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Fighting Fire With Oil

Three-line chart showing oil production and prices. Chart subtitle: Historically, production cuts by OPEC+ have led to higher oil prices. Chart visual description: Left y-axis shows Million Barrels Per Day and ranges from 0 to 90. X-axis spans dates from January 2001 to present, with labels at 11-month increments, so ending at Feb-22. Right y-axis shows Crude Oil Price, from $0 to $160. Green line plots World Oil Production; tan line plots OPEC+ oil production; and slate line plots Brent Crude Oil price. Chart data description: OPEC+ production line hovers near 30M bpd for entire range shown, with worldwide oil production beginning near 70M bpd and peaking at the end of 2019 over 83M bpd. As explained in the write-up, prices climb and peak significantly based on OPEC+ production cuts, notably in the years following the GFC and in 2020 during the COVID slowdown. Chart source: Bloomberg as of September 30, 2022. End chart description.
Posted on October 13, 2022 Full size 1433 × 775

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