That’s quite the change from when I was in college and OPEC was used as an example of how members of cartels cheat by overproducing.
There’s just no reason for a small exporter like Angola to produce below OPEC quota month after month, except for the fact that they can’t produce more.
Russia will soon have to start shutting down production as its storage is getting full and there is simply no capacity to replace short ocean distance and pipeline exports to Europe with long distance shipping to India and China.
I wonder if we end up diverting some corn from ethanol gasoline blending into humanitarian aid to nations impacted by lost Ukraine grain imports. That would further increase demand for oil.
