A challenge for all you party/politician loyalist

[YoursTruly]

Opec keeps good tabs on such things.

OPEC : Historical Production Data
Monthly Oil Market Report - PDF download

The US averaged nearly 18 mb/d in production in 2021. Russia and Saudi Arabia each averaged about 10 mb/d.

I did a search for the entire page and didn't find one instance of "18 bm/d." In fact, there was only 3 times "18" was used. And it actually ".18"

I'm still searching for what you're talking about. But I did happen to run across something important. US oil exports have increased. So they'll export it to keep prices high here?

 

[Stormy Daniels]

I did a search for the entire page and didn't find one instance of "18 bm/d." In fact, there was only 3 times "18" was used. And it actually ".18"

I'm still searching for what you're talking about. But I did happen to run across something important. US oil exports have increased. So they'll export it to keep prices high here?

Are you looking at the PDF? You can find the data on page 45, section "World Oil Supply", subsection "Non-OPEC liquids production in 2021 and 2022". The table show US production in 2021 Q4 was 18.59 mb/d, and overall for 2021 17.75 mb/d.

I think anyone can be forgiven for not readily finding it. The whole thing is as exciting water soaked melba toast.

 

[YoursTruly]

Are you looking at the PDF? You can find the data on page 45, section "World Oil Supply", subsection "Non-OPEC liquids production in 2021 and 2022". The table show US production in 2021 Q4 was 18.59 mb/d, and overall for 2021 17.75 mb/d.

I think anyone can be forgiven for not readily finding it. The whole thing is as exciting water soaked melba toast.

Thanks for finding that. I got 122 hits using "18," this time. Not sure why I got three the first time.
But that does prove your point. I stand corrected.

I don't understand why Russia, with all that oil, isn't #1 in production? Are they limiting their supplies to keep from flooding the market? That would make sense.

 

[Stormy Daniels]

I don't understand why Russia, with all that oil, isn't #1 in production? Are they limiting their supplies to keep from flooding the market? That would make sense.

You need materials, labor, and other resources to build and operate rigs. Their economy has been weak for a long time and investable resources likely haven't been easy to find. I also wouldn't be surprised if there are geological/technical challenges that factor in. Just because there's a lot of oil under the ground doesn't mean it's easily accessible.

But part of the equation is likely that increasing production results in diminishing returns. Most producers find it necessary to protect profit margins moreso than gross receipts. Saudi Arabia really has the best capability to overtake the American position. They have the cheapest production costs of anyone in the world, great excess wealth. They could flood the market, drop oil prices below profitability for American fracking, and starve American producers out. But that in turn puts pressure on other OPEC countries who rely on higher prices to fund their governments. Since American oil production is privatized, unlike most other countries, the domestic production market tends to avoid the problems other countries face, and tends to be able to rebound more easily if some of our production is pushed off the table or a while due to a market flood plunging prices.

 

[TNHarley]

All the way back to W. Bush.

You failed your challenge

 

[YoursTruly]

You need materials, labor, and other resources to build and operate rigs. Their economy has been weak for a long time and investable resources likely haven't been easy to find. I also wouldn't be surprised if there are geological/technical challenges that factor in. Just because there's a lot of oil under the ground doesn't mean it's easily accessible.

But part of the equation is likely that increasing production results in diminishing returns. Most producers find it necessary to protect profit margins moreso than gross receipts. Saudi Arabia really has the best capability to overtake the American position. They have the cheapest production costs of anyone in the world, great excess wealth. They could flood the market, drop oil prices below profitability for American fracking, and starve American producers out. But that in turn puts pressure on other OPEC countries who rely on higher prices to fund their governments. Since American oil production is privatized, unlike most other countries, the domestic production market tends to avoid the problems other countries face, and tends to be able to rebound more easily if some of our production is pushed off the table or a while due to a market flood plunging prices.

Exxon helped Russia up until this year when they pulled out. Seems Russians would've paid attention to how things were done. But may Exxon kept some secrets.
But none the less, Russians know how the get oil. They've been getting it for a long time now. Maybe they're not as advanced. But they put a man on the moon, created their own atom bombs and nuclear power plants.
They're not living in the dark ages over there.

If OPEC were to even try something like that, we'd just buy what they were selling and use that. If buying it from Saudi is cheaper than drilling and extracting new wells, including all the things it takes to even start a well, then it's only smart to buy it cheap and save ours.