Scott Sheffield (Pioneer CEO) projects that we'll see $100-$150/barrel for most of 2023 as China demand comebs back and there is no room for extra OPEC production (and declining growth rates in Permian).
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Saudi Arabia recently proposed cutting OPEC production by 2MM barrels a day, and China gets all the oil it needs from Russia at cheap prices, so forgive me if I don't agree that the price per barrel of oil from ANY source is suddenly going to jump from the low $80s to anywhere near $150. Just flat out NOT going to happen.
@ gko+1kCAnGCk, you forgot to mention the zombie apocalypse and alien invasion.
I would contend that the China opening without the western vaccines will devastate the economy of China and the rest of the connected world, including the US and Europe. Oil demand will drop like a rock along with the price. Oil companies will be forced to cut back on projects( including project like DAC) that don’t return money this year. Layoffs will be massive and the economy in Houston will be paralyzed. Housing will see the lowest demand since the 1980’s and the white collar workers will suffer in a big way. So have your fantasy of over 100 dollar per barrel oil prices. It won’t happen.