OPEC+ is out of capacity. Russian volumes continue to disappear from the market. The U.S. shale industry's supply response is muted. These factors and others lead to a painful outlook for U.S. gas consumers in the months to come.
Bison Interests
Of course, a big piece of the current OPEC+ delivery deficit has been the ongoing reduction in exports by Russia, due in large part to increasing sanctions imposed by the U.S. and other countries.
But in other big oil producing states and federal waters, the administration’s efforts to restrain domestic producers have been quite successful. Despite that reality, the U.S. industry is on track to increase domestic oil production by about 1 million barrels of oil per day during 2022, a significant rise but far from the 2 million barrels per day of new supply it was able to add during 2018/2019.and diesel prices, with really no price relief in sight.
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