854298377.post4649964487279792061..comments2024-03-28T11:02:33.884-05:00Comments on The Million Dollar Way (The Bakken Oil Blog): Oil Prices Climb On Shocking OPEC Report -- Sources -- September 13, 2021Bruce Oksolhttp://www.blogger.com/profile/10952652803684625738noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-1149283829854298377.post-5236126526860356432021-09-14T07:55:28.571-05:002021-09-14T07:55:28.571-05:00The tea leaves all suggest there will be a signifi...The tea leaves all suggest there will be a significant deficit going into 2022. Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-53602798575877617212021-09-13T23:55:36.687-05:002021-09-13T23:55:36.687-05:00i've been working on that report, but gave it ...i've been working on that report, but gave it a rest after i figured what the OPEC quotas should be for August (they don't post new quotas, each one is a percentage change from the previous one, going back to April 2020, a real clusterf**k to compute)<br /><br />anyhow, it appears we had a 2.77 million barrel per day global shortage in August, exacerbated by OPEC production coming in 684,000 bpd below their quota...half of that was Nigeria; another third was Angola...<br /><br />this ain't quite right: "This year, total global oil demand remains unchanged at 96.7 million bpd for the whole of 2021." but i don't blame her; this is what OPEC says in their summary: <i>For 2021, world oil demand is expected to increase by 6.0 mb/d, unchanged from last month’s projections and despite offsetting revisions within the quarters. </i><br />but if you look at their table, 2021 demand is clearly revised 110,000 barrels per day higher..<br />https://rjsigmund.files.wordpress.com/2021/09/august2021opecreportglobaloildemand.jpg<br />the confusion arises because 2020 demand was also revised 110,000 barrels per day higher, meaning the year over year demand figure was unchanged..<br />rjshttps://www.blogger.com/profile/15681812432224138582noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-64059221752214064062021-09-13T14:15:00.484-05:002021-09-13T14:15:00.484-05:00To continue that line of thought, if, indeed, poli...To continue that line of thought, if, indeed, political efforts are successful in slowing US fossil fuel production, all things being equal, we should see some serious price increases in crude oil and gasoline that we haven't seen in quite some time. <br /><br />The "market" does not seem to "appreciate that." <br /><br />As an investor, this might be a Buffett opportunity: be greedy when others are fearful ... and then there was something else on the flip side. Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-78251844381162475292021-09-13T14:12:22.309-05:002021-09-13T14:12:22.309-05:00That's the "supply" side, OPEC contr...That's the "supply" side, OPEC controlling prices, and Biden's energy policies affection US production. <br /><br />But the "shocking" story Tsvetana is writing about is the "demand" side. <br /><br />The "supply story" is interesting and to a great extent political and geo-political, but the "demand story" is absolutely fascinating in light of all the efforts for the past twenty years to kill fossil fuel. Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-20095396468621187002021-09-13T13:47:09.219-05:002021-09-13T13:47:09.219-05:00OPEC controlling prices. The Donks are busy stick...OPEC controlling prices. The Donks are busy sticking a shank in shale and tard sands. Bunch of Buffet cronies. Soft. Commie. Limpdicks.Anonymousnoreply@blogger.com