- 20 July 2021
i suspect much of OPEC ( that were allowed to produce their max. ) was already pumping near the max. way back in 2020 ( remember when they couldn't find storage , so were renting tankers )Just my theory which can't be proven but I suspect OPEC are in truth pumping flat out and are simply manipulating published quota figures, and building / drawing on their own above ground inventory, to try and control the market but the oil's flowing at the same rate regardless.
Can't prove it but that's my thinking. If you don't want to lose control of the market, if you don't want to acknowledge reality, well then being the bad guy for cutting the quota beats saying you're maxed out. At least that way it at least looks like you're the boss, even if it makes you unpopular it beats saying you've lost control.
Just my thoughts trying to read between the lines and join the dots.
now given all the narrative about restricting lending to new fossil fuel projects , so smaller companies won't be expanding ( or progressing )