The OPEC Cartel

Barrel Hub
June 12, 2023

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Daily Data Dump

The good, the bad, and the ugly of Texas oil production.

Every week, we sift through our proprietary data to find the best performers in Texas.

Similarly, we find the oil producers who need a little help (i.e. call Barrel Hub).

If you’re wondering how we get this information, we’re under strict orders from OPEC not to disclose that (but if you want to know you can go here).

The acquisition brings “immediate revenue potential” to the company.

While we prefer “immediate revenue”, you take what you can get.

But diesel prices fell against again last week to their lowest since early 2022.

So if you don’t have a lifted F250 diesel, now’s the time to start rolling coal.

The company is in hot water (pun very much intended) with Denver suburb residents who are tired of watering their plants with dish water.

The multiwell oil and gas plans would consume 4.4 trillion gallons of water.

They are hoping to complete the transition within a few weeks and recognize improved cash flow within 90 days.

How does OPEC work?

OPEC is an organization that controls petroleum production, supplies, and prices in the global market.
It was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, and later joined by other countries.
OPEC's objective is to coordinate and unify petroleum policies among member countries to secure fair and stable prices for petroleum producers, an efficient, economic, and regular supply of petroleum to consuming nations, and a fair return on capital to those investing in the industry.
OPEC is a cartel organization that aims to manage the supply of oil to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
OPEC attempts to manage oil production of its member countries by setting crude oil production targets, or quotas, for its members.
However, compliance of OPEC members with OPEC quotas is mixed because production decisions are ultimately in the hands of individual members.
OPEC's 13 member states hold over 80% of the world's proven oil reserves.
OPEC nations produce about 30% of the world's crude oil, about 28 million barrels a day, with Saudi Arabia being the biggest single oil producer within OPEC, producing more than 10 million barrels a day.

Sources: 1, 2, 3, 4, 5, 6

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