OPEC's 4 year plunge in total sellable oil accellerates
Inflation's other engine presses the accelerator as Russia readies their missiles.
This - is - why - Russia - has - mobilized - and - readies - their - missiles…
For those in the US who still believe Fracking made America ‘Energy Independent’ here is the total of OPEC total oil sold and Total US Liquids production:
The charts above shows the single statistic that dooms the financial system of the importing nations. To understand the importance of these charts, consider the following:
OPEC gross, total production dropped 8 million barrels per day over the last four years.
The importing nations as a whole ate the entire almost 8 million barrels a day of lost oil production. While OPEC’s production dropped 8 million barrels a day, OPEC’s consumption stayed pretty much the same.
The only meaningful increase in production among all importing nations came from US fracking. Pretty much the entire fracking Industry now says they can't increase production as they now have to produce positive cash flow. The increase they have produced came at the cost of depleting their inventory of drilled-but-uncompleted (DUC) wells by approximately 50%.
ALL increases in oil production from all importing nations cannot hope to make up for the loss in available imports from the exporting nations.
Since continued debt service requires continuous economic growth, while continuous economic growth requires continuously increasing amounts of energy, the fiat money creating and lending system in the importing nations has already had its head cut off. Like a headless chicken, it is still running around.
This headless chicken, however, has nuclear weapons and shows no signs of leaving the stage gracefully….
Oh, my loved ones, wake up and take action. Time is very short now.
I would expect that net exports of crude oil would drop more quickly than total production. Your numbers indicate that this is happening very quickly. I haven't stopped to verify that I would get exactly the same numbers, but I would expect something in this direction to happen.
It is tricky to get consumption of crude oil, because the only numbers that are available for consumption relate to "liquids." These include all of the stuff that isn't quite oil. Or perhaps it is possible to work around this issue.
Thanks for your insights!