{"id":61469,"date":"2022-01-14T10:20:08","date_gmt":"2022-01-14T15:20:08","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61469"},"modified":"2022-01-14T10:20:08","modified_gmt":"2022-01-14T15:20:08","slug":"oil-producers-arent-keeping-up-with-demand-causing-prices-to-stay-high","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61469","title":{"rendered":"Oil Producers Aren\u2019t Keeping Up With Demand, Causing Prices to Stay High"},"content":{"rendered":"<header class=\"css-1aht6cr euiyums1\">\n<div class=\"css-1vkm6nb ehdk2mb0\">\n<h3 id=\"link-1c0c9927\" class=\"css-rsa88z e1h9rw200\" data-testid=\"headline\"><a href=\"https:\/\/www.nytimes.com\/2022\/01\/14\/business\/energy-environment\/oil-prices-opec.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUktbfqYhkSVUaBybfQMMmqBCdnr_CxrEmiW67IS6LSCxFyeEYBZTH_EbJILJ5ZtA-xHGcXNJKdr8zQfg4hsluA3tQcSj66J2VhMZCZCwvtYO4Wm5x1suTBu42_DavNzO0eaIimObn-huMO2H1UaDa0SEhdwhjqMZjZkjqjSJTvtrNFeN00tB_1fozVNstFXpbOn7877S_AA5-Od6Gchjf9gEwPulfUjzYltWbgKkSJEQQURmVCSMivhtvrY9UK9gVP63gLhY_e8uYgbgZD2xgL4vBFITIOY9ZDKlH-Rk4H11V74es&amp;smid=url-share&amp;fbclid=IwAR0sZH5PGpi5q1pUNrLNKjLzzwKiBgGeKJnWyEW88Z2KK2dHZHFHIBDhKs8\">Oil Producers Aren\u2019t Keeping Up With Demand, Causing Prices to Stay High<\/a><\/h3>\n<\/div>\n<p id=\"article-summary\" class=\"css-w6ymp8 e1wiw3jv0\"><strong>OPEC Plus, the United States and others have been slow to ramp up output, lagging production goals.<\/strong><\/p>\n<div class=\"css-79elbk\" data-testid=\"photoviewer-wrapper\">\n<div class=\"css-1a48zt4 e11si9ry5\" data-testid=\"photoviewer-children\">\n<figure class=\"sizeLarge layoutHorizontal css-1a1lp8y\" role=\"group\" aria-label=\"media\">\n<div class=\"css-bsn42l\"><picture><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=600\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 3),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 3),(max-width: 599px) and (min-resolution: 3dppx),(max-width: 599px) and (min-resolution: 288dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1200\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1800\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)\" \/><img loading=\"lazy\" decoding=\"async\" class=\"css-rq4mmj\" src=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-articleLarge.jpg?quality=75&amp;auto=webp&amp;disable=upscale\" sizes=\"auto, ((min-width: 600px) and (max-width: 1004px)) 84vw, (min-width: 1005px) 80vw, 100vw\" srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-articleLarge.jpg?quality=75&amp;auto=webp 600w,https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-jumbo.jpg?quality=75&amp;auto=webp 1024w,https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC\/14OPEC-superJumbo.jpg?quality=75&amp;auto=webp 2048w\" alt=\"An oil refinery in Port Arthur, Texas. Lagging production of oil worldwide has been sending prices to seven-year highs and driving inflation.\" width=\"600\" height=\"400\" \/><\/picture><\/div><figcaption class=\"css-13o4bnb e1maroi60\"><span class=\"css-16f3y1r e13ogyst0\" aria-hidden=\"true\">An oil refinery in Port Arthur, Texas. Lagging production of oil worldwide has been sending prices to seven-year highs and driving inflation.<\/span><span class=\"css-cnj6d5 e1z0qqy90\"><span class=\"css-1ly73wi e1tej78p0\">Credit&#8230;<\/span>Brandon Thibodeaux for The New York Times<\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/header>\n<section class=\"meteredContent css-1r7ky0e\">\n<div class=\"css-s99gbd StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p class=\"css-axufdj evys1bk0\">Nearly two years ago the world\u2019s oil producers\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.nytimes.com\/2020\/03\/05\/business\/energy-environment\/opec-oil-coronavirus.html\">slammed on the brakes and drastically cut production<\/a>\u00a0as the pandemic gripped the world\u2019s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to prepandemic health.<\/p>\n<p class=\"css-axufdj evys1bk0\">It isn\u2019t exactly turning out that way. Oil producers are finding it harder than expected to ramp up output. Members of the cartel OPEC Plus, which agreed to cut output by about 10 million barrels a day in early 2020, are routinely falling well short of their rising monthly production targets.<\/p>\n<p class=\"css-axufdj evys1bk0\">\u201cIn a lot of places, once output has been reduced, it is not easy to bring it back,\u201d said Richard Bronze, the head of geopolitics at Energy Aspects, a London-based research firm.<\/p>\n<p class=\"css-axufdj evys1bk0\">Production in the United States, the world\u2019s largest oil producer, has also been slow to recover from its one-million-barrel-a-day plummet in 2020, as companies and investors are wary of committing money amid climate change concerns and volatile prices. The Energy Information Administration forecasts that U.S. crude output in 2022, while rising, is likely to average half a million barrels a day below 2019 levels.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-s99gbd StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p class=\"css-axufdj evys1bk0\">This global pattern of lagging production has helped push oil prices to seven-year highs, stoking inflation, which has become a political issue in the United States and elsewhere. Brent crude, the international standard, is close to $84 a barrel, while West Texas Intermediate, the American benchmark, is selling for close to $82.<\/p>\n<\/div>\n<\/div>\n<div class=\"\">\n<div class=\"css-79elbk\" data-testid=\"photoviewer-wrapper\">\n<div class=\"css-lav8hp e11si9ry2\" data-testid=\"photoviewer-children\">\n<div class=\"css-tux0zj e11si9ry3\" data-testid=\"photoviewer-overlay\">\n<div class=\"css-19hggb4 e11si9ry1\" data-testid=\"photoviewer-captionblock\"><\/div>\n<div class=\"css-u38eek e11si9ry4\">\n<div>\n<div class=\"css-8h527k\" data-testid=\"lazy-image\">\n<div data-testid=\"lazyimage-container\"><picture class=\"css-1j5kxti\"><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=600\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 3),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 3),(max-width: 599px) and (min-resolution: 3dppx),(max-width: 599px) and (min-resolution: 288dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1200\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1800\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)\" \/><img decoding=\"async\" src=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-articleLarge.jpg?quality=75&amp;auto=webp&amp;disable=upscale\" sizes=\"((min-width: 600px) and (max-width: 1004px)) 84vw, (min-width: 1005px) 60vw, 100vw\" srcset=\"https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-articleLarge.jpg?quality=75&amp;auto=webp 600w,https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-jumbo.jpg?quality=75&amp;auto=webp 1024w,https:\/\/static01.nyt.com\/images\/2022\/01\/14\/business\/14OPEC3\/merlin_197303766_cbf69f5f-fc51-47e1-acbb-b81a1a40dca0-superJumbo.jpg?quality=75&amp;auto=webp 2048w\" alt=\"\" \/><\/picture><\/div>\n<\/div>\n<\/div>\n<p><button class=\"css-1gzt25a e11si9ry0\" aria-label=\"Expand image captioned An oil field near McKittrick, Calif.\u00a0A federal energy agency forecasts that U.S. crude output this year is likely to average half a million barrels a day below 2019 levels.\u00a0\" data-testid=\"photoviewer-expand-button\"><\/button><\/div>\n<div class=\"css-u38eek e11si9ry4\">\u2026click on the above link to read the rest of the article\u2026<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Oil Producers Aren\u2019t Keeping Up With Demand, Causing Prices to Stay High OPEC Plus, the United States and others have been slow to ramp up output, lagging production goals. An oil refinery in Port Arthur, Texas. Lagging production of oil worldwide has been sending prices to seven-year highs and driving inflation.Credit&#8230;Brandon Thibodeaux for The New [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1921,589,595,607,32489],"class_list":["post-61469","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-new-york-times","tag-oil-demand","tag-oil-production","tag-pandemic","tag-stanley-reed"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61469"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61469\/revisions"}],"predecessor-version":[{"id":61470,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61469\/revisions\/61470"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}