daisypusher wrote: Why would producers increase production when oil inventories have been up due to the recession? There is data, then there is data in a vacuum. No fudging necessary.
I would hazard a guess and say because production takes a while to establish, especially of difficult-to-extract sources, and also because prices are up the producers want to sell and make a bigger profit. Yes, glutting the market will lower prices, but I'm not talking about glutting the market. Do you have a source for the claim that oil inventories are up due to the recession?
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill
daisypusher wrote: Why would producers increase production when oil inventories have been up due to the recession? There is data, then there is data in a vacuum. No fudging necessary.
I would hazard a guess and say because production takes a while to establish, especially of difficult-to-extract sources, and also because prices are up the producers want to sell and make a bigger profit. Yes, glutting the market will lower prices, but I'm not talking about glutting the market. Do you have a source for the claim that oil inventories are up due to the recession?
I am talking about glutting the market. Oil production has not increased and was decreased slightly during the recession so that there was not a huge glut.
In this report it states that OPEC cut production by 3.7 mbd so as not to glut the market. Why would anyone expect oil production to increase when oil producers do not want to "glut" the market!!
In addition take a look at what you posted...
Five years on, it appears those experts may have been unduly optimistic—non-OPEC oil production may have been peaking as they spoke. Despite a near tripling of world oil prices,
It reminds me of the same game that global warmists play. Let's start our comparison at a period of low temperature/prices so we can shock and awe because we can see a huge difference.
Also take a look at your perspective : "because prices are up the producers want to sell and make a bigger profit". I disagree. Prices are no where near what they are going to be when there are indications that the world recession is ending. Once that is in the works, oil will double or triple in a very short time. Now is the time to hold oil not sell/produce.
Here is some data: I have three toes on my feet. Now let's make some generalizations based upon this data.
1. I only have three toes.
(This is a total misconception because I also have seven more toes on my feet.)
The data that you say is gospel and upon which you base broad assumptions is not all of the data that may be gathered.
