At mid-year 2021 we find that we are in an unsettled state with respect to crude supplies. Of the three largest contributors to global supply, the U.S.A., Russia, and OPEC+ (Russia is the “+” in OPEC+), all capable of producing more than 10 mm BOPD, we find that it is OPEC+ in a bit of disarray. With the world now in deficit status with regard to oil production and demand by 2-3 mm BOEPD, there is little room for error. In an article carried in Reuters , the emerging dynamics of the current OPEC+ meeting were in focus. The major topic of the meeting- the rate at which the 2020 production cuts should be phased out, appeared to be teetering on impasse as the UAE voiced dissatisfaction with its production baseline. It was noted by the UAE that other producers had received increases from the early dates of the […]