"US has increased production , Venezuala and Iran brought back into the fold - so more oil available on the world market and spring in N hemisphere."Starting with the US:
US production is still less than 12 mmb/day. Where it was 6 months ago and only 0.5 mmbbl/day more than a year ago. And the sole reason for that is that US producers are raiding the larder of legacy investments made years ago. DUCs are in free fall:
View attachment 4327291[Source: EIA]
And despite this raping of well inventory, inventories are at multi-decade lows:
View attachment 4327297[Source: EIA]
As for "Venezuela and Iran are back in the fold", really?
Can you provide any figures to show how much additional Venezuelan and Iranian crude is arriving onto the market?
"Much of Erope rather than plundering as you say is aiming to be self sufficient for energegy "Not according to the facts.
After Covid, Europe was increasing its coal imports again, a long time before the Russia-Ukraine situation:
View attachment 4327312 .
