policywank
Literotica Guru
- Joined
- Aug 21, 2007
- Posts
- 3,228
lol. Really, Why? Because you believe it. PS that link isn't from a propaganda site,but since you doubt it,here's more
https://investingnews.com/daily/res...nd-gas-investing/top-oil-producing-countries/
https://www.reuters.com/business/en...rise-record-1276-mln-bpd-2023-eia-2023-08-08/
https://www.iea.org/reports/oil-market-report-october-2023
So how many more would it take to get you to believe. I'm thinking you will never believe because you drank the Kool aid...
The U.S has been the largest or one of the largest oil producers in the world for some time now. However, they are also the largest consumer of oil so up until the broad expansion of shale oil they were a net importer of oil. I think that nowadays they are not a net importer. They consume roughly the amount they produce. But there are other factors like the type of oil that suits certain refineries and the location of reserves and refineries, so they export from some locations and import to other locations.
We tend to think of Saudi Arabia as the biggest producer but they are not. What they are is a big net exporter because of the gap between their production and their consumption.
OPEC still has an impact though because the price of oil is set according to a world market and a coordinated reduction of supply affects all consumers. It is like any commodity in that sense. Even if a country is net self sufficient the price will move with the world market unless it is a closed or protected economy, which has other major economic implications.