Originally Posted by Shaun @ Tru6 (Post 12260884)

You don't understand how oil in general, and types of oil is priced, bought and sold.

US leads global oil production for sixth straight year- EIA

By Reuters
March 11, 202412:16 PM EDTUpdated 3 months ago

March 11 (Reuters) - U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday.

In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said.

"The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added.

The EIA says it is unlikely that the record will be broken by another country in the near term.

Elsewhere, Saudi Arabia's government in January ordered Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), one million bpd below a target announced in 2020.

Global benchmark Brent fell on Monday, dipping below $82 a barrel, as persistent geopolitical concerns in the Middle East and Russia collide with jitters about softening demand in China.

Originally Posted by Shaun @ Tru6 (Post 12260899)

No, really, you need to do some research. I know SoL has explained the oil market to the Board many times, perhaps you haven't seen his posts but you would do well to look them up and educate yourself.

Originally Posted by fintstone (Post 12260897)

Of course I do. You just believe what you are told to believe. While we may be producing a record amount, it is obviously not enough to drive prices down or keep the world from being a hostage to OPEC+. We could produce a lot more. We could also make it a lot easier/cheaper to transport (by not stopping needed pipeline construction). We could control prices if we chose instead of OPEC+...many which are not our friends.

Originally Posted by Paul T (Post 12261035)

Not really. No single producer in the US can alter supply at a level that can meaningfully impact the global market. US oil producers make their own production decisions independently based on the economics of the company in question. There is no single entity producer in the US like OPEC that can make huge changes in production at will, and have markets respond accordingly. The US govt has very, very little control over the global price of crude. It goes way beyond just “producing” as well….you have to have the refinery capacity for the type of crude we are producing. Much of our refining is set up for heavy crude, while much of the new production in recent years has been light crude which we do not have the capacity to refine - hence the importing/exporting. It’s a lot more complicated than just “drill baby drill”.

Originally Posted by Shaun @ Tru6 (Post 12261038)

^^^ good stuff. Wait until he finds out Saudi Arabia can pump and deliver a barrel of oil cheaper than the US can just pump it.

Originally Posted by Shaun @ Tru6 (Post 12261064)

^^^your continued socialist tendencies of forcing oil companies to make less money so the masses can enjoy cheap gas are always entertaining.

Originally Posted by fintstone (Post 12261066)

What is your point? You just made the argument that OPEC+ was reducing production to raise prices. Why should anyone care how cheaply OPEC+ can produce their 5.7% of global demand if they restrict production to increase prices? It is not like they are selling it at cost.

Originally Posted by fintstone (Post 12261072)

Your continued communist tendencies to call for government control of oil production is telling. All I suggested was to reduce government interference in production (as oil producers have done) ...as was done just a few years ago (when gas was half the price it is now). More production does not necessarily equal less profit. While the commodity can be sold for less, a larger quantity can mean more profit. A win-win (for consumers and producers) and basic math (multiplication).

Originally Posted by fintstone (Post 12260905)

I have done plenty of research...and oil is just like any commodity....

Originally Posted by Shaun @ Tru6 (Post 12260914)

Here's a quick google search for you to start learning about how oil is sold.

how is oil sold

Originally Posted by Rawknees'Turbo (Post 12261078)

Long lost Cabmandone asked me to tell you bisches (that was my editorial addition - he actually said "guys") to " . . . focus! This is a diesel thread". Yer welcome!

Originally Posted by Shaun @ Tru6 (Post 12261082)

OK so you've realized you don't know how oil is bought and sold.

But you are learning.

That's a good first step.

Keep reading.

Originally Posted by fintstone (Post 12261086)

Yep. Reminds me of the recent thread where you claimed there was no inflation. Seriously?

Originally Posted by Shaun @ Tru6 (Post 12261090)

Admitting defeat is fine, you are on your way to discovery, Bravo. You're like a moth just emerging from a chrysalis. Spread your wings and explore the world. When you can get to intelligently discussing OPEC+ and market manipulation as a threat to our national security, to say nothing of bad actor influencers like Putin and Xi, let me know next January or February. Be prepared to discuss the ramifications of moving away from oil for gas and into electric vehicles to remove threats to our economy and to our allies around the world.