tag:blogger.com,1999:blog-68093878627381964712024-02-21T05:18:32.097-05:00THE END OF FOSSIL ENERGYThe End of Fossil Energy and Per Capita Oil by John G Howe (5th Ed)covers updates to the book as well as other related material regarding the imminent global energy crisis.
Over 1.5 MILLION Followers and Readers have engaged our various curated Digest of Insights and Ideas from leading global investors, economists, scientists, experts and media; focusing on Humanity's "BIG 7 Es" Energy, Economics, Exponentiation, Environment, Entropy, Earth and Extinction.T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.comBlogger409125tag:blogger.com,1999:blog-6809387862738196471.post-82635278078237654962023-01-26T01:31:00.001-05:002023-01-26T01:31:00.215-05:00#Oil #Prices in 2023<p> </p><p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6J9BBdcxbPWRknLOdIFjma340uuDYiM4TWO68hhiNFpEQoMMu_kOp5f2RzOieYFzemI0vbb7HDQpINyDSQ0LIUgvN300rZnBQglDDTbczf4FRbY6Y9gNLaJFBjRQkKwKZG8-sfSfwOUyzYTdLtBPEH41_kpETbYpEH9Vaogcfr_aI8HsylzQTYL0YKA/s4358/AAAAAAAA.GAS.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2927" data-original-width="4358" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6J9BBdcxbPWRknLOdIFjma340uuDYiM4TWO68hhiNFpEQoMMu_kOp5f2RzOieYFzemI0vbb7HDQpINyDSQ0LIUgvN300rZnBQglDDTbczf4FRbY6Y9gNLaJFBjRQkKwKZG8-sfSfwOUyzYTdLtBPEH41_kpETbYpEH9Vaogcfr_aI8HsylzQTYL0YKA/w597-h402/AAAAAAAA.GAS.jpg" width="597" /></a></div><br /><br /><p></p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div style="text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: x-large;">Oil Prices in 2023</span></strong></div><div style="text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: x-large;"><br /></span></strong></div><div class="header-anchor-widget" id="§oil-prices-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; font-size: 1.375em; height: 30.2969px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/oil-prices-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h3><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Two points stand out when looking at various price forecasts for Brent crude oil:</span></p><ol style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-top: 0px; padding: 0px;"><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">Most forecasts for the average Brent price in 2023 fall between the average prices of 2021 and 2022.</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">Some groups have “predicted prices in 2023 to be between $80/b and $100/b”. This forecast, however, is of no real value because it covers every forecast shown in Figure (5) below.</span></p></li></ol><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Based on our above-mentioned views on oil supply and demand, along with the issues discussed in the following section, we estimate Brent prices to average $88/b in 2023, which is next to the lowest in the list of forecasts in Figure (5). </span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The oil market is expected to remain weak in the first half of 2023, mainly in the first quarter. While we are bullish on the second half, especially in the second quarter of it, low prices in the first half will weigh on the average price for the whole year. In case of a recession in the first half, or even a decline in outputs for 3-4 months, oil prices will decline further. OPEC’s reaction is expected to be supportive, but not enough to raise prices to $100/b as we discuss below.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (5)</span></span></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; 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--tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: x-large;">Major Issues and Concerns to Watch in 2023 </span></span><div class="header-anchor-widget" id="§major-issues-and-concerns-to-watch-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 30.2969px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/major-issues-and-concerns-to-watch-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large; font-weight: normal;"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></span></svg></div></div></div></h3><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">We discuss below four key issues related to OPEC/OPEC+ measures, Russian oil production and exports, refilling the US SPR, and others that could challenge our forecasts.</span></p><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">1- Will OPEC/OPEC+ Meet Soon for Additional Output Cuts?</span></span><div class="header-anchor-widget" id="§will-opecopec-meet-soon-for-additional-output-cuts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/will-opecopec-meet-soon-for-additional-output-cuts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large; font-weight: normal;"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></span></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The OPEC ministerial meeting is not expected to take place before June 4, 2023. However, during their meeting on December 4, 2022, OPEC+ ministers adjusted “the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.”</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">If oil prices continue to decline, OPEC+ has two choices: either the JMMC calls for an emergency meeting or waits for the JMMC recommendation in February.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">If the JMMC calls for a full ministerial meeting, this could signal that OPEC+ ministers will most likely convene to agree on a production cut. We believe that any cut will NOT be aggressive, and its role will most likely be directed at preventing a large build in global oil inventories, and indirectly maintaining Brent crude oil prices above $75/b. Any cut will return oil production to levels last seen before Russia invaded Ukraine (see Figure 6 below).</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;"> It is also worth noting that a production cut isn’t necessarily made to increase oil prices. Preventing oil prices from declining further is a successful action on its own.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">In case of a recession, global or regional, we predict that OPEC/OPEC+ will agree on a large production cut. We also believe that OPEC/OPEC+ will defend a price floor of $60/b (Brent).</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (6)</span></span></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F050fcd2b-1bc4-4721-bb6e-b6d2d5b680e8_750x563.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; 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opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">2- Will Russian Oil Production and Exports Decline Significantly in 2023?</span></span><div class="header-anchor-widget" id="§will-russian-oil-production-and-exports-decline-significantly-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/will-russian-oil-production-and-exports-decline-significantly-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large; font-weight: normal;"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></span></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">In our previous newsletters, we covered western sanctions and the G7-led price cap on Russian oil, noting that the impact of these restrictions will be limited. We said that Russian oil companies could divert part of their oil shipments, which used to be exported to Europe, to other countries as shown in Figure (7) below. But some Russian crude will still reach Europe through different means. Based on our calculations, we believe that Russian companies will have a serious problem selling between 300,000 b/d and 400,000 b/d. This conclusion is supported by the fact that some shipments have unknown destinations, as shown in the red area in the chart below.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">While western sanctions will NOT sharply reduce Russian oil production and exports (in fact the price cap legalized all Russian exports since they are sold below the $60 price cap), lower oil prices will be troubling for Russian oil companies and the government’s budget. Recent reports indicated that Russia’s flagship Urals crude oil was sold in the high $30s. The breakeven is about $55/b, and about half of this cost is government taxes. If the Russian government wants companies to continue exporting at such low prices, it will have to reduce taxes. Lower taxes, however, mean a large budget deficit at a time when Russia is cut off from most of the global financial system.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">As Russia’s war in Ukraine protracts, and sanctions on Moscow deepen, lower investment and a lack of spare parts will heavily affect Russian oil production, particularly after 2023. From now until the end of the year, we expect Russian oil production to decline by about 600,000 b/d which includes the 300,000 b/d-400,000 b/d mentioned above. A decline in investments would reduce Russia’s proven oil reserves, thus allowing the US to surpass Russia as the 8th largest holder of proven oil reserves in the world. (See Figure 8 below).</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (7)</span></span></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source></span><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg","fullscreen":null,"imageSize":null,"height":360,"width":480,"resizeWidth":714,"bytes":53031,"alt":null,"title":null,"type":"image/jpeg","href":null,"belowTheFold":true,"internalRedirect":null}" height="535.5" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e696086-6db7-4206-aff8-9140faca3114_480x360.jpeg 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="714" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (8)</span></span></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source></span><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png","fullscreen":null,"imageSize":null,"height":563,"width":750,"resizeWidth":null,"bytes":553028,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="563" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5172c905-4dfd-4910-8eb1-6dfc428dfa14_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="750" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><div style="text-align: center;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><b>SPR BUYBACK PRESSURES PRICES</b></span></span></div><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative; text-align: center;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; font-weight: normal;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="383" src="https://www.youtube.com/embed/_pAPQTUA8UQ" width="461" youtube-src-id="_pAPQTUA8UQ"></iframe></div></span></h4><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><span style="font-size: x-large;">3- What is the Impact of Refilling the US SPR?</span></h4><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div class="header-anchor-widget" id="§what-is-the-impact-of-refilling-the-us-spr" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/what-is-the-impact-of-refilling-the-us-spr" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large; font-weight: normal;"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></span></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">As we anticipated in our </span><a href="https://anasalhajjieoa.substack.com/p/bidens-spr-refill-plan-a-nothingburger" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">newsletter on December 18, 2022</a><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">, the US administration has decided to walk away from a plan to refill the SPR with three million barrels of sour crude oil in February. The administration released about 221 mb of crude from the SPR in 2022, which included the 180 mb US President Joe Biden authorized in March 2022 (see Figure 9 below).</span></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">In our view, when the US administration decides to refill the SPR later this year the following will likely happen:</span></p><ol style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-top: 0px; padding: 0px;"><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">Any refill will be partial and will be around 60-90 mb, if any.</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">Most of the purchased amount will be medium sour crude oil, and shale producers will not benefit from this since they produce light sweet crude. </span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">Prices for medium sour crude will be around $40 or lower.</span></p></li></ol><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The only way oil prices for medium sour crude oil could decline to such levels in 2023 is if we end up with a severe recession. The Administration may find a short window to purchase oil before OPEC/OPEC+ announce a cut production. In other words, the ability of the Biden administration to refill the SPR at the desired prices is in the hands of Saudi Arabia (this may be a hard truth for those who do not like to hear it).</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The impact of an SPR refill, and if it happens, will be very limited. In addition to having an amount that is relatively small, buying during a period of negative sentiment creates a price floor or reduces the decline. Unlike what the US Department of Energy (DOE) has said, buying 60-90 mb of oil will not change the upstream investment decision of any oil company. Purchasing 60 mb-90 mb over a period of a few months will have no impact on offshore projects that are designed to operate for 20 years or more. In addition, most of the purchased oil may be imported or may come from the Gulf of Mexico if the US government insists on buying domestic oil.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (9)</span></span></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; 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--tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source></span><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg","fullscreen":null,"imageSize":null,"height":360,"width":480,"resizeWidth":712,"bytes":43822,"alt":null,"title":null,"type":"image/jpeg","href":null,"belowTheFold":true,"internalRedirect":null}" height="534" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F986ca926-8057-4538-b44a-4ccc0ed6666e_480x360.jpeg 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="712" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">4- What Could Go Wrong with Our Forecasts?</span></span><div class="header-anchor-widget" id="§what-could-go-wrong-with-our-forecasts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/what-could-go-wrong-with-our-forecasts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large; font-weight: normal;"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></span></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Several factors can challenge forecasts, including changing political circumstances in oil-producing countries like Russia, Iran, and Venezuela, and natural events such as hurricanes that usually hit the US Gulf Coast. Any events that lead to changes in supply or demand would render our forecasts inaccurate. In what follows, we focus on some of these issues that have been overlooked by others, and which could invalidate our forecasts for this year.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The first issue is related to the relationship between oil, natural gas, and LNG. For example, hurricanes in the Gulf of Mexico could lead to a halt in US LNG exports to Europe. In this case, LNG prices would increase substantially, forcing power companies, factories, and consumers to switch to oil products, therefore leading to a rise in oil demand to levels above existing forecasts.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">A halt in LNG exports, meanwhile, will lead to lower natural gas prices in the US. Also, low and negative natural gas prices in some hubs in the US may force some oil producers to reduce production, resulting in oil production levels being lower than expected. </span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The second issue is regarding possible massive and extended power outages due to weather conditions or other factors. Private power generation, which uses petroleum products, increases in such circumstances, and this in its turn could raise oil demand to levels above existing forecasts. Historical evidence shows that an increase in oil demand under such conditions can reach 800,000 b/d.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The third issue is related to the possibility of a severe summer heat wave in the Middle East and North Africa that could lead to a sharp rise in demand for space cooling. Power plants in these regions usually meet this increase in demand by using fuel oil and diesel, and in some cases crude oil. In this case, there won’t only be an increase in demand, but such an increase could come at the expense of oil exports, therefore reducing global supplies while oil production is increasing. Historically, such developments have always been bullish, and for this reason, there is a possibility that the third quarter of 2023, in particular, will be bullish more than what has been expected in this outlook. </span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">The fourth and final issue is related to US shale production growth, and crude oil quality. If most, or all the growth comes from sweet crude production and condensates, while Iran, Libya, and Nigeria increase their oil output of this same quality, the oil market will then face a surplus in this type of crude oil. Although this will depend on how refineries will react, such surplus will affect price differentials, which in turn will lead to a change in oil market balances in a way different from what has been forecasted.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">In conclusion, 2023 may end up being an uneventful year for the oil market, unlike 2022 which saw unprecedented developments. However, 2023 will be the year when oil demand increases to record-breaking levels. We are also keeping an eye on the US and China: last year, we saw the US reducing its SPR while China was building it, but could 2023 be the year when China releases oil from its SPR while the US focuses on increasing its own reserves?</span></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><br /></span></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><b><span style="font-size: x-large;">OIL RESERVES - WHO DO WE TRUST?</span></b></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><br /></span></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"></span></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="485" src="https://www.youtube.com/embed/wIxCIAAJpP4" width="584" youtube-src-id="wIxCIAAJpP4"></iframe></div><br /><span style="font-size: large;"><br /></span><p></p>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-75098017332352104542023-01-23T01:33:00.001-05:002023-01-23T01:33:00.263-05:00#Global #Oil #Supply in 2023<p> </p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative; text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: x-large;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjF3S59LrfLBTFfrXgrSEz7Oro3erHWZfIz-8Xc_mD36u07YtHwNyo3YntjkFmyqx0vioIUuPXq8O1tDUf4k91k-u9vHHBNCl9fiintdxVEKCywMz1pHY3frZOjCjxuUR91AkQp-3XVSc0qR7nU13CVCFOzaQV6yEIzlq-HorvURIk93U7xq6YKOX_jyQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="177" data-original-width="284" height="529" src="https://blogger.googleusercontent.com/img/a/AVvXsEjF3S59LrfLBTFfrXgrSEz7Oro3erHWZfIz-8Xc_mD36u07YtHwNyo3YntjkFmyqx0vioIUuPXq8O1tDUf4k91k-u9vHHBNCl9fiintdxVEKCywMz1pHY3frZOjCjxuUR91AkQp-3XVSc0qR7nU13CVCFOzaQV6yEIzlq-HorvURIk93U7xq6YKOX_jyQ=w628-h529" width="628" /></a></div><br /><br /></span></strong></h3><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative; text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: x-large;">Global Oil Supply in 2023</span></strong></h3><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div style="text-align: center;"><span style="font-size: 18.72px;"><br /></span></div><div class="header-anchor-widget" id="§global-oil-supply-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; font-size: 1.375em; height: 30.2969px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/global-oil-supply-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h3><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Before sharing our expectations for oil production in 2023, we would like to remind our readers of four fundamental concepts which are important for a better understanding of the supply side of the oil market:</span></p><ol style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-top: 0px; padding: 0px;"><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">There is a difference between “production” and “supply”. Oil in the SPR is oil produced in past years. Releasing oil from the SPR is an increase in supply. A reduction in commercial oil inventories to meet demand implies supplies are higher than production.</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">There is a difference between “actual OPEC production” and the “Call on OPEC”. The first is actual production, while the second is what OPEC should produce to fill the gap between global oil demand and non-OPEC production. Actual production could be higher, lower, or equal to the Call on OPEC.</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">There is a difference between the OPEC+ production ceiling (quota or production target) and actual production. OPEC+ production decisions focus on the production ceiling, not actual production. A case in point is when OPEC+ decided in early October 2022 to cut production by 2 mb/d—this was from the production ceiling. The actual production cut was way lower since many countries could not meet their quotas in 2022.</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">Demand numbers include all liquids: crude, condensate, NGLs, refinery gains, and biofuels. Most production numbers focus on crude and lease condensates. One of the emerging problems now is that crude oil production numbers include NGLs.<br /></span></p></li></ol><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Overview of Supply Forecasts</span></strong><div class="header-anchor-widget" id="§overview-of-supply-forecasts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/overview-of-supply-forecasts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></span></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Non-OPEC liquids supply is expected to increase, and it will mostly originate from the US, Norway, Brazil, Canada, Kazakhstan, and Guyana. The Call on OPEC is also expected to increase, but the OPEC actual production may be different from the Call on OPEC, leading to changes in inventories.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Table (3) below shows the various liquids supply forecasts for 2023. The first row indicates growth in non-OPEC supply using data from different organizations, in addition to our own forecast as the EOA. The growth ranges from the low of 690,000 b/d estimated by the EIA to the high of 1.59 mb/d forecasted by OPEC. In our turn, we expect non-OPEC supply to grow by 1.27 mb/d. The high number estimated by OPEC shows that the group is not taking any chances and is assuming the worst scenario: a major increase in non-OPEC supply. The low numbers of the EIA and IEA also signal that the two are not taking any chances and want to show that OPEC+ needs to increase production to avoid a large inventory draw.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">While the fourth row is intended to show the “Call on OPEC”, such numbers need to be interpreted carefully. For example, the IEA expects the difference between total world demand and non-OPEC production to stand at around 1 mb/d. So, how will this gap be filled? There are three possibilities:</span></p><ol style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-top: 0px; padding: 0px;"><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">The total gap will be filled by OPEC. OPEC production in this case would increase by 1 mb/d (this is actual production, not ceiling or quota).</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">If OPEC is not able to increase production by the whole amount, then the rest of the gap will be filled by withdrawals from commercial inventories, and probably SPRs. For example, if OPEC increases production by only 700,000 b/d, then the draw from inventories and SPRs would be 300,000 b/d.</span></p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);"><span style="font-size: large;">If the gap is larger than the increase in OPEC production and the draw from inventories, prices will rise high enough to reduce demand. For example, the IEA would end up lowering its demand estimates from the stated 101.64 mb/d.</span></p></li></ol><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">But what if non-OPEC producers failed to deliver the estimated production? In this case, the gap between world demand and non-OPEC production will grow larger, and the demand for OPEC’s oil will increase. In the case OPEC also couldn’t deliver the required amount, there will be withdrawals from inventories. If the difference is large and prices rise significantly, governments of top oil-consuming countries may return to withdrawals from their SPRs.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Our view is that the amount that could be released from both the “Call on OPEC” (what OPEC should produce to fill the gap between global oil demand and non-OPEC production) and inventories will be small: 480,000 b/d. We believe that OPEC will produce above the Call on OPEC (whatever that level is, since these numbers change frequently). This will allow for inventory build, mostly in the first half of the year. In short, there is enough spare capacity in some OPEC countries that can cover any demand increase in 2023, but it will be thin in the fourth quarter.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"> Table (3)</span></strong></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">2023 Non-OPEC Production and Call on OPEC</span></strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; 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--tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source></span><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png","fullscreen":null,"imageSize":null,"height":351,"width":975,"resizeWidth":null,"bytes":25408,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="351" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e6127f7-c600-47f0-99cd-0c3a5477ae13_975x351.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="975" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Source: EIA, 2022, EOA, 2023, IEA, 2022. And OPEC, 2022.</span></p><p class="button-wrapper" data-attrs="{"url":"https://anasalhajjieoa.substack.com/p/eoa-2023-oil-market-outlook?utm_source=substack&utm_medium=email&utm_content=share&action=share&token=eyJ1c2VyX2lkIjoxMTk1NzYyMTAsInBvc3RfaWQiOjk1Njk4NTA1LCJpYXQiOjE2NzM5ODg3ODMsImV4cCI6MTY3NjU4MDc4MywiaXNzIjoicHViLTEyMjI5OTgiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.cizl05RTjhRRM-nkpazk5nmNmqo_QRNASD2zr4_oLBA","text":"Share","action":null,"class":null}" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Figures (2) and (3) sum up the forecasts for non-OPEC production and the Call on OPEC on a quarterly basis. They all show that production would respond to higher demand in the second half of 2023.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (2)</span></strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source></span><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png","fullscreen":null,"imageSize":null,"height":563,"width":750,"resizeWidth":null,"bytes":613274,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="563" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d2928bd-aa79-4b64-9dab-db45fab46de8_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="750" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (3)</span></strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source></span><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/a6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png","fullscreen":null,"imageSize":null,"height":563,"width":750,"resizeWidth":null,"bytes":613274,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="563" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6bb4f9a-185b-4f26-975f-a4c927369cfc_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="750" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;">Figure (4) below shows the origins of most production increases based on different forecasts. Our forecasts differ from others in two major ways: First, regarding US oil additions, our forecast is higher than others. Second, and with respect to the decline in Russian oil production, our forecast is way lower than other predictions. It is also worth noting that OPEC’s estimate of the drop in Russian oil output also includes production cuts agreed on by OPEC+ members last October.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;"><br /></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="font-size: large;"><b>MORE NON-OPEC PRODUTION DATA</b></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="font-size: large;"><br /></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="396" src="https://www.youtube.com/embed/J27EyoB2B20" width="477" youtube-src-id="J27EyoB2B20"></iframe></div><br /><span style="font-size: large;"><br /></span><p></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="font-size: large;"><br /></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Figure (4)</span></strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ef37ed9-cfb9-421a-8386-304d3d9fd33a_750x563.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ef37ed9-cfb9-421a-8386-304d3d9fd33a_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ef37ed9-cfb9-421a-8386-304d3d9fd33a_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ef37ed9-cfb9-421a-8386-304d3d9fd33a_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ef37ed9-cfb9-421a-8386-304d3d9fd33a_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); 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--tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="750" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><span style="font-size: large;"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></span></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative; text-align: center;"><span style="font-size: x-large;"><br /></span></h3><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative; text-align: center;"><span style="font-size: x-large;">OPEC STOPS LOWERING PRODUCTION</span></h3><div><span style="font-size: x-large;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="435" src="https://www.youtube.com/embed/wUJR2zX7HKA" width="523" youtube-src-id="wUJR2zX7HKA"></iframe></div><br /><div style="text-align: center;"><br /></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-9141657605499598792023-01-20T16:04:00.045-05:002023-01-20T16:04:00.407-05:00#Global #Oil Demand in 2023<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhac8i1EVkm9LGD9wbGL9Chr-BhDqHOo_EcqKhW7f_GO57DvlJXX_SgNBIQvkawCYwIX0Fc74Lc5g78ed4k8r7pTR63f9R66-hGg_cnCmIA96PijXKiIBDSBc4_jy34boilpm_VMSMeXoSpKxOgsrHsEq_kjcO2Y7vuUFV8uUTdd5Nl9aplDE1uNI6Cwg/s3253/AAAAAAAA.OILD.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2049" data-original-width="3253" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhac8i1EVkm9LGD9wbGL9Chr-BhDqHOo_EcqKhW7f_GO57DvlJXX_SgNBIQvkawCYwIX0Fc74Lc5g78ed4k8r7pTR63f9R66-hGg_cnCmIA96PijXKiIBDSBc4_jy34boilpm_VMSMeXoSpKxOgsrHsEq_kjcO2Y7vuUFV8uUTdd5Nl9aplDE1uNI6Cwg/w552-h348/AAAAAAAA.OILD.jpg" width="552" /></a></div><br /><p style="text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white;"><span style="font-size: x-large;">Global Oil Demand in 2023</span></strong></p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div class="header-anchor-widget" id="§global-oil-demand-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; font-size: 1.375em; height: 30.2969px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/global-oil-demand-in" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h3><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Global oil demand, which includes petroleum products, Natural Gas Liquids (NGLs), refinery gains, and biofuels, will continue to grow in 2023, even in the event of a recession, but at a slower pace than most forecasts. In China, the world’s second-biggest oil consumer, most of the rebound in oil demand in the first half of 2023 will be triggered by the transportation sector, and it will take until the fourth quarter to see the rest of China’s economy recovering. Europe, meanwhile, will experience lackluster economic growth, and we expect a negative year-over-year (YOY) demand growth. The demand growth of oil-producing countries will be affected due to increased import costs, especially food supplies, and declining oil prices. Oil demand growth is now already lower than earlier expectations.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">In the US, fears of an economic recession and lower economic growth, accompanied by relatively higher petroleum products prices, will also limit growth in oil demand. Further restrictions are also expected as most developing countries are experiencing depreciating national currencies amid budgetary deficits.</p><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div style="text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Overview of Forecasts</span></strong></div><div class="header-anchor-widget" id="§overview-of-forecasts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; font-size: 1.125em; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/overview-of-forecasts" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">In Table (1) below we list our global oil demand forecast versus those of OPEC, the International Energy Agency (IEA), and the US Energy Information Administration (EIA), assuming no recession takes place this year. Our 2023 demand growth forecast stands at an average of 1.38 million barrels per day (about 1.4%), which is lower than that of OPEC and the IEA, but higher than the EIA’s forecast. Forecasts by major banks and consulting houses are not far different from what is shown in the table below.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="font-size: large;"><b>OPEC EXPECTS DEMAND WILL EXCEED THE SUPPLY</b></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="font-size: large;"><b><br /></b></span></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="412" src="https://www.youtube.com/embed/IZW3ym8TAg0" width="496" youtube-src-id="IZW3ym8TAg0"></iframe></div><br /><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Table (1)</strong></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Global Oil Demand Forecasts: A Comparison (mb/d) *</strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/ab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png","fullscreen":null,"imageSize":null,"height":208,"width":872,"resizeWidth":null,"bytes":12354,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="208" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab442bb0-f9e1-4e36-af96-ebd7a3c81a29_872x208.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="872" /></picture><div style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Source: EIA, 2022, EOA, 2023, IEA, 2022. And OPEC, 2022. * </span><em style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Includes biofuel</em></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Figure (1) below compares various forecasts on a quarterly basis. The chart mainly focuses on the trends, and we advise against comparing yearly levels given that definitions of oil and liquids differ from one organization to another, and due to the divergent oil demand estimates over the past years. The key takeaway from the chart is that we, as the EOA, expect high demand growth in the second half of 2023 similar to the OPEC and IEA’s forecasts. </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Figure (1)</strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border: 0px; cursor: zoom-in; display: flex; flex-direction: column; height: auto; margin: 0px auto; padding: 0px; position: relative; text-decoration-line: none; width: auto;" target="_blank"><div class="image2-inset" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: flex; position: relative;"><picture style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png","fullscreen":null,"imageSize":null,"height":563,"width":750,"resizeWidth":null,"bytes":607589,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="563" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61fea352-6d65-412d-b75a-5d256f1c4af3_750x563.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="750" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">In Table (2) below, we list our global oil demand forecasts by region. We expect a decline in oil demand in Europe, Russia, and other areas, mainly because of worsening economic conditions. Europe’s oil demand is expected to decline by about 200,000 b/d, while Russia’s oil demand is expected to drop by around 120,000 b/d.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Table (2)</strong></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">Global Oil Demand by Region/Country</strong></p><div class="captioned-image-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; margin: var(--size-32) auto;"><figure style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: 0px auto; width: 728px;"><a class="image-link is-viewable-img image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png" rel="" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; 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--tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><source sizes="100vw" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;" type="image/webp"></source><img alt="" class="sizing-normal" data-attrs="{"src":"https://substack-post-media.s3.amazonaws.com/public/images/528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png","fullscreen":null,"imageSize":null,"height":571,"width":975,"resizeWidth":null,"bytes":67435,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"internalRedirect":null}" height="571" loading="lazy" sizes="100vw" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F528651d2-afc0-41a0-9030-8358eb10d6b6_975x571.png 1456w" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; display: block; height: auto; margin: 0px auto; max-width: 100%;" width="975" /></picture><div class="image-link-expand" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; background: var(--color-bg-modal); border-radius: 4px; cursor: pointer; display: flex; height: var(--size-32); justify-content: center; opacity: 0; position: absolute; right: var(--size-12); top: var(--size-12); transition: all var(--animation-timing-fast) var(--animation-smoothing); width: var(--size-32);"><svg class="lucide lucide-maximize2" fill="none" height="16" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="#FFFFFF" viewbox="0 0 24 24" width="16" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></a></figure></div><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Source: EOA, 2023</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><b><span style="font-size: large;">GLOBAL RECESSION ON HORIZON?</span></b></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><br /></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="386" src="https://www.youtube.com/embed/aASOO3IeDsE" width="464" youtube-src-id="aASOO3IeDsE"></iframe></div><br /><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"><span style="font-size: large;">Global Oil Demand in a Recession Scenario</span></strong></p><h4 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div class="header-anchor-widget" id="§global-oil-demand-in-a-recession-scenario" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; font-size: 1.125em; height: 24.7812px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/global-oil-demand-in-a-recession-scenario" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h4><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Forecasting global oil demand becomes complicated in a recession scenario. Through applying game theory, we came up with several scenarios, but we will cut to the chase and share with readers our forecast below.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Global oil demand would grow in the event of a mild recession by an average of 820,000 b/d in 2023 relative to the 2022 average. While in the case of a severe recession, demand would drop by about 380,000 b/d. This small decline, however, should not be interpreted as insignificant because it means that a severe recession would wipe out all the demand growth. In other words, a severe recession would lower global oil demand by up to 1.8 mb/d— the expected growth without a recession in addition to the decline year-over-year. </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">For our forecast in a recession scenario, we took various factors into consideration, including the extent of the recession, the reactions of various groups, including OPEC/OPEC+, banks, investors, and private firms, as well as the impact of a global recession on Russia.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;">We also downplayed the possibility of political turmoil in any of the oil-producing countries in a recession scenario. History shows that most political turbulences that took place in oil-producing countries in the past occurred during periods of high oil prices and rarely happened during a state of low oil prices.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span style="font-size: x-large;"><b>BIG PICTURE FOR LONG TERM DEMAND</b></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD0XTUCTlqSyAsFMKzX70KCCbpvHtt7V625hilgdXDpkyH73nST33zikjnQn-OxdVWy7XUXvRMIjSjr1fdfv2cxRzq7mWuyiPiDNGBopERs_4HI7xCrXuiVoV3Nm3PWDbfO50vHzEoGUi3a9SBo9TVWjwoyXKMgydyN1lTaZNhgfrshz20RhublPphSQ/s833/AAAAAAAA.OILB.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="777" data-original-width="833" height="462" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD0XTUCTlqSyAsFMKzX70KCCbpvHtt7V625hilgdXDpkyH73nST33zikjnQn-OxdVWy7XUXvRMIjSjr1fdfv2cxRzq7mWuyiPiDNGBopERs_4HI7xCrXuiVoV3Nm3PWDbfO50vHzEoGUi3a9SBo9TVWjwoyXKMgydyN1lTaZNhgfrshz20RhublPphSQ/w496-h462/AAAAAAAA.OILB.png" width="496" /></a></div><br /><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: var(--color-primary); font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px; line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; background-color: white; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-size: 1.375em; font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><br /></h3>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-46622218347810811672023-01-17T16:25:00.000-05:002023-01-17T16:25:39.913-05:00 #EOA 2023 #Oil Market #Outlook<p> </p><div class="post-header" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol";"><h1 class="post-title unpublished" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-weight: var(--font_weight_headings_preset, bold); line-height: var(--line-height-36); margin: 0px; text-align: center;"><span style="font-size: x-large;">EOA 2023 Oil Market Outlook</span></h1><div style="text-align: center;"><span style="font-size: x-large;"><br /></span></div><div style="text-align: center;"><span style="font-size: x-large;"><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiKHHX-iGfqCX7QZ8J3Dfg1Dec0ESm2MQHXDpiEezcfkNU2X51k94w2p-u2LAHQtMU09CnwAX5XhBZKCBKLxcIn6UjhAkvcDlcHqIRUeZYkWR-LbNTuJLP3cTSSiNf-Rv74tvsJwwc0i7_ay61oMkXx6yPWpySmM4SMjHxD5e8hWi6GiBhCUOv7WHT7A/s1140/aaaaaaaa.oiltight.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="475" data-original-width="1140" height="249" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiKHHX-iGfqCX7QZ8J3Dfg1Dec0ESm2MQHXDpiEezcfkNU2X51k94w2p-u2LAHQtMU09CnwAX5XhBZKCBKLxcIn6UjhAkvcDlcHqIRUeZYkWR-LbNTuJLP3cTSSiNf-Rv74tvsJwwc0i7_ay61oMkXx6yPWpySmM4SMjHxD5e8hWi6GiBhCUOv7WHT7A/w599-h249/aaaaaaaa.oiltight.jpg" width="599" /></a></div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: left;">One of the least appreciated risks in the oil market: The increased substitution among energy sources</span></div></div></div></span></div><div class="post-subheader meta-subheader" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; 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--tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">MAIN TAKEAWAYS</strong><div class="header-anchor-widget" id="§main-takeaways" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 30.2969px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/main-takeaways" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h3><ul style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin-top: 0px; padding: 0px;"><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">2023 is expected to be a tale of two opposite halves: bearish to neutral in the first half and bullish in the second.</p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">Global oil demand is expected to reach a record high in 2023, defying all earlier forecasts of peak demand in 2019. </p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">Almost all average price forecasts for 2023 are between $80/b and $100/b. Our estimate is toward the lower end of these forecasts.</p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">Any OPEC+ production cuts will create a price floor but may not raise prices significantly.</p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">Refilling the US SPR will have a limited impact on the oil market.</p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">Russia’s oil exports are not expected to decline significantly in 2023, but the Russian government may be forced to reduce taxes on oil companies.</p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">The impact of China’s reopening on energy markets will be felt in the second half of 2023. Beijing, however, will likely release oil from its SPR as oil demand and prices rise.</p></li><li style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; margin: var(--size-8) 0 0 var(--size-32);"><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; box-sizing: border-box; color: var(--color-primary); line-height: 1.6em; margin: 0px; padding-left: var(--size-4);">The return to fossil fuels in Europe and some US regions last year to address energy needs was unprecedented. A repeat in 2023 should call for a new way of thinking with a focus on relative prices of energy sources. </p></li></ul><div><b>SUMMARY</b></div><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-size: 1.375em; font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><div class="header-anchor-widget" id="§summary" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; height: 30.2969px; left: -56px; position: absolute; top: -72px; width: 56px;"><div class="header-anchor-widget-button-container" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; display: flex; height: 1.2em; left: 0px; position: absolute; top: 72px; width: 40px;"><div class="header-anchor-widget-button" href="https://anasalhajjieoa.substack.com/i/95698505/summary" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; align-items: center; border-radius: 50%; cursor: pointer; display: flex; height: 40px; justify-content: center; opacity: 0; width: 40px;"><svg class="header-anchor-widget-icon" fill="none" height="20" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" stroke="currentColor" viewbox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71"></path><path d="M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71"></path></svg></div></div></div></h3><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;">2022 was a historic year for all energy markets.</span><span style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0;"> In the oil market specifically, last year saw the largest release of oil from the US Strategic Petroleum Reserve (SPR) in history, as well as unprecedented western sanctions against a top oil producer like Russia, while China, the world’s largest oil importer, experienced prolonged COVID lockdowns. In Europe, some countries which adhered over the past decades to anti-fuel subsidies policies found themselves compelled to change course amid a biting energy crisis that took a heavy toll on European consumers. The energy crisis also forced some countries in Europe and regions in the US to return to oil-fired power generation and heating. All these momentous events changed the direction of global oil trade.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">As for 2023, we don’t expect it to be as historic as last year.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><span color="var(--color-primary)">Herein we share with our readers the EOA’s 2023 oil market outlook, in addition to other forecasts that have been made by different groups. Based on the data we have compiled, it is most likely that the first half of this year will be different from the second. Our initial assessments show that during the first half of 2023, the oil market will be in a bearish or neutral state, while bullish in the second half, especially in the fourth quarter. Other publications have arrived at similar assessments, but the difference between our forecasts and what’s been published is the duration of the state of bearishness or bullishness.</span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><span color="var(--color-primary)"><b>A BEARISH TREND</b></span></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="364" src="https://www.youtube.com/embed/iqJCBrhaSi8" width="438" youtube-src-id="iqJCBrhaSi8"></iframe></div><br /><span color="var(--color-primary)"><br /></span><p></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Regarding global oil demand, we expect it to grow and hit a record high in 2023, even in the event of an economic recession during the first half of the year. Our forecast differs from others in the rate of growth. Our estimated growth is more conservative than most due to the wobbly economies of China and Europe. The recent decline in crude oil prices, amid Russia’s ongoing war in Ukraine, and relatively high global inflation, will most likely prevent higher oil demand growth in oil-producing countries. Meanwhile, refining issues will lead to higher petroleum products prices relative to crude prices, especially with respect to diesel prices, which could be higher than what’s recorded in normal circumstances. </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Regarding the issue of refilling the US SPR, and if it occurs in 2023, we believe that it will have a limited impact on oil demand and prices, and we will revisit this topic in detail in the next few weeks. We also believe that China’s reopening will have a limited impact on global oil demand in the first half of 2023, thus leaving the market between a bearish and neutral state. However, we believe that this state will then turn bullish in the second half.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Meanwhile, growth in global oil production in 2023 will mostly come from non-OPEC members. As for Russian crude oil production, it is expected to contract, but not at significant rates. As we noted in our previous newsletters, the impact of western sanctions and the G7-led price cap on Russian oil will be limited as Moscow will continue to divert its oil from Europe to other regions, either directly or through various shipping schemes. We also believe that Russian oil will end up in Europe despite sanctions.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"> </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">While lower investments will hamper Russian production, most of this impact on Russia’s oil industry will be seen in 2024 and 2025. In the meantime, lower oil prices accompanied by large discounts on sold Russian oil will have a significant impact on Moscow’s finances. Under such circumstances, the Russian government will have to further reduce taxes to keep oil exports flowing at high rates, otherwise, companies will start shutting in oil production. </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Moving to Libya and Nigeria, if the security environment continued to improve in these two OPEC members, this could increase their oil production, thus leading to a significant rise in OPEC’s oil output that could exceed the 2022 levels. As for oil output policies, we don’t expect surprising decisions from OPEC/OPEC+ in 2023. </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">Turning to oil production in the US, we expect growth, including in shale production. However, low natural gas prices, and sometimes negative prices, could threaten oil production in certain tight oil plays. Offshore activities, meanwhile, are expected to increase, including in the Gulf of Mexico.</p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><b>TOP FIVE TRENDS</b></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="415" src="https://www.youtube.com/embed/xT8LQzOi5gg" width="499" youtube-src-id="xT8LQzOi5gg"></iframe></div><br /><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;">With respect to oil inventories, we expect a build in crude oil inventories in the first half and a draw in the second. A recession (or partial recession for those who insist on the official definition of a recession which is a decline in output for six months in a row) would make the second half less bullish because of the additional inventory build. As a result, oil prices are expected to be weak in the first quarter and continue to improve as we move toward the end of 2023. Absent any major political events, oil prices could hit $100/barrel and even breach that in the fourth quarter of 2023. </p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimpAtjHnwHwkiCRRPYo3KvMTblon7PJqKHfAo53jCAfyDpGfRYDl6hbrJeOdnHGP4QB1mAENoOvrtJlep32p_BqzXN6t4xjDi11qCxgXUKhJ-695uJM0RHePjFx7WwXW2VQWAFb6leEg6cCDh7m4KPsuTERmwz5kLUSldWVjCkGszcULWMRBt1XwTC6w/s259/aaaaa.acom.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="194" data-original-width="259" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimpAtjHnwHwkiCRRPYo3KvMTblon7PJqKHfAo53jCAfyDpGfRYDl6hbrJeOdnHGP4QB1mAENoOvrtJlep32p_BqzXN6t4xjDi11qCxgXUKhJ-695uJM0RHePjFx7WwXW2VQWAFb6leEg6cCDh7m4KPsuTERmwz5kLUSldWVjCkGszcULWMRBt1XwTC6w/w449-h336/aaaaa.acom.jpg" width="449" /></a></div><br /><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0; text-align: center;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><p style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; color: var(--color-primary); line-height: 1.6em; margin: 0 0 var(--size-20) 0;"><br /></p><h3 class="header-with-anchor-widget" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; color: var(--color-primary); font-family: var(--font_family_headings, var(--font_family_headings_preset, "SF Compact Display", -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol")); font-size: 1.375em; font-weight: var(--font_weight_headings_preset, bold); line-height: 1.16em; margin: 1em 0px 0.625em; position: relative;"><br /></h3></div></div></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-28563812579251815512023-01-17T00:03:00.000-05:002023-01-17T00:03:36.389-05:00A #TALE OF TWO CITIES - #ECONOMICS AND #SCIENCE COLLIDE<p> <b style="color: #222222; font-family: georgia, serif; font-size: small; text-align: center;"><span style="font-size: x-large;">SURREAL ECONOMICS OR CONCRETE SCIENCE?</span></b></p><p><b style="color: #222222; font-family: georgia, serif; font-size: small; text-align: center;"><span style="font-size: x-large;"><br /></span></b></p><div class="gmail_default" style="background-color: white; color: #222222; font-family: georgia, serif; font-size: large; text-align: center;"><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjkCErhbfxMsMmuOK8QqtKHmDFYcRiNswU9u-5BmsPtkzm108_OXMExSVH7xmXdZLDeliPBIx2c-4tnHjnXFdiqSQ7UF_BPhuOCrYpwWFoBnv28ZMvqrAejvOqOBcaA6-3tU1HTb-GX9wFB8kT6vfnIOZLMEgWxs5NhEdTfSjFNQagiUalZkwJZki0gqg" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="168" data-original-width="299" height="362" src="https://blogger.googleusercontent.com/img/a/AVvXsEjkCErhbfxMsMmuOK8QqtKHmDFYcRiNswU9u-5BmsPtkzm108_OXMExSVH7xmXdZLDeliPBIx2c-4tnHjnXFdiqSQ7UF_BPhuOCrYpwWFoBnv28ZMvqrAejvOqOBcaA6-3tU1HTb-GX9wFB8kT6vfnIOZLMEgWxs5NhEdTfSjFNQagiUalZkwJZki0gqg=w505-h362" width="505" /></a></div><br /></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: georgia, serif; font-size: large; text-align: center;"><a href="https://woodgreentenantsassociation.blogspot.com/2023/01/a-tale-of-two-cities-economics-and.html">ORIGINAL POST</a></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: georgia, serif; font-size: large; text-align: center;"><br /></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><span style="color: #202122;"><i><span style="font-family: georgia, serif; font-size: medium;">It </span></i><span style="font-family: georgia, serif; font-size: medium; font-style: italic;">was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way—in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.</span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium; font-style: italic;"><br /></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: right;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium; font-style: italic;"><b>Charles Dickens</b></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: right;"><span style="color: #202122; font-family: georgia, serif; font-size: medium;"><i><b>A Tale of Two Cities</b></i></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium;"><br /></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: large;">It is fascinating to note that the profound symbolism contained in what many believe to be the greatest novel ever written can be metaphorically applied to the human condition today. The great question facing humanity centers on how to measure its state, progress, and the remaining possible extent of human activities. Are we wisely using the planet's resources and how long can these resources last and thereby human activities be sustained? To answer these questions we need metrics and numbers to know how we're doing and to see where we're going; for how long.</span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium;"><br /></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium;"><b>CITY ONE - SURREAL ECONOMICS</b></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium;"><b><br /></b></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: large;">Over time the two cities have evolved to provide the metrics to answer these questions. The first city we refer to as the <b>Theories of Surreal Economics</b>. Its primary metric is global GDP and as we can see from the chart below human progress and achievements have been utterly astounding over the past 300 years, and by the way, so has population growth.<b> What could be better?</b></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: large;"><b><br /></b></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjLQxFr8SxsdfihEqZSYrCsZKp6RnJdkwCTFCrhsxinOJu_qrXLvQm1HIqsLFY0s-Q6FcvjJBH7JD3iFs6bxqSAiud-5XX7ecAtacoRS6NwtW6Ebq-YW5uIIIQBy2tf5LHze8GkgPgPcfyqfh12dnhgjQh2yiA7eZrQAob2I8cHHA31XFzgVXI2slke6g" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="2400" data-original-width="3400" height="352" src="https://blogger.googleusercontent.com/img/a/AVvXsEjLQxFr8SxsdfihEqZSYrCsZKp6RnJdkwCTFCrhsxinOJu_qrXLvQm1HIqsLFY0s-Q6FcvjJBH7JD3iFs6bxqSAiud-5XX7ecAtacoRS6NwtW6Ebq-YW5uIIIQBy2tf5LHze8GkgPgPcfyqfh12dnhgjQh2yiA7eZrQAob2I8cHHA31XFzgVXI2slke6g=w499-h352" width="499" /></a></div><br /><br /></span></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><br /></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><br /></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; text-align: center;"><b><span style="font-family: georgia, serif; font-size: large;">GLOBAL POPULATION GROWTH</span></b></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><b><span style="font-family: georgia, serif; font-size: medium;"><br /></span></b></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><b><span style="font-family: georgia, serif; font-size: medium;"><br /></span></b></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><b><span style="font-family: georgia, serif; font-size: medium;"><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjTwwdr1Bjynf8WVfoAGAH-E0snHj1PyfEiryl68QdIy20FyJbdLOHzq_81ua5G6BE9PfSMw1YlYtIzaX8MPEeSx1uKKl5riYyp6WvZ45XPjkU6URARDWOTydrTDz_qbYeR0wS1mxD3ATmYl0h0Q6pQPLgchbid1TGfpU4twlPNZUgxZ5n33I_D7sxO0A" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="220" data-original-width="229" height="454" src="https://blogger.googleusercontent.com/img/a/AVvXsEjTwwdr1Bjynf8WVfoAGAH-E0snHj1PyfEiryl68QdIy20FyJbdLOHzq_81ua5G6BE9PfSMw1YlYtIzaX8MPEeSx1uKKl5riYyp6WvZ45XPjkU6URARDWOTydrTDz_qbYeR0wS1mxD3ATmYl0h0Q6pQPLgchbid1TGfpU4twlPNZUgxZ5n33I_D7sxO0A=w473-h454" width="473" /></a></div><br /><br /></span></b></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><br /></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-family: georgia, serif; font-size: medium;"><b>CITY TWO - CONCRETE SCIENCE</b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">Well, the second city we refer to as the <b>Truths of Concrete Science </b>as they<b> u</b>se a different set of metrics that present an opposing view of the human condition and the physical state of the planet's resources and what is required to sustain human activities. The key metrics thus work to measure the overall physical climate, resources, and ecology. In other words, the real wealth of the planet and, not the abstract surreal version used by the first city.</span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">Here are some charts that show how we're doing using these concrete metrics.</span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">First, here is a recent report from our contact and friend <a data-saferedirecturl="https://www.google.com/url?q=https://en.wikipedia.org/wiki/James_Hansen&source=gmail&ust=1673938294620000&usg=AOvVaw38m2X_0s4Y6rCvj45xtQrv" href="https://en.wikipedia.org/wiki/James_Hansen" style="color: #1155cc;" target="_blank">Dr. James Hansen,</a> a world-renowned climate scientist who was the first to testify before the US congress in 1988 and warn the lawmakers about the impending warming of the planet. The chart presented in <b>Table 1</b> below is deeply disturbing - as it forms a graphical hockey stick similar to the GDP and Population charts above. </span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">This means that there is a high correlation and good chance of causality between GDP/Population growth and global warming. Extending these variables forwards means that we are heading to ever higher temperatures unless immediate actions are taken to either mitigate or somehow reverse this terrible trend. </span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">But climate is not the only concern of the second city. The next is resource consumption and how long before these critical resources are practically exhausted for global economic purposes. Some researchers have <a data-saferedirecturl="https://www.google.com/url?q=https://www.amazon.ca/Blip-Humanitys-self-terminating-experiment-industrialism/dp/1644380684&source=gmail&ust=1673938294620000&usg=AOvVaw3YUBgsijCI6OfZCIegAHo_" href="https://www.amazon.ca/Blip-Humanitys-self-terminating-experiment-industrialism/dp/1644380684" style="color: #1155cc;" target="_blank">targeted the exhaustion date at 2050 </a>based on the current known planetary supplies. We can see from the hockey stick chart below - that just our consumption of critical energy sources over the past 200-plus years also strongly correlates with charts for GDP/Population growth.</span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; text-align: center;"><span style="font-family: georgia, serif; font-size: large;"><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhBV60L_RpnBaPJABFU3yNHyEB9TVorcfKjrw9GwANDf0s_QNebdngyPzoyAHBadHpiXaaFeUkv-otAVZwYdtpq1-VVk4ijRKufTp-xMV7YEmiNAooVNFii2sy6fau8s6QgKDDaoB6qcQEZdM_Xd8KuH6oi1D4nf6gqGy7vxfFpLGw7Llgt1WFYGimCUQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="303" data-original-width="567" height="345" src="https://blogger.googleusercontent.com/img/a/AVvXsEhBV60L_RpnBaPJABFU3yNHyEB9TVorcfKjrw9GwANDf0s_QNebdngyPzoyAHBadHpiXaaFeUkv-otAVZwYdtpq1-VVk4ijRKufTp-xMV7YEmiNAooVNFii2sy6fau8s6QgKDDaoB6qcQEZdM_Xd8KuH6oi1D4nf6gqGy7vxfFpLGw7Llgt1WFYGimCUQ=w646-h345" width="646" /></a></div><br /><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">These exponential growths in human activity, population, and global warming also adversely affect the other plants and creatures living on the planet which all work together to form the ecology and thereby provide a survivable habitat for humanity. There is also always the possibility that should any small critical link in the ecology be broken, then the whole system could crash into an abyss where unknown, unknowns would prevail. </span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;">The hockey stick chart below again shows a correlation that infers increased human activity, GDP, and population growth results in species' extinctions increasing in tandem. <b>We know that they can survive without us - but, can we survive without them?</b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><b><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><b><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; text-align: center;"><span style="font-family: georgia, serif; font-size: large;"><b><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgiuEevuiTiGwAGgIstUuUqOXGn_rB_yI2A76g8iAUoK59L16ViVpmF_95f-PIFsC4KIFP3THIABVuuJ7rg1P96a_T8TD9141qZ76xl2VKBf9iQyzBqkNA6rzCxuFvm7Yy-wRK63absHNyad8bzyDLwVm6R-8AXjB5BVF0in7Mbr8no662fO8ySnR0C0Q" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="643" data-original-width="695" height="527" src="https://blogger.googleusercontent.com/img/a/AVvXsEgiuEevuiTiGwAGgIstUuUqOXGn_rB_yI2A76g8iAUoK59L16ViVpmF_95f-PIFsC4KIFP3THIABVuuJ7rg1P96a_T8TD9141qZ76xl2VKBf9iQyzBqkNA6rzCxuFvm7Yy-wRK63absHNyad8bzyDLwVm6R-8AXjB5BVF0in7Mbr8no662fO8ySnR0C0Q=w568-h527" width="568" /></a></div><br /><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><b><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;"><b><br /></b></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><b>CONCLUSION:</b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-family: georgia, serif; font-size: medium;"><b><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; text-align: center;"><span style="font-size: large;"><span style="font-family: georgia, serif;"><b>So there you have it - two </b></span><b style="font-family: georgia, serif;">different </b><b style="font-family: georgia, serif;">cities with the two views and realities that they assert. One says don't worry everything is fine - be happy. The other says we are rapidly heading into the abyss where we face the unknown, unknowns of dire consequences. It is truly amazing that what Charles Dickens historically wrote in 1859, can also apply symbolically to our world today - </b><b style="font-family: georgia, serif;">however, </b><b style="font-family: georgia, serif;">the biggest difference today is - we are simply running out of time to get it right. </b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><b><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="font-family: georgia, serif; font-size: large;"><b>And so it is:</b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-family: georgia, serif; font-size: medium;"><b><br /></b></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><div class="gmail_default" style="text-align: center;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium; font-style: italic;"><b>'we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way—in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.' </b></span></span></div><div class="gmail_default" style="text-align: right;"><span style="color: #202122;"><span style="font-family: georgia, serif; font-size: medium; font-style: italic;"><b>- Charles Dickens</b></span></span></div><b><br /></b></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-family: georgia, serif; font-size: medium;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-family: georgia, serif; font-size: medium;"><br /></span></div><div class="gmail_default" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-family: georgia, serif; font-size: medium;"><br /></span></div><table border="0" cellpadding="0" cellspacing="0" style="background-color: white; border-collapse: collapse; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding-top: 9px;" valign="top"><table align="left" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; max-width: 100%; min-width: 100%; width: 100%px;"><tbody><tr><td style="color: #202020; line-height: 24px; margin: 0px; padding: 0px 18px 9px; word-break: break-word;" valign="top"><div style="font-family: Helvetica; text-align: center;"><strong><span style="font-size: large;">Global Temperature in 2022</span></strong></div><div style="font-family: Helvetica; text-align: center;"><span style="font-size: 17px;"><b><br /></b></span></div><div style="text-align: center;"><span style="font-family: Helvetica; font-size: 17px;"><b><span class="gmail_default" style="font-family: georgia, serif; font-size: large;"><a data-saferedirecturl="https://www.google.com/url?q=http://www.columbia.edu/~jeh1/mailings/2023/Temperature2022.12January2023.pdf&source=gmail&ust=1673938294620000&usg=AOvVaw0ViaimD8SiosUjHeWerWyv" href="http://www.columbia.edu/~jeh1/mailings/2023/Temperature2022.12January2023.pdf" style="color: #1155cc;" target="_blank">FULL ONLINE REPORT</a></span><br /></b></span><br /><span style="color: dimgrey;"><span style="font-family: georgia; font-size: large;">12 January 2023<br />James Hansen, Makiko Sato, and Reto Ruedy</span></span></div></td></tr></tbody></table></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" style="background-color: white; border-collapse: collapse; color: #222222; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding-top: 9px;" valign="top"><table align="left" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; max-width: 100%; min-width: 100%; width: 100%px;"><tbody><tr><td style="line-height: 21px; margin: 0px; padding: 0px 18px 9px; word-break: break-word;" valign="top"><span style="font-family: georgia; font-size: large;">Global surface temperature in 2022 was +1.16°C (2.1°F) in the GISS (Goddard Institute for Space Studies) analysis[1],[2],[3] relative to 1880-1920, tied for 5<sup>th</sup> warmest year in the instrumental record. The current La Nina cool phase of the El Nino/La Nina cycle – which dominates year-to-year global temperature fluctuation – had maximum annual cooling effect in 2022 (Fig. 1). Nevertheless, 2022 was ~0.04°C warmer than 2021, likely because of the unprecedented planetary energy imbalance (more energy coming in than going out). The already long La Nina is unlikely to continue, tropical neutral conditions are expected by Northern Hemisphere spring, with continued warming as the year progresses. Thus, 2023 should be notably warmer than 2022 and global temperature in 2024 is likely to reach +1.4-1.5°C, as our first Faustian payment of approximately +0.15°C is due.</span></td></tr></tbody></table></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" style="background-color: white; border-collapse: collapse; color: #222222; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding: 9px;" valign="top"><table align="left" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding: 0px 9px; text-align: center;" valign="top"><span style="font-family: georgia; font-size: large;"><img align="center" alt="" class="CToWUd a6T" data-bit="iit" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEj6681Z0MQURhC4VRLdkZHB6GYOHbCQv0l1Zao6LUvPxD9X-1eml149doDQM-tp7kQf-Q1-jiN1Iamxn8lBcuwjg6GuTpcVxIBcquTrf094k4PLU_3rI8JcBvTgsk-dOpUa8GB8iHE5ixjbKoQUPb3VYuP9b_gow3Gh76OuFiIwijpMIKa9EBV4c9Sc1BPyrmqOCFeR7kbr9OLVj3f58np_4FQI=s0-d-e1-ft" style="border: 0px; cursor: pointer; display: inline; height: auto; max-width: 798px; outline: none; padding-bottom: 0px; vertical-align: bottom;" tabindex="0" width="327.12" /></span></td></tr></tbody></table></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" style="background-color: white; border-collapse: collapse; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding-top: 9px;" valign="top"><table align="left" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; max-width: 100%; min-width: 100%; width: 100%px;"><tbody><tr><td style="color: #202020; line-height: 16px; margin: 0px; padding: 0px 18px 9px; word-break: break-word;" valign="top"><div style="text-align: center;"><span style="font-family: georgia; font-size: large;"><strong>Table 1. Rank of 10 warmest years in the instrumental record, based on GISS temperature analysis.</strong><br /> </span></div></td></tr></tbody></table></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" style="background-color: white; border-collapse: collapse; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding: 9px;" valign="top"><table align="left" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding: 0px 9px; text-align: center;" valign="top"><img align="center" alt="" class="CToWUd a6T" data-bit="iit" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEijk4yvD08cZxYIyGsTBrIWbXniv5BSYdn_5A5v9DCjcGn_WYDNPpHTUAPERdTgL6FP2lfGiRE2C4uj1YuKLuwJq_ZUoo67Ow4e663WeWthtWoYX364CLRiKIK7xRcf2-0sseXNuiqS7urQGZY0RlWqTPx45ECtOUzKLaTG6qU5I8aqlnFNmsVAn9RpAgyUvUARp7H7-iTGl0jG40Mb5ORhc3I2=s0-d-e1-ft" style="border: 0px; cursor: pointer; display: inline; height: auto; max-width: 648px; outline: none; padding-bottom: 0px; vertical-align: bottom;" tabindex="0" width="479.4" /><br /><br /><span style="font-family: georgia; font-size: large;"><b><a href="http://www.columbia.edu/~jeh1/mailings/2023/Temperature2022.12January2023.pdf">READ MORE</a></b></span></td></tr></tbody></table></td></tr></tbody></table>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-14274873335024725542023-01-02T07:14:00.001-05:002023-01-02T07:14:45.611-05:00THE #FUTURE #OUTLOOKS - KEY AREAS OF #CONCERN AND #RISK<p> </p><p><br /></p><div><span style="font-family: georgia;"><h1 style="font-family: "Times New Roman"; font-size: xx-large; margin: 0px; text-align: center;"><br /></h1><h1 style="color: #222222; font-family: "Times New Roman"; font-size: xx-large; margin: 0px; text-align: center;"><span style="color: red;"><br /></span></h1><h1 style="font-family: "Times New Roman"; font-size: xx-large; margin: 0px; text-align: center;"><span>Economic and Markets 2023 Outlook</span><br /></h1><div style="font-family: "Times New Roman"; font-size: small;"><span style="color: red; font-family: georgia; font-size: medium;"><br /></span></div><div style="font-family: "Times New Roman"; font-size: small; text-align: center;"><span style="color: red; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="font-family: "Times New Roman"; font-size: small; text-align: center;"><span style="color: red; font-family: georgia; font-size: x-large;"><b>WARNING </b></span></div><div style="color: #222222; font-family: "Times New Roman"; text-align: center;"><div style="font-family: Georgia, Utopia, "Palatino Linotype", Palatino, serif; font-size: small; line-height: 1.6; margin: 0px 0px 1.5em; text-align: start;"><div style="color: #404040; font-size: 17.82px; font-weight: 700; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><br /></span></div><h3 style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; text-align: center;"><span style="font-family: georgia;"><span style="color: black; font-size: x-large;">What Worked for the Past Decades Will Not For The Next</span></span></h3><div><span style="font-family: georgia;"><span style="color: black; font-size: x-large;"><br /></span></span></div><div style="text-align: center;"><span style="font-family: georgia;"><div class="separator" style="clear: both;"><iframe allowfullscreen="" class="BLOG_video_class" height="445" src="https://www.youtube.com/embed/Fd8ea_MHFLM" width="535" youtube-src-id="Fd8ea_MHFLM"></iframe></div><br /><span style="color: black; font-size: x-large;">WHAT'S COMING - GLOBAL RECESSION? DEPRESSION? COLLAPSE? </span></span></div><h3 style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; text-align: center;"><a data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/personal-finance/average-stock-market-return&source=gmail&ust=1672676873620000&usg=AOvVaw2Xw7ZmyZb0OSWNjWjzPAcE" href="https://www.businessinsider.com/personal-finance/average-stock-market-return" style="color: #d90062; font-family: georgia; font-size: x-large; text-decoration-line: none;" target="_blank"><b>The era of easy money is over.</b></a></h3><h3 style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; text-align: center;"><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEiJWkC-o3eelborprjkBBH3bPmpGq8Qq5Arm7wQ1SE-uBMxGRtEcXjXBcUIXTqcpNxaCiRrhsY4oibZW7de7cYxvoM72DSMZ-9a4OWsoXl4rqoFyOpRO0n5kg6rWmB_Koygpm0FKCF1eQKOfUB4HMcRb6TuYgrPLrn8ukC9YjnFV3ny8EaQXpe7WFJ7Qg&source=gmail&ust=1672676873620000&usg=AOvVaw0154iPlAAED6XNq6-FsRLR" href="https://blogger.googleusercontent.com/img/a/AVvXsEiJWkC-o3eelborprjkBBH3bPmpGq8Qq5Arm7wQ1SE-uBMxGRtEcXjXBcUIXTqcpNxaCiRrhsY4oibZW7de7cYxvoM72DSMZ-9a4OWsoXl4rqoFyOpRO0n5kg6rWmB_Koygpm0FKCF1eQKOfUB4HMcRb6TuYgrPLrn8ukC9YjnFV3ny8EaQXpe7WFJ7Qg" style="color: #d90062; font-family: georgia; font-size: x-large; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img alt="" class="CToWUd" data-bit="iit" height="296" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgpJRuQPtmeQKZW-C1B2bMtXKKXh4z-8KMuN2sAULW7uookX1sSNnZLz16f58HvA2npB5yjtqIr6feVEIG5Sh28UA8VDTgmNRKmnAfC5jbjtoLY_DsbSpKiJZIi0-p8BC5MTCkEFh-NcuSILMCKKeai_ZbE8mKFGV3Orf0dSGoCacFG95o3n6yqJNJSgMAxjD7CfkrjZVpTQMPq6l9VbP6UHJPN3kdfmziTMgmkW8rhT_BlxgTi0zCLYF_LLMzlM1yihL5AscKBXKsdtxf8EdQdiwkQRHAAv4NINTsNF_XOw6_99eKu795EEgzTdvYit6QHTsgHJYeeAglS3XdHSZqihkSa-AOYE-riFnhKg6htk7gVfBH2-Sk8M_kBdDktsN3SIo6v17jVS9p4K4N975MwvWBWhXpOEfJD0w=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="476" /></a></h3></div><div style="font-family: Georgia, Utopia, "Palatino Linotype", Palatino, serif; text-align: start;"><div style="display: flex;"><div dir="auto" style="width: 728px; word-break: break-word;"><p style="color: #5f5f5f; font-size: 19.8px; font-weight: 700;"></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="color: black;"><span style="font-family: georgia; font-size: large;">Russia’s invasion of Ukraine on February 24, 2022 immediately reversed a decades-long push </span><a data-saferedirecturl="https://www.google.com/url?q=https://www.cfr.org/backgrounder/why-nato-has-become-flash-point-russia-ukraine&source=gmail&ust=1672676873620000&usg=AOvVaw3F8AqGhy7IymhYP70ywZe0" href="https://www.cfr.org/backgrounder/why-nato-has-become-flash-point-russia-ukraine" style="color: #1155cc; font-family: georgia; font-size: large; text-decoration-line: none;" target="_blank">for globalization as NATO pushed its pledged boundaries.</a><br /></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">Rampant <a data-saferedirecturl="https://www.google.com/url?q=https://www.thebalancemoney.com/causes-of-inflation-3-real-reasons-for-rising-prices-3306094&source=gmail&ust=1672676873620000&usg=AOvVaw3LNPSrKWCvGr8ultETHTG4" href="https://www.thebalancemoney.com/causes-of-inflation-3-real-reasons-for-rising-prices-3306094" style="color: #1155cc; text-decoration-line: none;" target="_blank">inflation proved more structural </a>than transitory as record stimulus led to inflation. This is now causing global central banks to pursue aggressive interest rate increases to tighten monetary policy as they attempt to reign in runaway prices. Good luck.</span></span></p><p style="color: #5f5f5f; font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"></span></p><div style="clear: both; color: #5f5f5f; font-size: 19.8px; font-weight: 700; text-align: center;"><span style="font-family: georgia; font-size: large;"><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEjKIeS8fUhwQemTnVEczeH1zla-2Ljgt8x1LtsUrbF8fRlA2UlNEOamtl02QixiGtps87O1jCVYu2rUu_f5E3jAlWcaZJZRxhhT3YGaIO0zhDl0UwyQVAAlPWDpdpNzA_lp2SfXqH8_wKEt6jBF3mqaZODB8j4rcZpa1wJzBbAidKTUZCozGCzkPi8hDQ&source=gmail&ust=1672676873620000&usg=AOvVaw3ja2NMH7TL1_j2ZuwCPeA_" href="https://blogger.googleusercontent.com/img/a/AVvXsEjKIeS8fUhwQemTnVEczeH1zla-2Ljgt8x1LtsUrbF8fRlA2UlNEOamtl02QixiGtps87O1jCVYu2rUu_f5E3jAlWcaZJZRxhhT3YGaIO0zhDl0UwyQVAAlPWDpdpNzA_lp2SfXqH8_wKEt6jBF3mqaZODB8j4rcZpa1wJzBbAidKTUZCozGCzkPi8hDQ" style="color: #d90062; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img alt="" class="CToWUd" data-bit="iit" height="403" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhbwdCYLs-HABx-_Dux48R1ME-0VQzLozGRqT3IEr7i4A5t7_M30bfP-o16TQyr-Z3tEpf5tojE7T3rMlkt7B4Nb_Dwz5sCcBH601acVOKDBrz8J5uMEQ32u1waRDoYhEG8-bHtiv-CulUTOGCgNnKjNB7l09BvcXbEvygHPno44t_mVxQzz-rYl35swU9MGBewRH8NNBuCh4NMScl0DGf6cADtpJd2DkWMgmhvXXHeFpZeuTR3M-2GWjvEf1GG0yD2PihGcqtkj670fUScT4z2mTX_TyENEAf-65NlWuxb_WhodNEdphDGhEs5NBDaLlqVmjSQgWtV0jCAKWmR0K_9cgu5m8fSd8_UpBSTlGcNzAtoEMa4TFykwgESsjt_3i47bXji7CWvH6BGjA4kF10nVLSc86UcHmYqjQ=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="547" /></a></span></div><p style="color: #5f5f5f; font-size: 19.8px; font-weight: 700;"></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="color: black;"><span style="font-family: georgia; font-size: large;">You can’t sell a</span><a data-saferedirecturl="https://www.google.com/url?q=https://www.salon.com/2022/02/16/nfts-arent-art--theyre-just-the-of-cryptos-latest-scam/&source=gmail&ust=1672676873621000&usg=AOvVaw2_rCf_v61rGBnYF5jcLFvZ" href="https://www.salon.com/2022/02/16/nfts-arent-art--theyre-just-the-of-cryptos-latest-scam/" style="color: #1155cc; font-family: georgia; font-size: large; text-decoration-line: none;" target="_blank"> NFT picture of an ape or a rock</a><span style="font-family: georgia; font-size: large;"> </span><span style="font-family: georgia; font-size: large;">for $1M anymore.</span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;"><a data-saferedirecturl="https://www.google.com/url?q=https://www.france24.com/en/tv-shows/the-debate/20221121-scam-of-the-century-cryptocurrency-and-the-collapse-of-ftx&source=gmail&ust=1672676873621000&usg=AOvVaw2SplgGwy7Uvff1V2O9Jvnd" href="https://www.france24.com/en/tv-shows/the-debate/20221121-scam-of-the-century-cryptocurrency-and-the-collapse-of-ftx" style="color: #1155cc; text-decoration-line: none;" target="_blank">Crypto seemed to learn nothing</a> from the Lehman collapse, while Sam Bankerman-Fried (FTX) seems to have learned everything from the late Bernie Madoff.</span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="color: black;"><span style="font-family: georgia; font-size: large;"></span></span></p><div style="clear: both; color: #5f5f5f; font-size: 19.8px; font-weight: 700; text-align: center;"><span style="font-family: georgia; font-size: large;"><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEj85TjgXx3O0rFTy_X98_FuTsTEVlh22iTbtzadhBZj4fGRRTq_aqDx9Xqvx2Yi_njyf6yDKfFqHeEORGTUa-W2rTbudAd69k2bjinH86p0-baP1ygIaRKGYZnGabaFvu6RnByDgonpwm8jJ-q1NzzpR7RSnqZhAIZ9YfsU4PIVVCL5MyzN4mdsNm2yLw&source=gmail&ust=1672676873621000&usg=AOvVaw1WSOlvEeJ9yQIV4AQMaq5m" href="https://blogger.googleusercontent.com/img/a/AVvXsEj85TjgXx3O0rFTy_X98_FuTsTEVlh22iTbtzadhBZj4fGRRTq_aqDx9Xqvx2Yi_njyf6yDKfFqHeEORGTUa-W2rTbudAd69k2bjinH86p0-baP1ygIaRKGYZnGabaFvu6RnByDgonpwm8jJ-q1NzzpR7RSnqZhAIZ9YfsU4PIVVCL5MyzN4mdsNm2yLw" style="color: #d90062; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img alt="" class="CToWUd" data-bit="iit" height="364" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEj6FzEaCpSGoXNVjSrLeEa99E7ya-9u_ALS7fBVFbJnOWaA_uNThdIwSTtCEAGssHE0TcJqlPqbUkemrmRxCGPL2XAeTiOyC6FgzYySYg5zrfXR7BofA7yRA5ARXceWBzaDXIt861EdoXJh51bQVH3rxhQGHIVJZagP9K-bqMsNakOC15k3Qv-JO3N-rCjhb1hwUTOJEtijFICShAE1H91qF-imO0n83AmpVKbvZtaXg8F_b1xiepWtLtpvZi997ohPXAPxNkINVJK-QMGGVtTORXePzKx0HIQBUW5qgYPbU52Km4AnSqr5KG2TbJjwY_u1RKZ4GUaGMDbm5Wvw5antk2uMVO-dsDNaBAnd4TKflFqLiB-wgGBqkRzbr-wzVP73O6OLBOceactqAII8hj9dhWIBO2SiVqu5tw=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="552" /></a></span></div><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">Buffett took <a data-saferedirecturl="https://www.google.com/url?q=https://nymag.com/intelligencer/2022/05/the-rise-and-fall-of-cathie-wood.html&source=gmail&ust=1672676873621000&usg=AOvVaw1rvrJJSwD3GQXoNnZtOc7-" href="https://nymag.com/intelligencer/2022/05/the-rise-and-fall-of-cathie-wood.html" style="color: #1155cc; text-decoration-line: none;" target="_blank">Woods out to the…Woodshed.</a></span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">Value investing is cool again, and consensus looks to play <a data-saferedirecturl="https://www.google.com/url?q=https://finance.yahoo.com/news/billionaire-ray-dalio-warns-stock-004155366.html&source=gmail&ust=1672676873621000&usg=AOvVaw2D0CD45xuq3u-Ph1inh1_K" href="https://finance.yahoo.com/news/billionaire-ray-dalio-warns-stock-004155366.html" style="color: #1155cc; text-decoration-line: none;" target="_blank">defense in the first half of 2023.</a></span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><br /></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;">WHERE IS BUFFET INVESTING?</span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="406" src="https://www.youtube.com/embed/dMVHMzUwJKc" width="488" youtube-src-id="dMVHMzUwJKc"></iframe></div><br /><span style="font-family: georgia; font-size: large;"><br /></span><p></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"></p><div style="clear: both; color: #5f5f5f; font-size: 19.8px; font-weight: 700; text-align: center;"><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEh7-l0cuUcNMEDnSDbUmGBp-iFKD_DHBzDmEbhcPBrGBVroD8pQhPi7aid83-Ml7PcuTnr7QLr1dVBA0CQ2vanWNtplcHKB9mRwshnlLInGEvVJJs_K5Gm1wD2jGtSykP5ITIyDAIcwYelyxY1iKEPudLiLOM0lkoaihbOgiyJxtaT57H6vbmqPVK3E_A&source=gmail&ust=1672676873621000&usg=AOvVaw3Ywius8A4BTfZTSb2C8drs" href="https://blogger.googleusercontent.com/img/a/AVvXsEh7-l0cuUcNMEDnSDbUmGBp-iFKD_DHBzDmEbhcPBrGBVroD8pQhPi7aid83-Ml7PcuTnr7QLr1dVBA0CQ2vanWNtplcHKB9mRwshnlLInGEvVJJs_K5Gm1wD2jGtSykP5ITIyDAIcwYelyxY1iKEPudLiLOM0lkoaihbOgiyJxtaT57H6vbmqPVK3E_A" style="color: #d90062; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img alt="" class="CToWUd" data-bit="iit" height="386" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhgJuQ-Tbv9JKwK0JGLFtJvnD8cUDLc1vwqmbFueK-mGHCG3_Gxe5MIoYly7mS4S1JN_lSOhmLOhJRQpBK9P6mAdUy0Vp6dmMDYFoJRvcX9c6JjckY34lac42kc1qPcnq_wswj-Y5A9wP60jHTAPqFrKxwrXQSKkOZhRcyiP2MoSb0z1V1zbkjXgbq71wBMnZp4kuK4MtVJxRa8rPrNv_d5MdJB1opyNcQq-l8kGtb6O4o8zNeMYayGymIk0XbbZTdhIIxQZ5u4kKMe07c1NI9pzHWSPaisJDEkCKGBHSF3UKvEo0g-SQFwEZRfwAMTOank8caWalfAP0xRKNPK1KvORDzvj-bBZ7Q2Mu4BqYcLTy7XTrN81ppAiaFy6Jxe8qpPCvGMT09zlgzL1RGhx0sP8Ulv8m9wxqCmLw=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="478" /></a></div><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">In the months ahead our BLOG POSTS are going to walk through what we think are the most important concerns for 2023 and beyond:</span></span></p><ul style="line-height: 1.4; margin: 0px 0px 0.5em; padding: 0px;"><li style="font-weight: 700; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><span face="Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol""><b>Cash Flow Matters Not Earnings </b></span><span style="text-align: left;"><span face="Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol""><b>Multiples</b></span></span></span></i></span></p></li><li style="font-weight: 700; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black;"><span style="text-align: left;"><span face="Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"" style="font-size: large;"><b><br /></b></span></span></span></i></span></p></li><li style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><b>Defensive vs. Cyclical Growth Asset Classes</b></span></i></span></p></li><li style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><b>Energy, Materials, Minerals, Arable Land and </b></span></i></span></p></li><li style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><b>Other Key Resource Declines</b></span></i></span></p></li><li style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><b>Beware of Crypto Currency and Blockchain Scams or the “Next New AI Thing”</b></span></i></span></p></li><li style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><b>Collapsing National Economies and Currencies Events </b></span></i></span></p></li><li style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; margin-left: 15px; padding: 0px;"><p style="box-sizing: border-box; line-height: 1.6em; margin: 0px; text-align: center;"><span><i><span style="color: black; font-size: large;"><b><br /></b></span></i></span></p></li></ul><div style="font-weight: 700; text-align: center;"><span face="Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol""><b><i><span style="color: black; font-size: large;">Nature Bats Last - Climate, 2050 Limits to Growth, Extreme Overpopulation Exponentials - Foreshadow End Times?</span></i></b></span></div><div style="font-size: 19.8px; font-weight: 700; text-align: center;"><br /></div><h3 style="font-size: 19.8px; line-height: 1.16em; margin: 1em 0px 0.625em; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><span style="color: #20124d;">The New Arena</span></span></h3><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">For sure, it’s now all about rates and what their knock-on effects are. In 2022, the impact that rates had was most heavily felt in financial markets.</span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">For equities (e.g. NASDAQ, et al) - it was the effect of a total multiple collapse amongst the growth names that saw the unprofitable tech basket wipe 60-90% off their values. Taking a basket of high-growth software companies, they started the year off trading at an average of 35x EV/Revenue and now trade at 7x. <i>That is a massive collapse of confidence in growth.</i></span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">In the fixed-income market - over the last decade, we were in an environment of “There is No Alternative” and now we are in a market where “There are Many Alternatives”. As rates increased, bond prices got crushed to the point where they put up the second worst year <em>ever</em> on record, (<i>you have to go back to the Great Depression to get #1)</i></span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="color: black;"><span style="font-family: georgia; font-size: large;"></span></span></p><div style="clear: both; font-size: 19.8px; font-weight: 700; text-align: center;"><span style="font-family: georgia; font-size: large;"><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEjVN77TxxCZ8UQv_oxI5dU5l3RUtWnydRz-mhfqI45XV2CEMA7846SaeAMN2NCsGn6wxjI0zH-iDEZPpI1mEhnDXBt_x84MOOt8d9EfX0FIYZQbP3Z_Jtq4sS6vAYFS54myiffQtlheE3ElOCf3SeMWZLCQ9QJgaKyzwyVKg1PrFSE-bVs-GUaqbxJL9g&source=gmail&ust=1672676873621000&usg=AOvVaw1HJqmn_dsYWPaJXhDubzoH" href="https://blogger.googleusercontent.com/img/a/AVvXsEjVN77TxxCZ8UQv_oxI5dU5l3RUtWnydRz-mhfqI45XV2CEMA7846SaeAMN2NCsGn6wxjI0zH-iDEZPpI1mEhnDXBt_x84MOOt8d9EfX0FIYZQbP3Z_Jtq4sS6vAYFS54myiffQtlheE3ElOCf3SeMWZLCQ9QJgaKyzwyVKg1PrFSE-bVs-GUaqbxJL9g" style="color: #1155cc; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><span style="color: black;"><img alt="" class="CToWUd" data-bit="iit" height="330" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEim0CH-MLid6uhBqCue00_SxkDAPZ-FX1HZRDKC9xsjyh0c9r_k1cd_Z33T6MpgryaxjxZY7FBM2vBuzh1GYqchiKXsdZJSmP3RYFm0lg1O4FP_YmOC3eCTmRCIwZEaUAe4f8y34jxXCkCY85MvmumY5EGyIMpn3WNb9xGGNp7bR5aPSHWnh9IQrqRNOXdixvVLnyMJJZwvxT-oWahYcJ45lEsug0UfqVJxsQdrFJUCQKvVvUjQz7Ndf9qvGOc2scA_Roluo2t_fqIZdCPCxhArkLSjxMeQ_mzx8WzqNh_VKz7av9RtACjtqv2Rr8s6YLwGGDhPXwE-8CKolwWBMJTXhwpTU6tzeU5jYO0Jy56v6YK3t2HkP1KBMoPaG3gSSSe8d42DLEOsfiEUB5Q2eKZlei7GU93Q_cnHKw=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="499" /></span></a></span></div><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">However, you can now find yield everywhere across credit and bond markets instead of having to fish into the nefarious barrel of the red-hot alternatives of scam and criminal markets. As more capital crowds around fixed income markets, lighter volume in equities and crypto hoaxes will cause higher volatility making for a bumpy ride this year.</span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="font-family: georgia; font-size: large;"><span style="color: black;">Of course, rates do not exist in a vacuum and are a global central bank tool used to navigate exogenous factors, but it helps us frame how the reactive policies dictate our investment profiles and keeping in mind that above all else: </span></span></p><p style="font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><i><span style="color: black; font-family: georgia; font-size: large;"><b>Nature Bats Last and thus humanity cannot defeat the physical outcomes of Exponential </b></span><span style="color: black; text-align: left;"><span style="font-family: georgia; font-size: large;"><b>Mathematics.</b></span></span></i></p><p style="color: #5f5f5f; font-size: 19.8px; font-weight: 700; line-height: 1.6em; text-align: center;"><span style="text-align: left;"><span style="font-family: georgia; font-size: large;"><b></b></span></span></p><div style="clear: both; color: #5f5f5f; font-size: 19.8px; font-weight: 700; text-align: center;"><span style="font-family: georgia; font-size: large;"><b><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEiKdHWsZ0VdA3y4r-Ym0Pzq8mb8GKV6u5yVi6hO3rj7YOzVzAb7DksMvZoVOLGPTCjcQ5Wsd2VTa8XLwyVQ4Y6Yn4TTWtmvW9DJkql1NZP9JDGg5UX23GhRafxU2imhOGf1E-drt5U15p8MEL3rc5PnTgXfw-W2cEntuosk73luuG0dUdAn2v1fk9EoYg&source=gmail&ust=1672676873621000&usg=AOvVaw32q8Y2Oia4aUOonrDJyMVl" href="https://blogger.googleusercontent.com/img/a/AVvXsEiKdHWsZ0VdA3y4r-Ym0Pzq8mb8GKV6u5yVi6hO3rj7YOzVzAb7DksMvZoVOLGPTCjcQ5Wsd2VTa8XLwyVQ4Y6Yn4TTWtmvW9DJkql1NZP9JDGg5UX23GhRafxU2imhOGf1E-drt5U15p8MEL3rc5PnTgXfw-W2cEntuosk73luuG0dUdAn2v1fk9EoYg" style="color: #d90062; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img alt="" class="CToWUd" data-bit="iit" height="417" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEi48Sw7V31DgxVf1zWIiWSEhJ1WnuD8epwRX9Cu4rOzoz9F_1LLT53mrfgOgkYwACL2cT_ZJSW_AS-W71ZBjO-KzvOUbzxNVZPvcZdcVlQsM1Q-Dz5dYDNfzjmd_WjzLl4ofVQ9LVQnrdrXozxEICN02dYHbc8VdIoYgqRxSqbGGnn2vHvATO1_KEmOBmvLUJozv0C9XAMRYckqlHhBIRGuxJV0_q2ZRyWPQgK3KjzrW4pngzDqeNaz-QIAgWGF2hLYUDT0MFsiAZJN6OTqQTbyDc5ZJmjHa8inCWENXMz0OvOvAloIx7k4mbX4X9PkqNa6ZCmW268X5yDGnCtpFYR3r99z6_XW4h_7sVqMa2f8bKEYMCgsSnMmR0N1VoQyem9nCPfSxihHuOLKeOomozMFzQQKxxYTvcW_XQ=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="486" /></a></b></span></div><h3 style="font-size: 19.8px; line-height: 1.16em; margin: 1em 0px 0.625em; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><span style="color: #20124d;">Cash Flow Matters</span></span></h3><p style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19.8px; font-weight: 700; line-height: 1.6em; margin-bottom: 0px; text-align: center;"><span style="font-size: large;"><span style="color: black;">A lot of ETF and factor people will proclaim that this was the year of value investing and that value investing is back. What they’re really trying to say is that operating margins and cash flow matter, and we couldn’t agree more.</span></span></p><p style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19.8px; font-weight: 700; line-height: 1.6em; margin-bottom: 0px; text-align: center;"><span style="font-size: large;"><span style="color: black;"><br /></span></span></p><p style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: small; font-weight: 700; line-height: 1.6em; margin-bottom: 0px; text-align: center;"><span style="color: black; font-size: x-large;">Or else...</span></p><p style="font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: small; font-weight: 700; line-height: 1.6em; margin-bottom: 0px; text-align: center;"><span style="color: black; font-size: x-large;"><br /></span></p><p style="color: #5f5f5f; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19.8px; font-weight: 700; line-height: 1.6em; margin-bottom: 0px; text-align: center;"><span style="font-size: large;"></span></p><div style="clear: both; color: #5f5f5f; font-size: 19.8px; font-weight: 700; text-align: center;"><span style="font-size: large;"><a data-saferedirecturl="https://www.google.com/url?q=https://blogger.googleusercontent.com/img/a/AVvXsEgMrcTTo7fwQIkhyHfzjKy_zagyc7ZIhXkwKuNgvYu9wuOf1Y5_JU3jrUhr9in6hoHnAgtOQWZD6WC3Ba02IPrf2NumPq38ValKK8SXjWjltMjIlDRPrHxSnHCpkJs8ilu5G-jd-PoguJkmsrL5HB3Iu2yK4mnAe7blwhNkTVbcCgh9JZ4N4sakuWRUFA&source=gmail&ust=1672676873621000&usg=AOvVaw3KBJgK-5EAXRw8Qe6s7U1v" href="https://blogger.googleusercontent.com/img/a/AVvXsEgMrcTTo7fwQIkhyHfzjKy_zagyc7ZIhXkwKuNgvYu9wuOf1Y5_JU3jrUhr9in6hoHnAgtOQWZD6WC3Ba02IPrf2NumPq38ValKK8SXjWjltMjIlDRPrHxSnHCpkJs8ilu5G-jd-PoguJkmsrL5HB3Iu2yK4mnAe7blwhNkTVbcCgh9JZ4N4sakuWRUFA" style="color: #d90062; margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img alt="" class="CToWUd" data-bit="iit" height="240" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEj2LVbKG9H-LYNAesIGIgnnQ3HFnDZ29Oy6iFBqPk9PJvp2ooqdAlIklLj6P0MhFaZgne-UD0RtlsrS0cz3E6i8_JwepNOGIAlW2xdYVjSJB9-cAAKHKqboW4cyl1Ia3AqPUFpbpHxnIJdcg3ktswNX441xXpCC2nee-6NBWrfS0aH40suUNNLhVNUBS6WkHy9xu6z-YWwuTC_iBiq03aa9Pe_ZJVd4veFySKKlG2ZqD1V8q-UC2OaDI-1Km3BFsbPhZHajmSbp18bsULmvYjt1rXQj-Uj2CxwDa7mSBet2TC1zbqo8Zdh7PhfYeCaD0oazlvcKAM1AD6ijEcfLUQS8TkedAM9OZICJFn4tvMum6uHVjDlA787CN3sLMnFmfsrhQx24uihmp2J3DrXnM1jr=s0-d-e1-ft" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(243, 243, 243); padding: 5px;" width="195" /></a></span></div></div></div></div></div></span></div><h1 class="post-title unpublished" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; font-weight: var(--font_weight_headings_preset, bold); line-height: var(--line-height-36); margin: 0px; text-align: center;"><span style="color: red; font-family: georgia; font-size: x-large;"><br /></span></h1><h1 class="post-title unpublished" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; font-weight: var(--font_weight_headings_preset, bold); line-height: var(--line-height-36); margin: 0px; text-align: center;"><span style="color: red; font-family: georgia; font-size: x-large;"><br /></span></h1><h1 class="post-title unpublished" style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-font-smoothing: antialiased; font-weight: var(--font_weight_headings_preset, bold); line-height: var(--line-height-36); margin: 0px; text-align: center;"><span style="color: red; font-family: georgia; font-size: x-large;">2023 BRINGS MOTHER OF ALL COLLAPSES</span></h1><div><span style="color: red; font-family: georgia; font-size: x-large;"><br /></span></div><div style="text-align: center;"><div class="separator" style="clear: both;"><iframe allowfullscreen="" class="BLOG_video_class" height="393" src="https://www.youtube.com/embed/6hqOyAfFMlg" width="473" youtube-src-id="6hqOyAfFMlg"></iframe></div><br /></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-76368410089104046242022-04-02T10:30:00.070-04:002022-04-02T10:30:00.217-04:00#Inspirational #Wisdom Quotes - April 2, 2022 <p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7q7Rj4o7-YOGKTYSKk6hrWve7C4gQkihxOs4_AmcXQb5YuGVaV_VL1tgR5ZWeb3ag7Yw8aAOxk34wcBUGqzklqNqCqvc4vR-p7VdpdSsIVd7HxD8-rno7jaMxoyIjMz9cs9TC2IfKDrho1_5BjFgl_SzfpvFOuKCOqPxTEUrXFFRuERnwSYMoRZGbfQ/s680/AAAAA.MAGIC3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="680" data-original-width="544" height="697" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7q7Rj4o7-YOGKTYSKk6hrWve7C4gQkihxOs4_AmcXQb5YuGVaV_VL1tgR5ZWeb3ag7Yw8aAOxk34wcBUGqzklqNqCqvc4vR-p7VdpdSsIVd7HxD8-rno7jaMxoyIjMz9cs9TC2IfKDrho1_5BjFgl_SzfpvFOuKCOqPxTEUrXFFRuERnwSYMoRZGbfQ/w481-h697/AAAAA.MAGIC3.jpg" width="481" /></a></div><br /><p style="text-align: center;"><br /></p><h3 style="background-color: white; border: 0px rgb(225, 225, 225); box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: 1.1em; margin: 0px 0px 8px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: x-large;">“False face must hide what the false heart</span></h3><h3 style="background-color: white; border: 0px rgb(225, 225, 225); box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: 1.1em; margin: 0px 0px 8px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: x-large;"> doth know.”</span></h3><div><span style="font-family: georgia; font-size: x-large;"><br /></span></div><div style="text-align: right;"><span style="font-family: georgia; font-size: medium;"><b>William Shakespeare</b></span></div><div><span style="font-family: georgia; font-size: x-large;"><br /></span></div><div style="text-align: center;"><div><div><span style="font-family: georgia; font-size: x-large;"><b>Inspirational Wisdom Quotes</b></span></div><div><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div><span style="font-size: medium;"><b><span style="font-family: georgia;"> April 2</span><span style="font-family: georgia;">, 2022</span></b></span></div><div><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></div><div><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></div></div><div style="text-align: right;"><span style="font-family: georgia;"><b><div class="separator" style="clear: both; font-size: large; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIfDOMqGqd8OThUi74aW2609QjqWoRhjc7mVowDQkzE4i_wmULOKRLwH--PQcmoIycvV78FQgX43a6J3MVcN6o6dqvWI0O9jHf8zk_vDMkgveTH-8gt7BsiXGFUOUv-cTTaayuSlLrTJmutOL6prOUtItUqSyEU6m4Z33VkEs43x3RWOUrkcfTPSviwA/s1200/aaaaa.shakes.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="1200" height="329" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIfDOMqGqd8OThUi74aW2609QjqWoRhjc7mVowDQkzE4i_wmULOKRLwH--PQcmoIycvV78FQgX43a6J3MVcN6o6dqvWI0O9jHf8zk_vDMkgveTH-8gt7BsiXGFUOUv-cTTaayuSlLrTJmutOL6prOUtItUqSyEU6m4Z33VkEs43x3RWOUrkcfTPSviwA/w616-h329/aaaaa.shakes.jpg" width="616" /></a></div><br /><div class="separator" style="clear: both;"><br /></div><p class="b-qt qt_399638" style="background-color: white; box-sizing: border-box; color: #101010; font-family: Arial, sans-serif; font-size: 20pt; font-weight: 300; line-height: 37px; margin: 0px 0px 15px;"><span style="background-color: transparent; font-family: georgia; font-size: xx-large; font-weight: bold;">READ MORE</span></p></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;"><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b> </b><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></p><div><b style="color: #181818; font-size: xx-large;"><b><br /></b></b></div></span></div></b></span></div></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-33022958000712495352022-04-02T10:30:00.068-04:002022-04-02T10:30:00.216-04:00Today's Top #Energy #Headlines - April 2, 2022<p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"> </span><span style="font-family: georgia; font-size: medium;">April 2, 2022</span></b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><br /></span></b></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;">OIL AND GAS MARKETS BOUNCING AROUND</span></b></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><br /></span></b></p><ul id="m_8358995501041276722mctoc" style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/gas-still-flows-russia-europe-buyers-navigate-putins-rouble-order-2022-04-01/?mc_cid=7d40310029&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Gas still flows from Russia to Europe as buyers navigate Putin’s rouble order</b></span></a></li><li style="margin-left: 15px; text-align: center;"><br /></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/oil/040122-nymex-crude-hovers-around-100b-after-us-announces-spr-release?mc_cid=7d40310029&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>NYMEX crude hovers around $100/b after US announces SPR release</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><br /></li></ul><div style="text-align: center;"><span style="color: #202020; font-size: x-large;"><b>GLOBILIZATION IS CRUMBLING</b></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="413" src="https://www.youtube.com/embed/l4OoLtW7wyE" width="497" youtube-src-id="l4OoLtW7wyE"></iframe></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/oil/033122-oil-futures-us-spr-release-opec-output-hike-send-crude-sharply-lower?mc_cid=7d40310029&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>OIL FUTURES: US SPR release, OPEC+ output hike send crude sharply lower</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-seesaws-ahead-consumer-nations-meeting-stocks-release-2022-04-01/?mc_cid=7d40310029&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Oil falls as IEA members meet to discuss stocks release</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020; font-size: x-large;"><b>BIDEN MITIGATES OIL SUPPLY FOR NOW</b></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="421" src="https://www.youtube.com/embed/C-VjqMZRCTg" width="507" youtube-src-id="C-VjqMZRCTg"></iframe></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: large;"><b><i>When does it stop? </i></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia;"><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b>XXX</b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Q&A: Ihsan Ismaael, Oil Minister and President of INOC</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">U.S. Warns India Against Buying More Russian Oil</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Venezuela’s PDVSA seeks oil tankers in anticipation of U.S. sanctions easing</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Shanghai moves to 2nd part of lockdown as testing lines grow</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Saudi Aramco Further Tightens Its Ties To China</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russian Oil Is Too Cheap To Resist For China And India</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Santos dispute with ConocoPhillips snags Alaska oil project, stake sale</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Biden Embraces Oil as Ukraine War Overwhelms His Climate Agenda</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Biden Invokes Cold War Powers to Boost EV Battery Production</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Drought-Struck California Wants to Pay Farmers to Cut Plantings</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Car Sales Seen Sputtering as Supply-Chain Woes Hurt Production</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Biden Mulls Lifting Ethanol Caps In A Bid To Lower Gasoline Prices</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">U.S. Crude Oil Production Rises For First Time In 10 Weeks</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">USA Government Comments on Gulf of Mexico Lease Program</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Ukraine: Russians leaving Chernobyl after radiation exposure</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Who is buying Russian crude oil and who has stopped</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Thousands of Russia-Linked Ship Containers Pile Up in Rotterdam</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Ukraine Sunflower Oil Crisis Hits Food From Chips to Cookies</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Food Delivery Stocks Lose $24 Billion in Just Three Months</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">War in Ukraine fuels fears among draft-age Russian youths</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">High energy costs are hitting UK. It’s about to get worse</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">U.S. Sanctions Russian Tech Companies, Whole Sectors of Russian Economy</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russia steadies rouble with harsh capital controls and investment curbs</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s War Lacks a Battlefield Commander, U.S. Officials Say</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">ExxonMobil suspends deliveries from four UK fuel depots due to protests</a></b></span></li></ul>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-24177027881142270782022-03-31T10:30:00.002-04:002022-03-31T10:30:00.223-04:00#Inspirational #Wisdom Quotes - March 31, 2022<p style="text-align: center;"><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTLn-SCJq68nuOJ4a7OGAqXItcstJzV9HtS3jxY5MQtZf6r7RnaeqM9rHwHusPXE2vb5TKJwiLokWJPzs8omyr7EtzpuiCNt_4tfFnOMUmzGrxDlrLIp8Zag6zFVokeBxRM4Bie30HEM3OGHOCFYztgUetljyjqpW451J8SvMTy-76WVdE9Km4U4B6_Q/s680/AAAA.MAGIC.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="680" data-original-width="564" height="692" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTLn-SCJq68nuOJ4a7OGAqXItcstJzV9HtS3jxY5MQtZf6r7RnaeqM9rHwHusPXE2vb5TKJwiLokWJPzs8omyr7EtzpuiCNt_4tfFnOMUmzGrxDlrLIp8Zag6zFVokeBxRM4Bie30HEM3OGHOCFYztgUetljyjqpW451J8SvMTy-76WVdE9Km4U4B6_Q/w573-h692/AAAA.MAGIC.jpg" width="573" /></a></div><p style="text-align: center;"><br style="text-align: left;" /></p><p style="text-align: center;"><br /></p><p class="b-qt qt_399638" style="background-color: white; box-sizing: border-box; color: #101010; line-height: 37px; margin: 0px 0px 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><i>I was thinking about how people seem to read the Bible a whole lot more as they get older; then it dawned on me - they're cramming for their final exam.</i></b></span></p><p class="bq_fq_a" style="background-color: white; box-sizing: border-box; color: #222222; margin-bottom: 5px; margin-top: 0px; text-align: right;"><span style="font-family: georgia; font-size: medium;"><b>George Carlin</b></span></p><p style="text-align: center;"><br /></p><div style="text-align: center;"><div><span style="font-family: georgia; font-size: x-large;"><b>Inspirational Wisdom Quotes</b></span></div><div><span style="font-family: georgia; font-size: x-large;"> </span><span style="font-family: georgia; font-size: medium;"><b>March 31, 2022</b></span></div><div><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></div><div><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></div></div><div style="text-align: right;"><span style="font-family: georgia;"><b><div class="separator" style="clear: both; font-size: large; text-align: center;"><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMXBQNtom92qyK5S4W_VLeeQ-p3es6bCDVODyXKUU83HVtTLWIcIEbCXPFQUzswTqWCz0L3o-0JP5ovhzFe1HwNQc0DhzdO5stEeFsboX75cyHlqUsFzHN52hkhD7pHFoMzrYvhwOcmkS4Z76qP4bATX_8_4wsL2PNnzb7qBcLJS9XNvSj6PKK2ros_Q/s1050/aaaaa.astupid.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="1050" height="377" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMXBQNtom92qyK5S4W_VLeeQ-p3es6bCDVODyXKUU83HVtTLWIcIEbCXPFQUzswTqWCz0L3o-0JP5ovhzFe1HwNQc0DhzdO5stEeFsboX75cyHlqUsFzHN52hkhD7pHFoMzrYvhwOcmkS4Z76qP4bATX_8_4wsL2PNnzb7qBcLJS9XNvSj6PKK2ros_Q/w619-h377/aaaaa.astupid.jpg" width="619" /></a></div><br /><p class="b-qt qt_399638" style="background-color: white; box-sizing: border-box; color: #101010; font-family: Arial, sans-serif; font-size: 20pt; font-weight: 300; line-height: 37px; margin: 0px 0px 15px;"><br /></p></div><div class="separator" style="clear: both; font-size: large; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;">MORE</span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;"><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b> </b><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></p><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b style="color: #181818; font-size: xx-large;"><b><br /></b></b></p><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b style="color: #181818; font-size: xx-large;"><b>On Stage Performance- Just Too Funny</b></b></p><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b style="color: #181818; font-size: xx-large;"><b><br /></b></b></p><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b style="color: #181818; font-size: xx-large;"></b></p><div class="separator" style="clear: both;"><b style="color: #181818;"><iframe allowfullscreen="" class="BLOG_video_class" height="326" src="https://www.youtube.com/embed/aAYtAxD164A" width="392" youtube-src-id="aAYtAxD164A"></iframe></b></div><b style="color: #181818;"><br /><b>x</b></b><p></p></span></div></b></span></div><p style="text-align: center;"> </p>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-57614598037454538682022-03-30T10:30:00.025-04:002022-04-01T23:40:43.759-04:00Today's Top #Energy #Headlines - March 30, 2022<p style="text-align: center;"><b><br /></b></p><p style="text-align: center;"><b>March 30, 2022</b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><div><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;"><br /></span></i></b></div><p style="text-align: center;"><b><span style="font-size: x-large;"> AGAIN OIL PRICES SET TO RISE AND TWART GLOBAL ECONOMY</span></b></p><p style="text-align: center;"><b><span style="font-size: x-large;"><br /></span></b></p><p style="text-align: center;"><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRTP-aQxan3HMl9C_YAlUY5Rm4vKVfGLEZFYrg9U97NZz1Xtd_h_dOtoepJHdxNy-XNZE2FZII4-ebobm3TEuhDvYnqG2nO4QIg1ewtgE7LEheukeyc5X7YjodhUWRSjsW_Zzl7WxznvXoPBOLGtNsbbeqVLadjmvTwBnxJ-wPLPvDD8T0F1ctwT0hVw/s448/aaaaa.energy.webp" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="269" data-original-width="448" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRTP-aQxan3HMl9C_YAlUY5Rm4vKVfGLEZFYrg9U97NZz1Xtd_h_dOtoepJHdxNy-XNZE2FZII4-ebobm3TEuhDvYnqG2nO4QIg1ewtgE7LEheukeyc5X7YjodhUWRSjsW_Zzl7WxznvXoPBOLGtNsbbeqVLadjmvTwBnxJ-wPLPvDD8T0F1ctwT0hVw/w588-h352/aaaaa.energy.webp" width="588" /></a></b></div><b><br /><div class="separator" style="clear: both; text-align: center;"><br /></div></b><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-rises-supply-tightness-despite-constructive-ukraine-russia-talks-2022-03-30/?mc_cid=ae89c9e646&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Oil rebounds on tight supply, prospects of new Russia sanctions</span></b></a></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2022-03-29/oil-climbs-after-two-day-drop-as-investors-assess-ukraine-talks?srnd=markets-vp&sref=fyhEsXfZ&mc_cid=ae89c9e646&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Oil Climbs After Two-Day Drop as Investors Assess Ukraine Talks</span></b></a></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihEqAADsL5gzNr2VhnURjAX6YFtxhlGfHcCBftHTnaJvIP9SJWpmNs1leq-8Hh3SGndY499iK2wb1gpkv5AqJsIZaRRwwjWU_HQln2yPo6TmUsCW63sza0ZUbWFKUPqr4p3_PMrNTHMlLrjkRv1WVGqxncTTP50qoefvvlk75LqlrgTp5yBFfkFoyYvg/s262/AAAAA.TRADE.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="193" data-original-width="262" height="417" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihEqAADsL5gzNr2VhnURjAX6YFtxhlGfHcCBftHTnaJvIP9SJWpmNs1leq-8Hh3SGndY499iK2wb1gpkv5AqJsIZaRRwwjWU_HQln2yPo6TmUsCW63sza0ZUbWFKUPqr4p3_PMrNTHMlLrjkRv1WVGqxncTTP50qoefvvlk75LqlrgTp5yBFfkFoyYvg/w566-h417/AAAAA.TRADE.jpg" width="566" /></a></div><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><a href="https://oilprice.com/Energy/Oil-Prices/International-Energy-Forum-150-Oil-Is-Possible.html?mc_cid=ae89c9e646&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">International Energy Forum: $150 Oil Is Possible</span></b></a></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/global-oil-supply-disruptions-approaching-5-6-mln-bpd-2022-03-29/?mc_cid=ae89c9e646&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Global oil supply disruptions approaching 5-6 mln bpd</span></b></a></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b>CRITICAL OIL TALKS FORUM </b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: medium;"><b>MARCH 28,2022</b></span></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px; text-align: center;"><br /><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="405" src="https://www.youtube.com/embed/ufDr39l92Yw" width="487" youtube-src-id="ufDr39l92Yw"></iframe></div></li><div><br /></div><div><br /></div><div style="text-align: center;"><i><b><span style="font-size: large;"><br /></span></b></i></div><div style="text-align: center;"><i><span style="font-family: georgia; font-size: large;"><b>IAE FORUM SEES $150 A BARREL</b></span></i></div><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px; text-align: center;"><b>XXXXXXXXXX</b></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px; text-align: center;"><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; margin-left: 15px;"><br /></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Why We Shouldn’t Ridicule Oil Demand Reduction</a></b></span></li><li style="background-color: white; 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color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">China: Panic buying in divided Shanghai under lockdown</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">As Trade With Russia Halts, Countries Turn to Canada</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">US yield curve inverts in possible recession signal</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Shale Growth Constrained By Supply Chain Bottlenecks</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Bankruptcy Fears Turn Into Merger Mania In U.S. Oil Patch</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">US LNG WEEKLY: Liquefaction facilities near full utilization amid robust demand</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russian gas flows to Europe up as westward Yamal flows resume</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">‘Find roubles’ if you want Russian oil, grain or metals, top lawmaker says</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Germany girds for gas rationing in rouble standoff with Russia</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Germany will not accept breach of gas supply contracts by Russia -econ min</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s gas supply to Europe at risk as rouble deadline nears</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">No change in law needed for rouble gas payments – Russian lawmaker</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Germany girds for gas rationing in rouble standoff with Russia</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russian units suffering big losses pull out of Ukraine, UK military intelligence says</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">What happens if Russia turns off gas flows to Germany?</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Poland Wants to Halt Russian Oil, Gas on Ukraine Invasion</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">ECB’s Lagarde Says Costs of War Increase the Longer It Lasts</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">What would paying for natural gas in rubles mean?</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Germany takes step towards gas rationing over payment stand-off with Russia</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">UK Gas Output Stagnation Threatens Supply</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Germany declares first early warning level in national gas emergency plan</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Unsold Oil Forces Russian Operator To Cap Pipeline Flows</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russian steel demand may slump 30% in 2022: steelmakers association</a></b></span></li><li style="background-color: white; color: #202020; margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="http://endofenergy.blogspot.com/" target="_blank">Russian pipeline operator Transneft restricts oil intake as storage builds: report</a></b></span></li><li style="text-align: center;"></li>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-20212786289741455842022-03-29T18:39:00.002-04:002022-03-29T21:27:24.080-04:00#Inspirational #Wisdom Quotes - March 29, 2022<p style="text-align: center;"> </p><p style="text-align: center;"><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJzH4HpPmbrHEfGJj1jBUeGngLdPAG14S0HEHzsxgD-v2Kg5S-rbnX_wQm_sPFmuD5TWm5fYba0PUWobhW-cXh-ea90VB7OWV2opJnoLwX4sn3AcOPCpG_6lR4ykCaH48HSCEeC1jprn-U0NCEeuS7NkXSsuEYryFseaqVnSCO9Xv9Ct2YkfzifXzTvg/s236/aaaaa.akittens.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="233" data-original-width="236" height="496" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJzH4HpPmbrHEfGJj1jBUeGngLdPAG14S0HEHzsxgD-v2Kg5S-rbnX_wQm_sPFmuD5TWm5fYba0PUWobhW-cXh-ea90VB7OWV2opJnoLwX4sn3AcOPCpG_6lR4ykCaH48HSCEeC1jprn-U0NCEeuS7NkXSsuEYryFseaqVnSCO9Xv9Ct2YkfzifXzTvg/w441-h496/aaaaa.akittens.png" width="441" /></a></div><br /><p style="text-align: center;"><br /></p><h3 style="background-color: white; box-sizing: inherit; grid-column: main / main; letter-spacing: -1px; line-height: 1.2; margin: var(--mobiledocSpacing) 0; padding: 0px; text-align: center; text-rendering: optimizelegibility;"><span face="var(--fontFamilySansSerif)" style="font-size: 1.5rem;">.</span><span style="font-family: georgia; font-size: x-large;"> "<i>I hate to hear you talk about all women as if they were fine ladies instead of rational creatures. None of us want to be in calm waters all our lives.</i>"</span></h3><div><span style="font-family: georgia; font-size: x-large;"><br /></span></div><div style="text-align: right;"><b style="font-family: georgia;"><span style="font-size: medium;">Jane Austen</span></b></div><div><span style="font-family: georgia; font-size: x-large;"><br /></span></div><div><span style="font-family: georgia; font-size: x-large;"><br /></span></div><div style="text-align: center;"><div><span style="font-family: georgia; font-size: x-large;"><b>Inspirational Wisdom Quotes</b></span></div><div><span style="font-family: georgia; font-size: x-large;"> </span><span style="font-family: georgia; font-size: medium;"><b>March 29, 2022</b></span></div><div><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></div><div><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></div></div><div style="text-align: right;"><span style="font-family: georgia;"><b><div class="separator" style="clear: both; font-size: large; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs_gFzKbuQcdxK9E9Ux87XqoNtr3FHELnG0AlDnmBdpBm-y0wpCJYpMNANa9QRMG7LX2NMAu1r3x1lwNGVJ9jlazlhojrlytVLetN6WTl_y98h_pec--48GM4vDy10iTcpCod_N_VLPrq5eBaDJv62-wLda9tUlRcLX4n1pLtm1SsGzZbeI2ngD01DLg/s630/aaaaa.aquotes.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="630" data-original-width="630" height="498" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs_gFzKbuQcdxK9E9Ux87XqoNtr3FHELnG0AlDnmBdpBm-y0wpCJYpMNANa9QRMG7LX2NMAu1r3x1lwNGVJ9jlazlhojrlytVLetN6WTl_y98h_pec--48GM4vDy10iTcpCod_N_VLPrq5eBaDJv62-wLda9tUlRcLX4n1pLtm1SsGzZbeI2ngD01DLg/w498-h498/aaaaa.aquotes.jpg" width="498" /></a></div><div class="separator" style="clear: both; font-size: large; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;">MORE</span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: x-large;"><p style="font-family: "Times New Roman"; font-size: medium; font-weight: 400;"><b> </b><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></p></span></div></b></span></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-17202739105318970592022-03-28T10:30:00.086-04:002022-03-28T10:30:00.221-04:00Today's Top #Energy #Headlines - March 28, 2022<p style="text-align: center;"><b>March 28, 2022</b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><p style="text-align: center;"><br /></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><i>ERRATIC EVENTS AND SURPRISES CONTINUE TO PLAUGE ENERGY MARKETS</i></span></b></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><i><br /></i></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdaiTRfkQDa68d6WTIRvVaWnawu7hLEhJHRKprMbO189lcXnpkHxNmyPJJxCGM1__5jCUF7yM3IPvdgVBQcejyKQV6o1nv6nq7WXbv6Vr7Wlo-8zUpvmhs6LK60jTAV4m056I9_7REqLN4ikFsLZeLKj36CkM2FbH9H7XtOCMn_7AITSDo_ul9nZFL3Q/s300/AAAA.ABOM.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="168" data-original-width="300" height="329" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdaiTRfkQDa68d6WTIRvVaWnawu7hLEhJHRKprMbO189lcXnpkHxNmyPJJxCGM1__5jCUF7yM3IPvdgVBQcejyKQV6o1nv6nq7WXbv6Vr7Wlo-8zUpvmhs6LK60jTAV4m056I9_7REqLN4ikFsLZeLKj36CkM2FbH9H7XtOCMn_7AITSDo_ul9nZFL3Q/w589-h329/AAAA.ABOM.jpg" width="589" /></a></div><br /><p style="text-align: center;"><br /></p><ul id="m_6126971954582451839mctoc" style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.rigzone.com/news/wire/oil_settles_up_this_week_with_saudi_arabian_facilities_under_attack-25-mar-2022-168405-article/?mc_cid=533f89d44e&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Oil Settles Up this Week with Saudi Arabian Facilities Under Attack</b></span></a></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/agriculture/032522-crude-oil-futures-steady-to-higher-as-supply-concerns-ease-after-eu-summit?mc_cid=533f89d44e&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Crude oil futures steady to higher as supply concerns ease after EU summit</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=s316" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="316" height="239" src="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=w474-h239" width="474" /></a></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><br /></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><b>TOP #EFE TEAM CAPTURING THE FIELD ACTION</b></div></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-drops-supply-crunch-fears-ease-trading-costs-rise-2022-03-25/?mc_cid=533f89d44e&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Oil slips with some concerns easing over Kazakh supplies</b></span></a></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-drops-supply-crunch-fears-ease-trading-costs-rise-2022-03-25/?mc_cid=533f89d44e&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>High Gasoline Prices Are Starting To Hurt Demand</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b>OTHER MID-EAST CONFLICTS AFFECT OIL STORAGES</b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><iframe allowfullscreen="" class="BLOG_video_class" height="416" src="https://www.youtube.com/embed/00Ov9mEzVnA" width="501" youtube-src-id="00Ov9mEzVnA"></iframe></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia;"><br /><b><span style="font-size: x-large;"><br /></span></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia;"><b><span style="font-size: x-large;">" </span><span style="font-size: large;"><i>no where to run, there is no where to hide</i></span><span style="font-size: x-large;">"</span></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia;"><span style="font-size: 15px;"><b><br /></b></span></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia;"><span style="font-size: 15px;"><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><div><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div><div><br /></div></div></span></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia;"><span style="font-size: 15px;"><b><br /></b></span></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Pump Price Decreases Slowing as Oil Prices Climb</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">The Future of Energy Will Require Bigger Sacrifice From Citizens</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Thinning Antarctic ice shelf finally crumbles after heatwave</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Powerful Clouds of Methane Spotted in Alabama Coal Country</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Iran says Saudi-Kuwaiti deal on Durra gas development ‘illegal’</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Argentina unveils two large product tenders, but price worries persist in Latin America</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">China Economy Faces Worst Slowdown Since Pandemic, Nomura Says</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Exclusive: China’s Sinopec pauses Russia projects, Beijing wary of sanctions</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">California diesel, jet prices rise on Chevron hydrotreater outage -trade</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">California’s Plan for $400 Gas Rebate Criticized for Undermining Climate Goals</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">U.S. to Sanction Companies Providing Technology for Russian Military, Intelligence Services</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">U.S. to Boost Gas Deliveries to Europe Amid Scramble for New Supplies</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">U.S. Oil Rig Count Rises But Production Lags Behind</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Wintry weather extends US gas storage withdrawal season, lifting NYMEX futures</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">EIA Annual Energy Outlook 2022</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">What Oil Price Do Cos Need to Profitably Drill in USA?</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Here’s how Putin’s demand for ruble payments for gas could play out.</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Russia’s Gazprom says gas exports to Europe via Ukraine continue</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Commodities trading houses help keep Russian oil flowing</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Russia warns West: gas bills in roubles are just days away</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">German Industry Powerhouse Shaken to Core by War in Ukraine</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">London Pollution Worse Than Beijing as Mayor Extends Alert</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Pressure Mounts On Russia’s Oil Industry</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">EU Intake Of Russian Gas Remains High Amid Lower Wind Output</a></b></span></li></ul>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-28839456785277022142022-03-27T16:17:00.003-04:002022-03-27T18:40:34.245-04:00#Inspirational #Wisdom Quotes - March 27, 2022<p style="text-align: center;"> </p><p style="text-align: center;"><br /></p><p class="b-qt qt_120513" style="background-color: white; box-sizing: border-box; color: #101010; line-height: 37px; margin: 0px 0px 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b>Intelligence without ambition is a bird without wings.</b></span></p><p class="bq_fq_a" style="background-color: white; box-sizing: border-box; color: #222222; font-weight: 700; margin-bottom: 5px; margin-top: 0px; text-align: right;"><span style="font-family: georgia; font-size: medium;">Salvador Dali</span></p><p style="text-align: center;"><br /></p><p style="text-align: center;"> <span style="font-size: x-large;"><b>Inspirational Wisdom Quotes </b></span><span> </span></p><p style="text-align: center;"><span style="background-color: white; color: #101010; font-size: 20pt;"></span></p><p style="text-align: center;"> <b>March 27, 2020 </b></p><p style="text-align: center;"><b><br /></b></p><p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwcfAgWGvL-WDowqznzeMHCzKT79BiY4SNygbAkljt7byF0d8vFDQzvOWyFwFXIcjiws-pf7e5E6ogBkl79g8nVhgPTJuxZXzQ_-UO-bdxXCv_Fq0VIYe8ybquUF-OXqACJVE9-AdA7v9DuD0MtiFWLIw5r6m0yzHvicsWVNUms0aL2_JicdZ0OtuLLw/s1200/aaaaa.dali.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="630" data-original-width="1200" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwcfAgWGvL-WDowqznzeMHCzKT79BiY4SNygbAkljt7byF0d8vFDQzvOWyFwFXIcjiws-pf7e5E6ogBkl79g8nVhgPTJuxZXzQ_-UO-bdxXCv_Fq0VIYe8ybquUF-OXqACJVE9-AdA7v9DuD0MtiFWLIw5r6m0yzHvicsWVNUms0aL2_JicdZ0OtuLLw/w625-h328/aaaaa.dali.jpg" width="625" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><b style="text-align: right;"><br /></b><p style="text-align: right;"></p><p style="text-align: center;"><b><span style="font-size: x-large;">MORE</span></b></p><p style="text-align: center;"><b> </b><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></p>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-11432183102231927832022-03-26T15:48:00.002-04:002022-03-26T15:48:19.782-04:00#IMPOSSIBLE #OIL MARKET TOO MESSY TO FORECAST #PRICES -<p style="text-align: center;"><b>O<a href="https://mailchi.mp/2e9f96b8e47d/oilprice-intelligence-report-why-oil-prices-are-seeing-a-steep-correction-1527660?e=86d9c4a88a" target="_blank">ILPRICE.COM </a></b></p><table align="center" border="0" cellpadding="0" cellspacing="0" style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: small; width: 100%px;"><tbody><tr><td style="margin: 0px;"><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 540px;"><tbody><tr><td align="left" style="margin: 0px;"><h1 class="m_-2179225885531369131h1" style="color: rgb(51, 51, 51) !important; font-weight: normal; margin-bottom: 10px; padding: 0px;"><div style="text-align: center;"><strong><span style="font-family: georgia; font-size: x-large;">Mission Impossible: Predicting The Oil Market</span></strong></div><div style="text-align: center;"><strong><span style="font-family: georgia; font-size: x-large;"><br /></span></strong></div></h1></td></tr><tr><td style="margin: 0px;"><img alt="" border="0" class="CToWUd a6T" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEg3NOeIyIoTyHM-RSTdbZTJwB2bS8QFKZZILcByhC9NAYJ_YryMBg3_KuwMnaAPp2vUd-ohPNa904exdajik45_LqsCuIkFswCD4JSy1PSMaCtlKgzoiep21J0qnkTI97u4-NVVEf3YiJbWzeApENHYwfVQd7unzVgT55CbQh523mhfS58hyTiY_OqJSA6QcF1SF9U-EK2p5ECdmTU4zTHTiY6H=s0-d-e1-ft" style="border: none; cursor: pointer; font-size: 13px; font-weight: bold; height: auto; line-height: 13px; outline: none; text-transform: capitalize;" tabindex="0" width="540" /></td></tr><tr><td style="margin: 0px;"> </td></tr></tbody></table></td></tr><tr><td style="margin: 0px;"><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 540px;"><tbody><tr><td style="margin: 0px;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%px;"><tbody><tr><td class="m_-2179225885531369131text" style="color: #555555; font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 16.8px; margin: 0px;" valign="bottom"><span style="color: black;"><span style="font-size: 14px;"><span style="font-family: arial, "helvetica neue", helvetica, sans-serif;">Dear Member ,</span></span></span></td><td style="margin: 0px;" width="20"> </td><td align="center" style="margin: 0px;" width="164"><a data-saferedirecturl="https://www.google.com/url?q=https://oilprice.us2.list-manage.com/track/click?u%3Ded58b19f2b88e4a743b950765%26id%3D50857108da%26e%3D86d9c4a88a&source=gmail&ust=1648409687030000&usg=AOvVaw1cG-UW8pFgrw92bO1ic8cs" href="https://oilprice.us2.list-manage.com/track/click?u=ed58b19f2b88e4a743b950765&id=50857108da&e=86d9c4a88a" style="color: #1155cc;" target="_blank"><img alt="Upgrade to the Global Energy Alert" class="CToWUd" height="59" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgU9vtX2fM_uPYluK15pOm3IwDABIsCB8vbanzO2N847uNDDLkFDNsdREwpwCu8U7reMWoS-bzFm46LNJelMIvMCh7crimfMh54VtoGI4FndZ_R-j7umMh-31feodLDJSGY8cIYmrS-Cmon2VnGoO5Pk49gUr9NWvzTP3lSoGOVkzrGXscYpXxiEIgmlBRvfZbKnfuDynppJCatdo4Mr6WDGz9MGWhqvw=s0-d-e1-ft" style="border: none; font-size: 13px; font-weight: bold; height: auto; line-height: 13px; outline: none; text-decoration-line: none; text-transform: capitalize;" width="164" /></a></td></tr><tr><td colspan="3" height="10" style="margin: 0px;"><img alt="" class="CToWUd" height="5" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEh9b9gqTnC5pnJ4juqgZpp_JswG1VDrlrWvFXRdaSgDl5XvQrzaLnzWR8KlWbmP1TyAA0MRbgevH8Aj0dFJmA7MtMMLAyu8WyFF2P72A-xLNvZdTIVrE2gy785rUMLkH-MoYruWBw9P8E7Dhmx2fs4zEbk21HsKo16XHJc9ObiNupQy-oqHjX3i=s0-d-e1-ft" style="border: none; font-size: 13px; font-weight: bold; height: auto; line-height: 13px; outline: none; text-transform: capitalize;" width="5" /></td></tr></tbody></table></td></tr><tr><td class="m_-2179225885531369131text" style="line-height: 16.8px; margin: 0px;"><span style="color: black; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px;">Greetings from London.<br /><br />It's been another very busy week for oil and gas markets as Putin threatened European gas imports, a storm knocked a major oil pipeline offline, and a Saudi oil terminal came under missile attack. Brent is back above $120 per barrel as bullish sentiment remains dominant, but plenty of bearish factors are still looming.</span><br /><br /><span style="color: red; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px;"><strong>Oilprice Alert.</strong></span><span style="color: black; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px;"><strong> Bullish factors in oil markets are piling up, from attacks on Saudi oil infrastructure to a potential end of Russian oil exports to Europe. </strong></span><span style="color: black; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px;"><strong>As these geopolitical and fundamental factors combine, our analysts are working hard to keep </strong></span><strong style="color: #555555; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px;"><a data-saferedirecturl="https://www.google.com/url?q=https://oilprice.us2.list-manage.com/track/click?u%3Ded58b19f2b88e4a743b950765%26id%3D265d0007e5%26e%3D86d9c4a88a&source=gmail&ust=1648409687030000&usg=AOvVaw1lvfhZyXjl6OjzWKhUR1SX" href="https://oilprice.us2.list-manage.com/track/click?u=ed58b19f2b88e4a743b950765&id=265d0007e5&e=86d9c4a88a" style="color: #1155cc;" target="_blank"><span style="color: blue;">GEA Members</span></a></strong><span style="color: black; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px;"><strong> ahead of the news and ahead of the markets.</strong></span><br /><br /><span style="border-color: initial; border-image: initial; border-style: initial; color: #555555; font-family: arial, "helvetica neue", helvetica, sans-serif; outline-color: initial; outline-width: initial;"><img class="CToWUd a6T" height="151" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgcHpiVKNXvsEJJ3U12z1wEGCEdWuaWoamcetzMRjfxXr8RPEbbqa4yFM0qYuxQJ00q0_xE-brrMrJBPlXqKLp5I3jcwnXzS1PrLdIji1CbctYs-XJAcI2VzYgUPKK8JxeNvtYGd6TOEB4VoS6QSkkwOzuX3K0gy7A8MRq4YA-Rt-UkkT9_1-ndaXFmsIhzDNPLjSDeeKmwOHJ3OQWGp3OUtT5O=s0-d-e1-ft" style="border: 0px; cursor: pointer; font-size: 13px; font-weight: bold; height: 151px; line-height: 13px; margin: 0px; outline: none; text-transform: capitalize; width: 515px;" tabindex="0" width="515" /></span><br /><br /><span style="border-color: initial; border-image: initial; border-style: initial; 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border-style: initial; color: #555555; font-family: arial, "helvetica neue", helvetica, sans-serif; outline-color: initial; outline-width: initial;"><img class="CToWUd a6T" height="194" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgbh-P3WcSlpoHlDcUc2taMPECRi6CUhjZI4Cu16Twt8pfZ_13aC0CO-Ai3u87qucuIhCd4LOLcZ8dgWpMD26gJXZ_zr1M_YhYQHxvYdWUHBoGL9WfGXrE-5QzMUgQG5z_CYU3ob5zOTYBRORljYJYUTG39e6zXG34lYX-2BGob_M0LWKYuCDb9ZGUWy_c-3ytoLg9kdDI0BdKXhj1U7mYCM5RA=s0-d-e1-ft" style="border: 0px; cursor: pointer; font-size: 13px; font-weight: bold; height: 194px; line-height: 13px; margin: 0px; outline: none; text-transform: capitalize; width: 515px;" tabindex="0" width="515" /></span><br /><br /><span style="border-color: initial; border-image: initial; border-style: initial; color: #555555; font-family: arial, "helvetica neue", helvetica, sans-serif; outline-color: initial; outline-width: initial;"><img class="CToWUd a6T" height="315" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEj1NzwIvBB6ztL99Bw6Ilywxd_oI534raNhKlq09bU7qMhpCZR8wB-I-o2bycM6okKhqPDxyU9QK1iRhjyWFBMty8FnSA0q0qtMWaaa10tzNpAEYoQ5WLHsBNkwkMaHog4BoWEIriaDotLkx7j6YtoU8R1na5KEKy12wWn5yO6W6Voip2zp6VZoux5NtxX0B2eRbdFHmrQk4Bpk3mirpnnMagwc=s0-d-e1-ft" style="border: 0px; cursor: pointer; font-size: 13px; font-weight: bold; height: 315px; line-height: 13px; margin: 0px; outline: none; text-transform: capitalize; width: 515px;" tabindex="0" width="515" /></span><br /><br /><span style="border-color: initial; border-image: initial; border-style: initial; color: #555555; font-family: arial, "helvetica neue", helvetica, sans-serif; outline-color: initial; outline-width: initial;"><img class="CToWUd a6T" height="275" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEg7JXasJkjkpvK97WApuxZ6RWVaKjFGmoQt48DzWLiwvQ9E7lAL-sWrhRh1tBOpRosSPcOVHb3fmVzGAdXJIGqidpxHZVP625CT8_QEG6IBfBNEc3wMNXWlqyIr4wOCPZS8w5yi1Hz5xKtGWfXLQjG78viqz01ysn4oUg0wXIBe-0rWtgaJyrUuHOqRUxjM6N5HOJ0K_HsvtoNHZ6pOQLjv4DEA=s0-d-e1-ft" style="border: 0px; cursor: pointer; font-size: 13px; font-weight: bold; height: 275px; line-height: 13px; margin: 0px; outline: none; text-transform: capitalize; width: 515px;" tabindex="0" width="515" /></span><br /><br /><br /><br /><div style="text-align: center;"><span style="color: #555555;"><b><span style="font-family: georgia; font-size: large;"><a href="https://mailchi.mp/2e9f96b8e47d/oilprice-intelligence-report-why-oil-prices-are-seeing-a-steep-correction-1527660?e=86d9c4a88a" target="_blank">READ MORE</a></span></b></span></div></td></tr></tbody></table></td></tr></tbody></table>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-79303175041671158542022-03-25T09:30:00.001-04:002022-03-25T11:16:57.929-04:00#Inspirational #Wisdom Quotes - March 25, 2022<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo8Q6AOfgl5d_o1Q5lMj0OzqHXCfDlHAVCDL3H5Yhgl4oQxZIY-9T9EXOfUSsuS-CwVluuzih5QYUmH-4fp33Je5MmClHYw9WOaSwaqujJkgH5L7NbHw6Fy2imagpRexSTEfA0JyOn0zBCV11znmAW_JFvH0Qgv8Q3wFprtekezVsyh9PoTQAe1V4KpA/s587/aaaa.a%20dog.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="362" data-original-width="587" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo8Q6AOfgl5d_o1Q5lMj0OzqHXCfDlHAVCDL3H5Yhgl4oQxZIY-9T9EXOfUSsuS-CwVluuzih5QYUmH-4fp33Je5MmClHYw9WOaSwaqujJkgH5L7NbHw6Fy2imagpRexSTEfA0JyOn0zBCV11znmAW_JFvH0Qgv8Q3wFprtekezVsyh9PoTQAe1V4KpA/w519-h320/aaaa.a%20dog.png" width="519" /></a></div><br /><p style="text-align: center;"><br /></p><ul class="i8Z77e" style="background-color: white; color: #202124; margin: 0px; padding: 0px;"><li class="TrT0Xe" style="list-style-type: disc; margin: 0px 0px 4px; padding: 0px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b>"We cannot solve our problems with the same thinking we used when we created them." </b></span></li><li class="TrT0Xe" style="font-size: 16px; list-style-type: disc; margin: 0px 0px 4px; padding: 0px; text-align: right;"><span style="font-family: georgia;"><b>Albert Einstein</b></span></li></ul><div style="text-align: right;"><p style="text-align: center;"><span style="font-size: x-large;"><b><br /></b></span></p><p style="text-align: center;"><span style="font-size: x-large;"><b>Inspirational Wisdom Quotes </b></span><span> </span></p><p style="text-align: center;"><span style="background-color: white; color: #101010; font-size: 20pt;"></span></p><p style="text-align: center;"> <b>March 25, 2020 </b></p><p style="text-align: center;"><b><br /></b></p><p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh11qYtwST90b4EcyHFPV2d0zYs_kEv2qU7cuqKS_BFjEOlMAHizQ7Vw4dEYojWbGx6YBEBoXTgb6sapCb9-Z33ZwWeuXlsqTYL0m4xSyapH_Uom90Q4tDab4MBL0s0sia6C9picKu0zm6KZg0HllWjlD80SGPlKhZZCLt93KzJt9o2aJY4JLyO1xYTYQ/s308/aaaaa.aal.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="164" data-original-width="308" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh11qYtwST90b4EcyHFPV2d0zYs_kEv2qU7cuqKS_BFjEOlMAHizQ7Vw4dEYojWbGx6YBEBoXTgb6sapCb9-Z33ZwWeuXlsqTYL0m4xSyapH_Uom90Q4tDab4MBL0s0sia6C9picKu0zm6KZg0HllWjlD80SGPlKhZZCLt93KzJt9o2aJY4JLyO1xYTYQ/w601-h320/aaaaa.aal.jpg" width="601" /></a></div><br /><b><br /></b><p></p><p style="text-align: center;"><b><span style="font-size: x-large;">MORE</span></b></p><p style="text-align: center;"><b> </b><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></p><p style="text-align: center;"><b style="color: #181818; font-size: xx-large;"><b><br /></b></b></p><p style="text-align: center;"><b style="color: #181818; font-size: xx-large;"><b><br /></b></b></p><p style="text-align: center;"><br /></p></div><div style="text-align: right;"><span style="color: #202124; font-family: georgia;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202124; font-family: georgia;"><b><br /></b></span></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-24765346265534717852022-03-25T07:32:00.084-04:002022-03-25T07:32:00.210-04:00 Today's Top #Energy #Headlines - March 25, 2022<p><span style="text-align: center;"> </span></p><p style="text-align: center;"><b>March 25, 2022</b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><div><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;"><br /></span></i></b></div><div><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;"><br /></span></i></b></div><div style="text-align: center;"><span style="font-family: georgia; font-size: x-large;"><span style="background-color: white;"><b><i>MARKETS INDICATE THAT OIL PRICES WILL SETTLE MUCH HIGHER</i></b></span></span></div><div style="text-align: center;"><span style="background-color: white; text-align: left;"><div><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3m2nnxzU32FFkzA5927fYJChSSEQu6QMwNcaFSjhSeVZFflZhBtsW4pRgjTqlxJThqRONeQEfqGW3U1CQPK5jHFePIHvVErLfDZrUO2RVb-LgsED-JK-T7qoskGMo52_8owShmJaELSm0I9SV31hOyKbQvIewA2Hi-tUrLt5xYukfgQFfx-JWWfjafA/s259/aaafrenzzy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="194" data-original-width="259" height="349" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3m2nnxzU32FFkzA5927fYJChSSEQu6QMwNcaFSjhSeVZFflZhBtsW4pRgjTqlxJThqRONeQEfqGW3U1CQPK5jHFePIHvVErLfDZrUO2RVb-LgsED-JK-T7qoskGMo52_8owShmJaELSm0I9SV31hOyKbQvIewA2Hi-tUrLt5xYukfgQFfx-JWWfjafA/w466-h349/aaafrenzzy.jpg" width="466" /></a></div></div><div><br /></div><div><span style="color: #202020;"><br /></span></div><ul id="m_-2888363498875859784mctoc" style="color: #202020;"><li style="margin-left: 15px;"><br /></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-futures-climb-supply-concerns-linger-2022-03-24/?mc_cid=700acace22&mc_eid=820baf6f4d" target="_blank"><b style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;">Oil prices see-saw amid hopes of Iran deal,</span></b><b style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"> supply woes linger</span></b></a></li><li style="margin-left: 15px; text-align: center;"><span style="font-size: x-large;"><br /></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://oilprice.com/Energy/Oil-Prices/Short-Squeeze-Sends-Oil-Prices-Above-120.html?mc_cid=700acace22&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Short Squeeze Sends Oil Prices Above $120</span></b></a></li></ul><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=s316" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="316" height="239" src="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=w474-h239" width="474" /></a></div><div style="text-align: center;"><br /></div><div style="text-align: center;"><b>#EFE TEAM CAPTURING THE ACTION</b></div><ul style="color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2022-03-23/oil-rally-pauses-as-investors-weigh-russian-supply-china-demand?srnd=markets-vp&sref=fyhEsXfZ&mc_cid=700acace22&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Oil Swings as Biden, Allies Gather to Step Up Pressure on Moscow</span></b></a></li><li style="margin-left: 15px; text-align: center;"><span style="font-size: x-large;"><br /></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.ft.com/content/1643ba16-4e80-40cb-a983-7f57003945bc?mc_cid=700acace22&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Top oil traders warn prices could breach $200 a barrel</span></b></a></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: large;"><b>FINAL ANALYSIS: PRICES TO KEEP GROWING</b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="344" src="https://www.youtube.com/embed/s9hGUrKSNvg" width="414" youtube-src-id="s9hGUrKSNvg"></iframe></div></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020; font-family: Roboto, Helvetica Neue, Helvetica, Arial, sans-serif;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><div><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></div><div style="text-align: center;"><span style="color: #202020; font-family: Roboto, Helvetica Neue, Helvetica, Arial, sans-serif;"><span style="font-size: 15px;"><br /></span></span></div><div><span style="color: #202020; font-family: Roboto, Helvetica Neue, Helvetica, Arial, sans-serif;"><span style="font-size: 15px;"><br /></span></span></div><ul style="color: #202020;"><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Oil Prices Bolstered By Falling Crude Inventories</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Oil Set for $150 on Supply Shock, Says Veteran Trader King</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">We’re Seeing a Historic Disruption of the World’s Wheat Supply</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Déjà Vu: Skyrocketing Oil Prices Spark Fears Of A Global Recession</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s War Is Intensifying The Auto Industry’s Supply Worries</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Storm brews over Kazakh oil as Russia cites port damage</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">CPC Pipeline Shutdown Could Last For Months</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">‘Gargantuan task’: Why India’s renewable push will be hard</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Argentina’s largest gas transporter adding capacity from Vaca Muerta shale play</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">N.Korea conducts largest ICBM test in return to long-range launches</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">China Is Quietly Taking Cheap Russian Crude as India Buys More</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s invasion of Ukraine sparks fierce debate in China</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Geely questions future in Russia despite opening for China’s carmakers</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Asian gas buyers puzzle over Putin’s demand for payment in roubles</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Putin Demands Ruble Payment for Gas, Escalating Energy Fight</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">As Air Pollution Declined, Tribal Nations Got Left Out</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">U.S., Europe Closing In on Deal to Cut Demand for Russian Energy</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">German utility group BDEW asks government to be on alert for gas supply</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">EU seeks answers to energy supply crunch, U.S. LNG deal</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s Gazprom continues to export gas to Europe via Ukraine</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Explainer: Challenges arise as Russia calls for gas payments in roubles</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">As sanctions bite Russia, fertilizer shortage imperils world food supply</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">German Coalition Agrees on Package to Offset Rising Energy Costs</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Many Businesses Are Quitting Russia. Big French Firms Are Staying Put.</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">No One Really Knows What’s Next For Russian Oil</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Will Hydrogen Power The Trains Of The Future?</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Coal to help solve EU energy crisis as trade patterns shift: shippers</a></span></b></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Banking Giant ING No Longer Funding New Oil And Gas Fields</a></span></b></li></ul></span></div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: left;"> </span></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-41173188330314388892022-03-24T14:01:00.002-04:002022-03-24T14:01:22.182-04:00BIG #Banks and #Traders Call #Oil at $200 by End-2022<h1 style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; line-height: 1.2; margin: 0px 0px 0.7em; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: medium;">OILPRICE.COM</span></h1><h1 style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-size: 4.293rem; line-height: 1.2; margin: 0px 0px 0.7em; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: xx-large;">Top Oil Traders See Oil Topping $200 By End-2022</span></h1><span class="article_byline" style="background-color: white; border: 0px; box-sizing: border-box; display: block; font-size: 16px; margin: 0px 0px 0.7em; padding: 0px 0px 4px; text-align: right; vertical-align: baseline;"><b><span style="font-family: georgia;">By <a href="https://oilprice.com/contributors/Irina-Slav" style="border: 0px; box-sizing: border-box; color: black; font-style: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Irina Slav</a> - Mar 24, 2022,</span></b></span><span class="article_byline" style="background-color: white; border: 0px; box-sizing: border-box; display: block; font-size: 16px; margin: 0px 0px 0.7em; padding: 0px 0px 4px; vertical-align: baseline;"><b><span style="font-family: georgia;"><br /></span></b></span><div class="wysiwyg clear" id="key_points" style="background-color: white; border: 0px; box-sizing: border-box; margin: 10px auto; padding: 0px; vertical-align: baseline;"><ul style="border: 0px; box-sizing: border-box; font-weight: inherit; line-height: 1.5; list-style: none; margin: 0.75em 0px; padding: 0px 1em; vertical-align: baseline;"><li style="border: 0px; box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><i>A number of big oil traders now predict crude to trade at more than $200 per barrel by the end of 2022.</i></span></li><li style="border: 0px; box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><i><br /></i></span></li><li style="border: 0px; box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><i>Doug King, the chairman of RCMA Group even sees crude at $250 by year's end.</i></span></li><li style="border: 0px; box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><i><br /></i></span></li><li style="border: 0px; box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><i>Most $200 oil predictions are factoring in a significant loss of supply from Russia.</i></span></li></ul></div><p style="text-align: center;"> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW4DwoiIHXBdz_beenmgR25kAiS-u52y7F5t4FjDRYTJ0ltnAXDYq5onN6W5_3ZCftO4kQpj2y9hGIJokItT-ctJDDy31BIEbVfUV-bnta_Hf3jPpuI2BvDpdPjkhFUu96qf5BxrU6nDitj5KX2juQfiRPi0RjTssVu8HlMueoYRQbNdjSnDRPrrd74Q/s718/aaaa.aaoil.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="718" height="364" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW4DwoiIHXBdz_beenmgR25kAiS-u52y7F5t4FjDRYTJ0ltnAXDYq5onN6W5_3ZCftO4kQpj2y9hGIJokItT-ctJDDy31BIEbVfUV-bnta_Hf3jPpuI2BvDpdPjkhFUu96qf5BxrU6nDitj5KX2juQfiRPi0RjTssVu8HlMueoYRQbNdjSnDRPrrd74Q/w637-h364/aaaa.aaoil.jpg" width="637" /></a></div><br /><p style="text-align: center;"><br /></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;">Some of the world’s biggest oil traders expect oil prices to exceed $200 per barrel by the end of the year, the Financial Times <a href="https://www.ft.com/content/1643ba16-4e80-40cb-a983-7f57003945bc?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content" style="border: 0px; box-sizing: border-box; color: #0000ee; font-style: inherit; font-weight: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" target="_blank">reported</a>, citing opinions shared at its Commodity Global Summit this week.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;">“Wakey, wakey. We are not going back to normal business in a few months,” said Pierre Andurand, who has been super bullish on oil for a while. “I think we’re losing the Russian supply on the European side forever.”</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;">The hedge fund manager first made his $200-per-barrel forecast earlier this month, saying that producers ranging from African members of OPEC+ to the U.S. shale patch will struggle to replace the Russian crude going off the market.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;">Yet Andurand is neither the only superbull nor the biggest one. Doug King, the chairman of RCMA Group, told the FT that crude oil could top $200 and reach $250 by the end of the year.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;">“This is not transitory. This is going to be a crude supply shock,” King told the FT summit.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><br /></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: large;"><a href="https://oilprice.com/Energy/Crude-Oil/Top-Oil-Traders-See-Oil-Topping-200-By-End-2022.html" target="_blank"><b>READ MORE</b></a></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; text-align: center; vertical-align: baseline;"><br /></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: x-large;"><b>BofA Sees $200 Barrel Oil</b></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; text-align: center; vertical-align: baseline;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="422" src="https://www.youtube.com/embed/W392g2Iqx1U" width="508" youtube-src-id="W392g2Iqx1U"></iframe></div><br /><p style="background-color: white; border: 0px; box-sizing: border-box; line-height: 1.5; margin: 0px 0px 15px; padding: 0px; text-align: center; vertical-align: baseline;"><br /></p>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-6601226673056050022022-03-23T09:30:00.059-04:002022-03-23T11:05:21.838-04:00Today's Top #Energy #Headlines - March 23, 2022 <h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><div><b style="background-color: white; color: #222222; font-family: georgia;"><i><span style="color: #e06666; font-size: medium;"><br /></span></i></b></div><p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b>EU Uncertainty Furthers Climb in Oil Futures</b></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLPhkKDGZMyJkIWPmmyEwgb_wE8eqNwtHD0luiUFBQ7MNpiS4KQCHhbdQJxMJSKKPkH_YgUC3n8GC9TJ9mv6UwGaZXvxVoUThtqpJjrR0Moq-Gtb1Emz9FQdZqVOLjofpPJ1RSw6tW2GreTaMEE8oPJjSZuEKsCzCuePsDUxAsJGR_VZY7TrGBYbcvBA/s267/aaaa.eu.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="189" data-original-width="267" height="423" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLPhkKDGZMyJkIWPmmyEwgb_wE8eqNwtHD0luiUFBQ7MNpiS4KQCHhbdQJxMJSKKPkH_YgUC3n8GC9TJ9mv6UwGaZXvxVoUThtqpJjrR0Moq-Gtb1Emz9FQdZqVOLjofpPJ1RSw6tW2GreTaMEE8oPJjSZuEKsCzCuePsDUxAsJGR_VZY7TrGBYbcvBA/w597-h423/aaaa.eu.jpg" width="597" /></a></div><br /><b><br /></b></span></div><p style="text-align: center;"> </p><ul id="m_-7531985712161423315mctoc" style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-opens-higher-eu-members-weigh-russian-oil-ban-2022-03-22/?mc_cid=7eac14c617&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><b><span style="font-family: georgia; font-size: x-large;">Oil extends rally as EU members weigh Russian ban, Houthis target Saudi</span></b></a></li><li style="margin-left: 15px; text-align: center;"><br /></li><li style="margin-left: 15px; text-align: center;"><b style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><a href="https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/oil/032222-crude-oil-futures-extend-gains-as-eu-mulls-russian-oil-sanctions?mc_cid=7eac14c617&mc_eid=820baf6f4d" target="_blank">Crude oil futures extend gains as EU mulls Russian oil sanctions</a></span></b></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=s316" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="316" height="214" src="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=w425-h214" width="425" /></a></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020; 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text-align: center;"><br /></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020; font-size: large;"><b>GOLDMAN SACHS CONTINUES TO SEE HIGHER PRICES</b></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/j2Wavrt8XkU" width="320" youtube-src-id="j2Wavrt8XkU"></iframe></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;">X</span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><br /></span></div><div style="color: black;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></span></div><div><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Iran Nuclear Deal’s Final Hurdle Is Lifting Terrorism Sanctions on Revolutionary Guards</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">The Final Obstacle To A New Iran Nuclear Deal</a></b></span></li><li style="margin-left: 15px; 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text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">EU Support Grows for Russia Oil Ban Over Ukraine War</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">‘Grand Theft Aero’: Russia’s $10bn plane grab signals losses for lessors</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Russia’s Invasion Of Ukraine Is A Catastrophe For Its Oil Industry</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">France Says Ban On Russian Energy Can’t Be Ruled Out</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Low-priced Russian Urals crude cargoes attract Chinese buyers for June deliveries</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Russia finding ways around oil sanctions, customers ‘happy’ to buy it, says Novak</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">DHL Express announces two of the largest SAF deals yet with bp and Neste; > 211M gallons</a></b></span></li></ul>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-64233915967948517702022-03-23T07:30:00.005-04:002022-03-23T12:56:16.790-04:00#Inspirational #Wisdom Quotes - March 23, 2022<p style="text-align: center;"><br /></p><p style="text-align: center;"> </p><p style="text-align: center;"><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoZaXtCA58p0aO5Gizp443dddrg8su0vnAShqWvUARPzP_TbUle4LtGeEPU8R4cRCespEDNtk3fLpom-e5Bukq3_lFjxp20nBMcdc6HbznPCR4EvjC2NAY_e84Qrj1M5ub7_Cyu1ChoSWq-noKFfI81MbqBmTgMvyRC9QVVXSmpy9MPkUwg6Khp0DF/s679/aaaaa.inspire.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="679" data-original-width="453" height="763" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoZaXtCA58p0aO5Gizp443dddrg8su0vnAShqWvUARPzP_TbUle4LtGeEPU8R4cRCespEDNtk3fLpom-e5Bukq3_lFjxp20nBMcdc6HbznPCR4EvjC2NAY_e84Qrj1M5ub7_Cyu1ChoSWq-noKFfI81MbqBmTgMvyRC9QVVXSmpy9MPkUwg6Khp0DF/w508-h763/aaaaa.inspire.jpg" width="508" /></a></div><br /><p style="text-align: center;"><span style="font-size: x-large;"><b>Inspirational Wisdom Quotes </b></span><span> </span></p><p style="text-align: center;"><span style="background-color: white; color: #101010; font-size: 20pt;"></span></p><p style="text-align: center;"> <b>March 23, 2020 </b></p><p style="text-align: center;"><b><br /></b></p><p style="text-align: center;"><b> </b><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></p><p style="text-align: center;"><br /></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><i>' The greatest deception men suffer is from their own opinions '</i></span></b></p><p style="text-align: right;"><b><span style="font-family: georgia; font-size: medium;">Leonardo da Vinci</span></b></p><p style="text-align: right;"><b><span style="font-family: georgia; font-size: medium;"><br /></span></b></p><p style="text-align: right;"><b><span style="font-family: georgia; font-size: medium;"><br /></span></b></p><p style="text-align: center;"><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgI5US58qZCpKJYHcLN2cYbc63D2X92SIVhvpscnPVJIUgixeY-uclXlxksbKO1oPOTtJssmDOt5kjZB90H_GYTQN2xPKBqLwMgmLFoP7s_ORwWPT00DErU2IxHEiezfkRmv5X83bCBikg1-EtTaJR2fDLkbuk49eITBHvaSvyMi5I2dDmgHJgBoQPl/s1200/aaaaa.leo.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="630" data-original-width="1200" height="327" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgI5US58qZCpKJYHcLN2cYbc63D2X92SIVhvpscnPVJIUgixeY-uclXlxksbKO1oPOTtJssmDOt5kjZB90H_GYTQN2xPKBqLwMgmLFoP7s_ORwWPT00DErU2IxHEiezfkRmv5X83bCBikg1-EtTaJR2fDLkbuk49eITBHvaSvyMi5I2dDmgHJgBoQPl/w624-h327/aaaaa.leo.jpg" width="624" /></a></b></div><br /><div style="text-align: center;"><span style="font-family: georgia; font-size: large; font-weight: 700;">x</span></div>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-22312784587409021482022-03-22T07:30:00.016-04:002022-03-22T11:56:08.285-04:00Today's Top #Energy #Headlines - March 22, 2022<p style="text-align: center;"><b><span style="font-size: x-large;"> </span></b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;">OIL SUPPLY OUTLOOK GRIM AS FUTURES CLIMB</span></b></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"> </span></b></p><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"></span></b></p><div class="separator" style="clear: both; text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkeYK64LwgJ7TGvcz-TQFZzTq0Pb0fVqenzD-ToZHZx5AHKAIl4Djxbx2SMfnBIM0gxXqtW8Ujrq07nYdH-lHqlvqywbztouhsL6QnT-XJRIbz2X2m9tW3C5h1QJcmbcXUVSc1vWoKZzoqoOjYtYzrnd39ogLSLmZF6_WOeDg1wZrnAX0XDyFmKvKDRw/s274/aaaafear.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="184" data-original-width="274" height="401" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkeYK64LwgJ7TGvcz-TQFZzTq0Pb0fVqenzD-ToZHZx5AHKAIl4Djxbx2SMfnBIM0gxXqtW8Ujrq07nYdH-lHqlvqywbztouhsL6QnT-XJRIbz2X2m9tW3C5h1QJcmbcXUVSc1vWoKZzoqoOjYtYzrnd39ogLSLmZF6_WOeDg1wZrnAX0XDyFmKvKDRw/w531-h401/aaaafear.jpg" width="531" /></a></span></b></div><b><span style="font-family: georgia; font-size: x-large;"><br /></span></b><p></p><ul id="m_-3766745986694381710mctoc" style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: x-large;"><b><a href="https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/oil/032122-crude-oil-futures-climb-for-third-day-as-supply-outlook-remains-tight?mc_cid=a77fa42053&mc_eid=820baf6f4d" target="_blank">Crude oil futures climb for third day as supply outlook remains tight</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2022-03-20/oil-rises-as-traders-gauge-war-in-ukraine-middle-east-tensions?srnd=markets-vp&sref=fyhEsXfZ&mc_cid=a77fa42053&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Oil Surges as Ukraine War Tightens Supply, Mideast Tensions Rise</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: medium;"><b>END OF FOSSIL ENERGY TRACKING THE NEWS</b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=s316" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="316" height="206" src="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=w408-h206" width="408" /></a></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.reuters.com/business/energy/oil-climbs-pressure-ukraine-conflict-tight-market-2022-03-21/?mc_cid=a77fa42053&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>Oil jumps as EU weighs Russian ban, Saudi refinery output hit</b></span></a></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://oilprice.com/Energy/Energy-General/The-Market-Is-Untradable-Oil-Traders-Grapple-With-Extreme-Volatility.html?mc_cid=a77fa42053&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>‘’The Market Is Untradable’’ Oil Traders Grapple With Extreme Volatility</b></span></a></li><li style="margin-left: 15px; text-align: center;"><br /></li></ul><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: large;"><b>PRICES JUST KEEP JUMPING AROUND</b></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/UWFG8-31nAM" width="320" youtube-src-id="UWFG8-31nAM"></iframe></div><br /><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span style="color: #202020;"><br /></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><div style="color: black; font-size: medium;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-size: medium;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></span></span></div><div><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Food Security Panics Governments as Ukraine War Blocks Supplies</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Energy Crisis Hits Poorer Import-Reliant Nations Hardest</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">U.N. Secretary General Guterres warns goal to keep global warming to 1.5 degrees C ‘is on life support’ – The Washington Post</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">OPEC’s Best Kept Secret Will Soon Be Revealed</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Yemen Houthis attack Saudi energy facilities, refinery output hit</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Saudi Arabia’s Yasref refinery output disrupted from attacks: ministry</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Saudi Aramco raises 2022 capex guidance to $40-$50 bil</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Saudi Armco net revenues double to $110bn on surging oil demand</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Iran oil minister says aiming for 1.4 million bpd crude exports</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">War Complicates Russia’s Role in Supplying Commodities to China</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Pressed to choose sides on Ukraine, China trade favors the West</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">China says it will offer 10 million yuan more of humanitarian aid to Ukraine</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Shell cleared to restart Prelude LNG output off Australia</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">China LNG Imports From Russia Doubled in February as Demand Fell</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">U.S. food and farming costs could be pushed higher by war in Ukraine</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Union workers at Chevron refinery prepare for strike on Monday</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Texas wildfire kills 1, as officials worry extreme drought could worsen conditions</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">$100 Oil Is A Wakeup Call For Canadian Producers</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">The Battle for Kyiv Looms as a Long and Bloody Conflict</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Russia’s war in Ukraine stalls amid casualties, equipment losses – The Washington Post</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Oilfield Service Majors Aren’t Pulling Out Of Russia</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Bulgaria will not hold talks to renew gas deal with Gazprom</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">War in Ukraine Is Already Taking Its Toll on Global Food Supplies</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Germany says it has clinched long-term gas supply deal with Qatar</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">EU reviews sustainable food plans as Ukraine war disrupts imports</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">The World’s Biggest Oilfield Contractors Are Quitting Future Russia Work</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">EU foreign ministers consider new sanctions on Russia, some push for oil embargo</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Russia’s Gazprom says it continues gas exports to Europe via Ukraine</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Europe Gas Drops to Lowest Since March 1 as Russia Flows Steady</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">Italy’s Enel Prepares to Exit Russia Within Months, CEO Says</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">UK looks to North Sea oil and gas in race to secure domestic energy supplies</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">The unpredictable risks of a new Russian debt crisis</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><b><a href="https://endofenergy.blogspot.com/" target="_blank">A potential Russian debt crisis carries unpredictable risk</a><a href="https://mail.google.com/mail/u/0/#m_-3766745986694381710_mctoc37">s</a></b></span></li></ul>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-48580566686666883672022-03-21T09:30:00.069-04:002022-03-21T12:41:39.349-04:00Today's Top #Energy #Headlines - March 21, 2022<p style="text-align: center;"> <b><span style="font-size: medium;">March 21, 2022</span></b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><p style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;">OIL, COMMODITIES, RISKS, PRICES, VOLATILITY, ETC. WE ARE ALL OVER THE MAP WITH NO CLEAR PATH</span></b></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgpGSVzwlR-Q-slOSrsJeuDVe9gj8N2afo-jA7e-wkedBCwLZJCL1KmqYQxphNtoEXW4RVL_IWyUYDHFpSEiHDV6_3cFciImWpNt25zXUMIhsDp8EXV28tV6Y_wx6e2P-c84qDgnaZVtdcGQdYzC-84_f3tZ9zb8dEsX6kUw0j93YjBD76x2YO910h_7A=s262" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="192" data-original-width="262" height="432" src="https://blogger.googleusercontent.com/img/a/AVvXsEgpGSVzwlR-Q-slOSrsJeuDVe9gj8N2afo-jA7e-wkedBCwLZJCL1KmqYQxphNtoEXW4RVL_IWyUYDHFpSEiHDV6_3cFciImWpNt25zXUMIhsDp8EXV28tV6Y_wx6e2P-c84qDgnaZVtdcGQdYzC-84_f3tZ9zb8dEsX6kUw0j93YjBD76x2YO910h_7A=w590-h432" width="590" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: center;"><div><br /></div></div><ul id="m_-6877570712649342929mctoc" style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: x-large;"><b><a href="https://www.reuters.com/business/energy/oil-jumps-lack-progress-russia-ukraine-talks-2022-03-18/?mc_cid=1debca9544&mc_eid=820baf6f4d" target="_blank">Oil gains as Russia-Ukraine talks stall</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc2" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b>Oil Posts Second Weekly Decline as Volatility Rocks Markets</b></span></a></li></ul><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><div style="text-align: center;"><span style="color: #202020; font-family: georgia; font-size: x-large;"><b><br /></b></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2022-03-18/the-world-s-biggest-commodities-markets-are-starting-to-seize-up?sref=fyhEsXfZ&mc_cid=1debca9544&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>The World’s Biggest Commodities Markets Are Starting to Seize Up</b></span></a></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></li><li style="margin-left: 15px; text-align: center;"><a href="https://www.ft.com/content/0f7945f5-b269-4d13-9151-c1ac9ec6fddc?mc_cid=1debca9544&mc_eid=820baf6f4d" style="color: #007c89;" target="_blank"><span style="font-family: georgia; font-size: x-large;"><b>The global economy’s growing risks: stagflation, refugees and lockdowns</b></span></a></li></ul><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-family: georgia; font-size: large;"><b><br /></b></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-family: georgia; font-size: large;"><b>TALKS CREATE MORE UNKNOWNS</b></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="385" src="https://www.youtube.com/embed/Lhd8iZFtSx0" width="463" youtube-src-id="Lhd8iZFtSx0"></iframe></div><br /><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;">X</span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><div style="color: black; font-size: medium;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-size: medium;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></span></span></div><div style="text-align: center;"><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><div><span face="Roboto, Helvetica Neue, Helvetica, Arial, sans-serif" style="color: #202020;"><span style="font-size: 15px;"><br /></span></span></div><ul style="background-color: white; color: #202020;"><li style="margin-left: 15px; text-align: center;"><span style="font-size: large;">I</span><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc5" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">EA Releases Plan To Cut Oil Use By 2.7 Million Bpd</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc6" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Eastern Antarctica sees record temperatures 70 degrees above normal</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc7" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Antarctica sea ice concentration hit record low</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc8" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">India’s oil imports from US to rise, amid criticism for Russian purchases</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc9" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">OPEC+ Oil Production Is 1 Million Bpd Lower Than Target Level</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc10" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">IEA urges OPEC+ to boost supply as diplomatic pressure for increases builds</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc11" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">OPEC Update, March 2022</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc12" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Biden and Xi fail to bridge differences over Ukraine war</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc13" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">China Reports Covid Deaths for First Time Since January 2021</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc14" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">CHINA DATA: Gasoil exports sink to multi-year lows in Jan, Feb on quota cuts</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc15" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">After Biden-Xi call, U.S. warns China it could face sanctions if it backs Russia in Ukraine</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc16" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Relentless Fertilizer Rally Means No Relief for Farmer, Consumer</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc17" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Drought-stricken California imposes new round of water cuts</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc18" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">This Timber Company Sold Millions of Dollars of Useless Carbon Offsets</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc19" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">U.S. oil rigs down despite $100/bbl crude prices -Baker Hughes</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc20" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Western drought to worsen this year, NOAA says</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc21" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Biden’s chance to tackle climate change is fading amid global energy upheaval – The Washington Post</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc22" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Renewables Will Generate 44% Of U.S. Electricity In 2050</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc23" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Analysis: Western companies wrestle with Russia ‘half-exits’</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc24" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">U.S. targets Abramovich plane, 99 others over Russia export violations</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc25" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Halliburton, Schlumberger draw back from Russia amid U.S. energy sanctions</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc26" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Engie to work with Belgium to study extending nuclear power there until 2035</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc27" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Russia says it continues gas exports to Europe via Ukraine</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc28" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Factbox: Countries and companies shun Russian crude over Ukraine invasion</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc29" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Greek farmers on tractors protest ‘unbearable’ fuel, fertilizer costs</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc30" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Europe Can Survive Throughout Summer Without Russian Gas</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc31" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">EU Oil And Gas Embargo On Russia Could Hit UK Hard</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc32" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">Russian troops seize agricultural assets in Ukraine, could risk global food security</span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-6877570712649342929_mctoc5" style="color: #007c89;"><span style="font-family: georgia; font-size: large;">I</span></a></li></ul>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-30204939731383798442022-03-21T07:30:00.016-04:002022-03-21T17:38:25.136-04:00#Inspirational #Wisdom Quotes - March 21, 2022<p> </p><p style="text-align: center;"><span style="font-size: x-large;"><b>Inspirational Wisdom Quotes </b></span><span> </span></p><p style="text-align: center;"><span style="background-color: white; color: #101010; font-size: 20pt;"></span></p><p style="text-align: center;"> <b>March 21, 2020 </b></p><p style="text-align: center;"><b><br /></b></p><p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEg6g9O32AaW9bsGCyKrcsQGctV4FXIqQ82QNPYYAOYZSnEw8WtHThejmsxsyHnvvJcLoszBu9B_2X3PqdhoeA0ieccLbnc3i_yeBH8x4IsAzbE8j268_DpNeT-_0OEkJq_y08OJD8BMUgw4CW3hhXgQ6TvFHaKvKHlSebPyTvU62DMl4fSHES79xsgDAw=s618" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="340" data-original-width="618" height="336" src="https://blogger.googleusercontent.com/img/a/AVvXsEg6g9O32AaW9bsGCyKrcsQGctV4FXIqQ82QNPYYAOYZSnEw8WtHThejmsxsyHnvvJcLoszBu9B_2X3PqdhoeA0ieccLbnc3i_yeBH8x4IsAzbE8j268_DpNeT-_0OEkJq_y08OJD8BMUgw4CW3hhXgQ6TvFHaKvKHlSebPyTvU62DMl4fSHES79xsgDAw=w611-h336" width="611" /></a></div><br /><b><br /></b><p></p><div class="separator" style="clear: both; text-align: center;"><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></div><div><b style="color: #181818; font-size: xx-large;"><b><br /></b></b></div><p><br /></p><p class="quotation" style="box-sizing: border-box; color: #383838; margin: 0px 0px 10px; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><i>Television brought the brutality of war into the comfort of the living room. Vietnam was lost in the living rooms of America -- not on the battlefields of Vietnam.</i></b></span></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: right;"><b><span style="font-size: medium;">Marshall McLuhan</span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: right;"><b><span style="font-size: medium;"><br /></span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: right;"><b><span style="font-size: medium;"><br /></span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: right;"><b><span style="font-size: medium;"><br /></span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhZFo4ssACsjiZ_822ZAQrJEZWf3ZBZ8WBNuSmzPOxLpYbXNMnVqADxyPUFXJphj1_yfy7sGBrjFNKF4EEV6DeTr9uN0aphrEWXvQXQi2ltwxJZiO3kOMT-R6v-EluWqc7Wb3NzOcEpj3tc0m9SsLjEjle46VeOC99RuXLnmkrlqIvEx7t6HCxk3OjNkQ=s600" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="315" data-original-width="600" height="316" src="https://blogger.googleusercontent.com/img/a/AVvXsEhZFo4ssACsjiZ_822ZAQrJEZWf3ZBZ8WBNuSmzPOxLpYbXNMnVqADxyPUFXJphj1_yfy7sGBrjFNKF4EEV6DeTr9uN0aphrEWXvQXQi2ltwxJZiO3kOMT-R6v-EluWqc7Wb3NzOcEpj3tc0m9SsLjEjle46VeOC99RuXLnmkrlqIvEx7t6HCxk3OjNkQ=w600-h316" width="600" /></a></b></div><b><br /><span style="font-size: medium;"><br /></span></b><p></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b><span style="font-size: medium;"><br /></span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b><span style="font-size: x-large;">THE TRUTH HURTS</span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b><span style="font-size: large;"><a href="https://firstfinancialinsights.blogspot.com/2011/06/blog-post.html" target="_blank"> 'INVISIBLE GENOCIDE'</a></span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b><br /></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/MdWGp3HQVjU" width="320" youtube-src-id="MdWGp3HQVjU"></iframe></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b><span style="font-size: x-large;"><br /></span></b></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><span style="font-size: x-large;"><b>SING ALONG FOLKS</b></span></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><span style="font-size: x-large;"><b><br /></b></span></p><p class="attribution" style="box-sizing: border-box; font-family: georgia, sans-serif; margin: 0px 0px 10px; text-align: center;"><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/NcoQHLcFPV8" width="320" youtube-src-id="NcoQHLcFPV8"></iframe></b></div><b><br /><div class="separator" style="clear: both; text-align: center;"><br /></div>X<br /><span style="font-size: x-large;"><br /></span></b><p></p>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-41057061462760659182022-03-20T07:30:00.026-04:002022-03-21T09:34:17.151-04:00Today's Top #Energy #Headlines - March 20, 2022<p style="text-align: center;"> </p><p style="text-align: center;"> <b><span style="font-size: medium;">March 20, 2022</span></b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">' In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><div><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;"><br /></span></i></b></div><div><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;"><br /></span></i></b></div><table border="0" cellpadding="0" cellspacing="0" class="m_-3103186003696176000templateContainer" style="border-collapse: collapse; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: small; max-width: 600px; text-align: center; width: 100%px;"><tbody><tr><td style="margin: 0px;" valign="top"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 100%; width: 100%px;"><tbody><tr><td style="margin: 0px; padding-top: 9px; text-align: center;" valign="top"><b style="font-family: "Times New Roman";"><span style="font-family: georgia; font-size: x-large;">GEOPOLITICAL RISKS AND ISSUES OVERSHADOW OIL AND ENERGY MARKETS<br /><br /><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEj56Pvw0F5jzHvP7CsomiAYoBhx13Km7jVhrP0GLj3NADCm9SYLEJuZYl_q-4nBhHiadEFbBw0R0WaavWFp-2e3p4giBJY7AutUhCEBb-JVADYzvF0ATguXADCpG4e7v420qTKWRnKp5AujZYXuxuf9PmsBpgWBMUqNFPdAwHIzSkPfjyaVxB_rrWL1Fw=s960" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="646" data-original-width="960" height="377" src="https://blogger.googleusercontent.com/img/a/AVvXsEj56Pvw0F5jzHvP7CsomiAYoBhx13Km7jVhrP0GLj3NADCm9SYLEJuZYl_q-4nBhHiadEFbBw0R0WaavWFp-2e3p4giBJY7AutUhCEBb-JVADYzvF0ATguXADCpG4e7v420qTKWRnKp5AujZYXuxuf9PmsBpgWBMUqNFPdAwHIzSkPfjyaVxB_rrWL1Fw=w561-h377" width="561" /></a></div><br /></b></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 100%; width: 100%px;"><tbody></tbody></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 100%; text-align: center; width: 100%px;"><tbody><tr><td style="margin: 0px; padding-top: 9px;" valign="top"><table border="0" cellpadding="0" cellspacing="0" class="m_-3103186003696176000mcnTextContentContainer" style="border-collapse: collapse; max-width: 100%; min-width: 100%; text-align: left; width: 100%px;"><tbody><tr><td class="m_-3103186003696176000mcnTextContent" style="color: #202020; line-height: 22.5px; margin: 0px; padding: 0px 18px 9px; word-break: break-word;" valign="top"><ul id="m_-3103186003696176000mctoc"><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc1" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b>Oil gains as Russia-Ukraine talks stall</b></span></a></li><li style="margin-left: 15px; text-align: center;"><br /></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc2" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b>Oil Climbs Near $106 After</b></span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc2" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b> Jumping on Doubts Over Peace Talks</b></span></a></li></ul><div style="text-align: center;"><br /></div><div style="text-align: center;"><br /></div><div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=s316" style="background-color: white; font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="316" height="258" src="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=w511-h258" width="511" /></a></div><div style="text-align: center;"><br /></div><ul><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc3" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b>The World Could See A Record-Breaking Oil Supply Shock</b></span></a></li><li style="margin-left: 15px; text-align: center;"><br /></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc4" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b>Parliament vote signals uphill battle for Ismaael and INOC</b></span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc5" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b>Uzbekistan Breaks Ranks In</b></span></a></li><li style="margin-left: 15px; text-align: center;"><a href="https://mail.google.com/mail/u/0/#m_-3103186003696176000_mctoc5" style="color: #007c89;"><span style="font-family: georgia; font-size: x-large;"><b> Central Asia, Calls For End To Ukraine War</b></span></a></li></ul><div style="text-align: center;"><br /></div><div style="text-align: center;"><br /></div><div style="text-align: center;"><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px;"><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></div></div><div style="text-align: center;"><br /></div><ul><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russian oil exports to India surge as Europe shuns cargoes</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Is Venezuelan Oil Really Worth Rolling Back Sanctions For?</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Iran ready to meet India’s energy needs, Tehran envoy tells New Delhi</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Shanghai pushes ahead with mass COVID tests as new cases spike</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Only Half of Chinese Aged 80 and Older Are Fully Vaccinated</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">China weighs exit from ‘zero COVID’ and the risks involved</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s War Is A Political Minefield For China</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Pandemic restrictions slow crude discharging at northeast China port, impacting refiners</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Tight COVID-19 measures slow China’s trucked LNG sales in several provinces</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Joe Biden to warn Xi Jinping of US retaliation if China actively supports Russia</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">With a Flurry of High-Profile Coronavirus Cases, Washington Is Again on Edge</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">The Real Reason U.S. Oil Producers Are Exercising Caution</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">US coal production falls 5.5% on week: EIA</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">US oil, gas rig count continues to climb as prices remain high: Enverus</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">US natural gas storage declines more than forecast as Henry Hub futures surge</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russian gas flows to Europe via Nord Stream 1 decline</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Analysis: Europe faces struggle to escape Russian gas this year</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russian oil traders switch to private dealings from public tenders</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Nomination requests for Nord Stream 1 fall to 56.8 mln kwh/h</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Retreat from Russia riddled with risks for Western banks</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia Bonds Rise, Default Risk Tumbles as Payment Sent to Citi</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Big Tobacco’s future in Russia goes up in smoke</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russian Oil Exports Rise Despite Reluctant Buyers</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">IGC cuts 2021-22 global grain exports estimate 9 mil mt as Black Sea trade halts</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia’s energy ministry proposes to defer refinery upgrades due to sanctions: report</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">UK revokes Russian channel RT’s licence after probe into Ukraine coverage</a></span></li></ul></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><span style="font-family: georgia; font-size: large;"><div style="text-align: center;"><a href="http://endofenergy.blogspot.com/" target="_blank">, </a></div></span>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-47218710160942979552022-03-19T07:30:00.053-04:002022-03-19T07:30:00.218-04:00Today's Top #Energy #Headlines - March 19, 2022<p style="text-align: center;"><br /></p><p style="text-align: center;"> <b><span style="font-size: medium;">March 19, 2022</span></b></p><h1 style="text-align: center;"><b style="background-color: white; color: #222222; font-family: georgia; text-align: left;"><i><span style="color: #e06666; font-size: large;">In the Know, Ahead of Markets, Deciding Wisely...'</span></i></b></h1><p style="text-align: center;"><br /></p><p style="text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b>Oil Markets Signal More Risk With Higher Prices</b></span></p><p style="text-align: center;"><span style="font-family: georgia; font-size: x-large;"><b><br /></b></span></p><p style="text-align: center;"><span style="font-family: georgia; font-size: x-large;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia; font-size: x-large;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgZwWnV8Y42ye15HmV3AxwdjM8pQrXxLDB9KPED89Kk8bnEzm23JNdJotQtEhJCwxRRzP0i4rkkC26uhLHOmZwiGqHUmy_Sze8Pt9RsxjGL31KpxDkHk2PrH5BTcltbVqnVZNWoPRy_8_lk949g1sfvIyCHWe7BxhogapOjKoeK7kFtp_kmti42I856DA=s754" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="503" data-original-width="754" height="398" src="https://blogger.googleusercontent.com/img/a/AVvXsEgZwWnV8Y42ye15HmV3AxwdjM8pQrXxLDB9KPED89Kk8bnEzm23JNdJotQtEhJCwxRRzP0i4rkkC26uhLHOmZwiGqHUmy_Sze8Pt9RsxjGL31KpxDkHk2PrH5BTcltbVqnVZNWoPRy_8_lk949g1sfvIyCHWe7BxhogapOjKoeK7kFtp_kmti42I856DA=w597-h398" width="597" /></a></span></div><span style="font-family: georgia; font-size: x-large;"><br /></span><p></p><table align="left" border="0" cellpadding="0" cellspacing="0" class="m_-6717352478917762612mcnTextContentContainer" style="background-color: white; border-collapse: collapse; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: small; max-width: 100%; min-width: 100%; width: 100%px;"><tbody><tr><td class="m_-6717352478917762612mcnTextContent" style="color: #202020; line-height: 22.5px; margin: 0px; padding: 0px 18px 9px; word-break: break-word;" valign="top"><ul id="m_-6717352478917762612mctoc"><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: x-large;"><b><a href="https://www.bloomberg.com/news/articles/2022-03-17/oil-edges-higher-after-three-day-slide-as-volatility-continues?srnd=markets-vp&sref=fyhEsXfZ&mc_cid=7d3f796df6&mc_eid=820baf6f4d" target="_blank">Oil Advances After Three-Day Rout as Volatility Rattles Market</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia;"><br /></span></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia;"><br /></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: x-large;"><b><a href="https://oilprice.com/Latest-Energy-News/World-News/EIA-Oil-Prices-Will-Remain-Above-100-For-Months.html?mc_cid=7d3f796df6&mc_eid=820baf6f4d" target="_blank">EIA: Oil Prices Will Remain Above $100 For Months</a></b></span></li></ul><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><br /></div><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=s316" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="316" height="271" src="https://blogger.googleusercontent.com/img/a/AVvXsEht82p7RRQAmjP82I6OnfXHXs7DzBf9ka-lQ-ZID-kqm1XB7KcH771XcyTn0i_dWkKImdexisT7AaZ0tMdJG2YAuDzzs4HCpkIqpkToYq8G2Kz5mJgZ8GGwfYH19ZSfMEflkPnCrGiA1JrEABgiuwzbWRy-TI6_DS1RdRie9QXE_BmULAmed8ycsPobDw=w537-h271" width="537" /></a></div><ul><li style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; margin-left: 15px; text-align: center;"><br /></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: x-large;"><b><a href="https://oilprice.com/Energy/Crude-Oil/Why-Oil-Crashed-Back-Below-100.html?mc_cid=7d3f796df6&mc_eid=820baf6f4d" target="_blank">Why Oil Crashed Back Below $100</a></b></span></li><li style="margin-left: 15px; text-align: center;"><span style="font-family: georgia;"><br /></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: x-large;"><b><a href="https://oilprice.com/Energy/Crude-Oil/IEA-Large-Scale-Oil-Supply-Disruptions-Are-Looming.html?mc_cid=7d3f796df6&mc_eid=820baf6f4d" target="_blank">IEA: Large Scale Oil Supply Disruptions Are Looming</a></b></span></li><li style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; margin-left: 15px; text-align: center;"><br /></li><li style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; margin-left: 15px; text-align: center;"><br /></li></ul><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><br /></div><div style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;">What's Behind The Price of OIL?</span></b></div><div style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><br /></span></b></div><div style="text-align: center;"><b><span style="font-family: georgia; font-size: x-large;"><br /></span></b></div><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><br /></div><div class="separator" style="clear: both; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/rOWlLDVr6eA" width="320" youtube-src-id="rOWlLDVr6eA"></iframe></div><br /><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><div style="font-size: 15px;"><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b>xxx</b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b>Other Top Headlines Not Linked</b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020; font-size: large;"><b><br /></b></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #202020;"><b>COPY AND SEARCH VIA GOOGLE</b></span></div></div></div><div style="font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; text-align: center;"><br /></div><ul><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Energy Spending To Hit Record 13% Of Global GDP In 2022</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">IEA revises down global refinery throughput on reduced Russian runs</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">WHO says global rise in COVID cases is ‘tip of the iceberg’</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Iran defies Western powers with work on near weapons-grade uranium</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">New Saudi Data Law Could Discourage Foreign Investment</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; 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text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Europe seeks breakthrough on climate change plans amid energy crisis</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia Watchers Seek New Indicators to Gauge Impact of Sanctions</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Russia Ruble Liquidity Drain Shows Market in Distress</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Western Companies’ Pullback From Russia Marks End of an Era</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Putin vows to lift Russian salaries and pensions to cushion sanctions</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">As Russian Troop Deaths Climb, Morale Becomes an Issue, Officials Say</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Rising Temperatures Provide Relief For Europe’s Ongoing Energy Crisis</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Chernobyl Could Be Close To New Nuclear Disaster</a></span></li><li style="margin-left: 15px; text-align: center;"><span style="color: #007c89; font-family: georgia; font-size: large;"><a href="http://endofenergy.blogspot.com/" target="_blank">Supply Chain Disruptions Force European Automakers To Halt Production</a></span></li></ul></td></tr></tbody></table>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0tag:blogger.com,1999:blog-6809387862738196471.post-50072371037133265192022-03-19T07:30:00.007-04:002022-03-19T07:30:00.218-04:00#Inspirational Wisdom #Quotes - March 19, 2022<p style="text-align: center;"> <span style="text-align: left;"> </span><span style="font-size: x-large;"><b>Inspirational Wisdom Quotes </b></span><span> </span></p><p style="text-align: center;"><span style="background-color: white; color: #101010; font-size: 20pt;"></span></p><p style="text-align: center;"> <b>March 19, 2020 </b></p><p style="text-align: center;"><b><br /></b></p><p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjCPrz4B5XTV_p7FOh_xqRF-7m6Mmj7EMc1N6xVtaUBxqXss_I-VmQvb8ZHLLucBGwIPW9dwHMgWcAi2BxMCbyUTejo-a64Jia6Pv7DK6vl4dX81e0J80FlgZG-8ikgy2s_9l75UMRz-_uVQ-yqs9RYIzUTmta2k2-2A0uKU7M9mYM7zxVxB9tfMkT8=s680" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="680" data-original-width="555" height="710" src="https://blogger.googleusercontent.com/img/a/AVvXsEjCPrz4B5XTV_p7FOh_xqRF-7m6Mmj7EMc1N6xVtaUBxqXss_I-VmQvb8ZHLLucBGwIPW9dwHMgWcAi2BxMCbyUTejo-a64Jia6Pv7DK6vl4dX81e0J80FlgZG-8ikgy2s_9l75UMRz-_uVQ-yqs9RYIzUTmta2k2-2A0uKU7M9mYM7zxVxB9tfMkT8=w579-h710" width="579" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><b style="color: #181818; font-size: xx-large;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><b style="color: #181818; font-size: xx-large;"><b><span style="font-size: large;"><a href="https://drkinesa.blogspot.com/p/doom.html">2022 Inspirations and Wisdom</a></span></b></b></div><div class="separator" style="clear: both; text-align: center;"><b style="color: #181818; font-size: xx-large;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="text-align: center;"><b><span style="font-family: georgia;"><i><span style="background-color: white; text-align: start;"><span style="font-size: x-large;">“Three things cannot long be hidden: the sun, the moon, and the truth.”</span></span><span class="Apple-converted-space" style="background-color: white; font-size: 18px; text-align: start; visibility: visible;"> </span></i></span></b></p><p style="text-align: right;"><span style="background-color: white; text-align: start;"><b><span style="font-family: georgia; font-size: medium;">— Confucius</span></b></span></p><p style="text-align: right;"><span style="background-color: white; text-align: start;"><b><span style="font-family: georgia; font-size: medium;"><br /></span></b></span></p><p style="text-align: center;"><span style="background-color: white; text-align: start;"><b></b></span></p><div class="separator" style="clear: both; text-align: center;"><span style="background-color: white; text-align: start;"><b><a href="https://blogger.googleusercontent.com/img/a/AVvXsEg9JrfLIpO7e_co_9hvuHC3Mmr-NrorEdkpLu_DgfZkKzC8HGvVkeEIFAHQVxKzl_YLGf0UtPgdhVeFA1_Nh3AObGSn0IsN47OGoGHcpvvCYIHBxFBMBFLLSZOM0gG5Z2YubDaEmE6k22tTCDEXD0U3OnbQomrDG3qm1RsEsDz_MY2qVHlYw0DI0s4k=s1200" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="1200" height="321" src="https://blogger.googleusercontent.com/img/a/AVvXsEg9JrfLIpO7e_co_9hvuHC3Mmr-NrorEdkpLu_DgfZkKzC8HGvVkeEIFAHQVxKzl_YLGf0UtPgdhVeFA1_Nh3AObGSn0IsN47OGoGHcpvvCYIHBxFBMBFLLSZOM0gG5Z2YubDaEmE6k22tTCDEXD0U3OnbQomrDG3qm1RsEsDz_MY2qVHlYw0DI0s4k=w602-h321" width="602" /></a></b></span></div><span style="background-color: white;"><b><br /></b></span>T A McNeilhttp://www.blogger.com/profile/05690531689269601990noreply@blogger.com0