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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Author: Steve203 ⎊❂🐝 HONORARY
SHREWD   😊 😞
Number: of 86277 
Subject: The downside of "peace"
Date: 06/19/26 9:04 AM
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OPEC chief dismisses IEA supply glut forecast as ‘critical’ Strait of Hormuz reopens

The International Energy Agency said on Wednesday that a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year.

Its report said supply is expected to surge by 8 million barrels per day while demand rises by 2 million barrels per day in 2027.

But OPEC’s al-Ghais rejected the forecast in an exclusive interview with CNBC on Thursday.

He told CNBC’s Dan Murphy that “sometimes it’s best not to make such assumptions when they are not really based on facts and figures.”

“What does the IEA see that OPEC and the rest don’t see?” he said. ”[We focus] on fundamentals and not putting many ifs and buts in our forecasts, but rather focusing on actual numbers.”

cnbc.com - OPEC iea supply glut forecast critical strait hormuz reopens oil

Prior to the war, there was a surplus in the market of some 2-3Mbpd. The war fixed that, to the great profit of MBS, Putin, and USian big oil. Trump the Most Perfect is hinting at reimposing sanctions on Russian oil, but that is not nearly enough to compensate for Hormuz being open, and sanctions on Iran being removed. Where else can he disrupt supply?

US President Donald Trump on Tuesday said Washington would soon be in a position to reimpose sanctions on Russian oil shipments after crude flows resumed through the Strait of Hormuz following a deal with Iran to end the Middle East conflict.

timesofindia.indiatimes.com - Oil now flowing donald trump says US can soon reimpose russian crude sanctions after hormuz reopening

Steve
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This community has written 86,214 posts about US Policy. The article-length ones it recommended most:
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