At mid-year 2021 we find that we are in an unsettled state with respect to crude supplies. Of the three largest contributors to global supply, the U.S.A., Russia, and OPEC+ (Russia is the “+” in OPEC+), all capable of producing more than 10 mm BOPD, we find that it is OPEC+ in a bit of disarray. With the world now in deficit status with regard to oil production and demand by 2-3 mm BOEPD, there is little room for error. In an article carried in Reuters, the emerging dynamics of the current OPEC+ meeting were in focus. The major topic…
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