Peak Oil! OPEC+ and US Shale Oil Production is on the Decline!

OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today

Many OPEC producers, including Nigeria, are currently pumping at the peak of their capacities

OPEC raised its oil production by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core OPEC members of the Middle East.

Russia Sees Steepest Oil Production Decline Since May 2020 In Early April

U.S. Congress Bans Imports Of Russian Crude Oil

U.S. Shakes Finger At India For Russian Oil Imports

Major Oil Traders Cut Russian Crude Purchases Starting Next Month

Replacing Russian crude oil lost by a possible ban from the EU would be nearly impossible, OPEC Secretary General Mohammad Barkindo said today

We could potentially see the loss of more than 7 million barrels per day (bpd) of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions. Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude," the Secretary General said.

Russia Threatens Nukes in Baltic if Sweden, Finland Join NATO

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