Saudi Arabia

Americans are being hit by inflation and high gas and heating bills. We are also being hit with the reality that the Biden administration’s pledge not to raise taxes on Americans earning less than $400,000 is not valid.
When energy supplies become vulnerable, the entire country becomes vulnerable. It's a lesson that should have been learned after the Arab oil embargo and World War II.
The retreat by the U.S. energy industry on the world stage is being felt around the globe. Now with the expectations that global demand will exceed pre-covid levels in just a few months, users of oil and gas and propane had better be prepared for sharply higher prices.
Oil prices are soaring back after the Department of Energy downplayed suggestions that they might use the strategic petroleum reserve to ban oil exports in an attempt to lower energy prices.
Macro worries about fallout from a possible default in China, fears that the U.S. might not raise the debt ceiling, and uncertainty about the upcoming Fed meeting caused Monday's meltdown.
Global crude oil demand is exceeding supply and we're also seeing a big drawdown in inventories, especially here in the United States. That's causing the cost of oil to go up, which also raises the cost of gasoline.
Bureau of Safety and Environmental Enforcement (BSEE) reports show that 76.88% of oil production is still offline in the Gulf of Mexico, along with 77.25% of natural gas production.
As of now, cumulative true oil production losses are at over 20 million barrels of oil. That number will soon exceed 30 million due to the slow comeback for production.
This record number will be very important to remember because we know that supply and demand data out of the U.S. will be skewed in the coming weeks due to the devastation we’ve seen in Louisiana.
OPEC+ still sees a global supply versus demand deficit, so even if they raise production at this meeting, perhaps next year we’ll see very little from them.