Topic: Oil To Face "Serious" Supply Problem In 2024 As Production Capacity Runs Out... (Read 156 times)

^^^ Rebuild farming? Chemtrails are destroying the microbes in the soil... and in our bodies when we eat what we farm.

Is there anywhere in the world where they are not spraying chemtrails?

OPEC seems to mean the organisatioin of Petrol exclusion countries and looks as if it has pretty much disintegrated. The recent oil and gas diuscoveries in China, Saudi, Russia and oither countries means there will be a possible glut of oil soon. Hopefully this means that we can get away from the grey energy policiues, and try to get backj to restoring a green enviroinment. It would be nice toi get rid of all the solar panels and biurd blenders and start ti rebuild farming and agriculture so that we can continue to eat healthy and nourishing food.

We don't want net zero, we want freedom of choice outside the nets.

That won't happen any time soon, considering the plans to switch from oil to alternative energies there in the USA, specially welcomed by the democrat party.

The challenge in their eyes is to make oil an irrelevant commodity within the so-called first world, so the OPEC will lose relevance and income, of course, that is a plan which will take many years, but if they somehow pulled it off, it could mean a nail on the coffin to the oil cartel. Because the decrease on demand.

OPEC has too much power and they got stronger when Russian energy imports were ceased.

If the U.S. wants a winning strategy that does not involve sanctions while decentralizing OPEC, they have the opportunity to flood the market with cheap energy. Not emptying the oil reserves, but increase drilling production and capacity of oil and natural gas. It'd strengthen the dollar too.

I hope this doesn’t materialise because the price for fuel is already ridiculously high in my country. I think sometimes these type of headlines surface as a form of FUD by oil companies to drive up prices.

Yep, there was a push from the Obama amin for energy inepenence in terms of oil, as it is impossible to use it further once the climate crisis kicks in. Anyway, the fact is that both coal plus oil can actually be an issue over the next year because it is the lower point of the commo ites cycle. The rest of the stuff, as usual, comes from BA's parallel universe.

I'm not so sure about that.  Liberals have shown they would rather drain the strategic oil reserves than drill for any oil here.  I never thought that oil independence would be possible in this country, and Trump did it in a single term.  Democrats then quickly reversed that and drained all our oil stockpiles to try and make themselves look good politically.  This level of stupidity can't be understated and I suspect that no liberal will ever be on board with fracking.  Maybe Trump can get elected and perform another miracle, but if not, I think the Saudis will continue being our pimps and getting rich from our oil thirst while aiding our enemies and making a mockery of our attempts to sanction them.

The whole Western hemisphere has vast reserves of shale oil. If the pinch gets large enough, the people will accept development of shale, even if it messes with their green philosophies, and with comfortable living in other areas of life.

Even if the influence of the United States started to lose its strength on the middle east, they would still have options in this hemisphere of the planet, specifically in Canada and Venezuela.

Canada is a friendly ally of the United States and with a relatively smaller population than the USA. Venezuela, my country, on the other hand has the biggest reserves of oil on the planet and our production is very low (because inefficiencies of our government). Eventually, the United States could try to negotiate with a future administration of this country and extend the life of the Petrodollar for decades.

Still, I believe that USA has the option to replace the petrodollar with the lithium-dollar, keeping in mind the future of the energy.

I thought Biden has sold most of the reserves to China to fund the war it started over Ukraine.  I blieve that current stocks of diesel fuel in the US will last for about 6 hours, of course they are being replenished, but not fast enough to match demand.

The Gulf countries have closer alignments with Russia and China, and US influence seems to have little effect now.

Any serious supply problem that world will face concerning oil in 2024 will be addressed with massive action to diversify energy sources and reduce the dependence of the world on oil alone. If one country think that reserving or having a large oil reserve will be a solution to their problem if there is a problem with supply of oil, they are wrong. Having a large oil reserve and depending on it after news of oil supply problems is just delaying the problem from affecting you anytime soon. If there is problems with oil supply the United States will also be very much involved in seeking alternatives and ways to depend on other things for power. Having an oil reserve is just to prevent the country from plunging into chaos when oil supply becomes lower than the demand.

I don't think the world oil supply win be hampered. The price will not also go high regardless of how high the demand for oil by the Chinese industries grows. Even if China opens up the oil supply from Russia will feed these hungry industries. European oil reserves are still very full and I doubt they will ever experience oil shortage like they suffered at the early stage of the Russian invasion of Ukraine. Europeans have learned their lessons and have also discovered alternative sources of oil supply.

Many bilateral deals have been signed by Europe and some other oil-producing countries. Europe will never depend on Russia for oil for a long time because the continent has diversified its sources of oil and gas. Jeff Currie's prediction might be his personal views or Goldman's analysis and predictions so it might be accurate or inaccurate.

I think that since the war on Iraq, the United States has drained all the Gulf oil and turned it into its reserves. It now has the world's largest reserves of oil.

The Gulf countries, the largest oil producer in the world, are all under the control of the United States, so I do not think that the United States will suffer from an energy problem anytime soon.

The Bitcoin Blockchain Diesel fuel saver has already saved me a lot of money. Used it on a few friends and relatives fuel tanks with the one I built and no complaints yet. It roughly doubles the fuel economy on some diesel vehicles and each treatment lasts about 6 months. So there is a way out of these high prices for anyone willing to try it. The best part is how the bigger engines sound after the treatment!

The US consciously reserve oil from other oil producing nations, and at now rich in oil products. For over the years I believe wise leaders have been studying their wisdom of oil reserve and I believe they are also taking measures to make sure they oppress US in the oil market. So even if another measure is found that might doom the petro- dollar I think it's still the US that will figure out this alternative

Personally, I don't think there is any shortage of oil. But if the US doesn't have control of the oil reserves, the Petro-Dollar just might fail. More signs that in the future, Russia and China might be taking over the oil-world.

HOWEVER, many things go into world analysis. Let's hope the analysts are wrong. We love to travel. If we are pushed, somebody will figure out a better way than oil, and then the Petro-Dollar will really be doomed... along with world stability.


Oil To Face "Serious" Supply Problem In 2024 As Production Capacity Runs Out, Goldman Warns

---

https://www.zerohedge.com/markets/oil-face-serious-supply-problem-2024-production-capacity-runs-out-goldman-warns
Since then the commodity picture has ebbed and flowed, and after commodities experienced a modest bounce following China's unexpected reopening, they have resumed sinking with oil trading just above the Biden admin's (supposed) SPR refill floor of $72, despite a near consensus that Chinese oil demand will hit record highs in 2023.

So has the recent setback dented Goldman's optimism? Not at all: in fact, according to Goldman chief commodity strategist, not only will oil rise back above $100 a barrel this year, it will rise much more in 2024 when it will face a serious supply problem as spare production capacity runs out.

Speaking on the sidelines of a conference in Riyadh, Saudi Arabia, on Sunday, Goldman chief commodity strategist Jeff Currie said that with sanctions likely to cause Russian oil exports to drop and Chinese demand expected to recover as the country ends its Covid Zero policy, prices will rise above $100 from their current level of around $80. Meanwhile, doubling down on his key long-term thesis, Currie said that a lack of spending in the industry on production needed to meet demand will also be a driver of higher prices, and this lack of capacity may become a big issue by 2024.

"The commodity super cycle is a sequence of price spikes with each high higher and each low higher," said Currie, who predicted that by May, oil markets should flip to a deficit of supply compared to demand. That could use up much of the unused capacity global producers have, which will send prices higher.

Currie reiterated Goldman's view that OPEC+ will unwind production limits and look to raise output later this year. An OPEC+ market monitoring committee this month recommended that the group keep oil output unchanged.

"Right now, we're still balanced to a surplus because China has still yet to fully rebound," Currie said. Capacity is likely to become a problem later this year when demand outstrips supply, he said. "Are we going to run out of spare production capacity? Potentially by 2024 you start to have a serious problem."
...

---