By aqsagu on Skatehive
There is a significant dilemma in OPEC+'s decision to raise or lower production; there is no doubt something needs to be done for the disruption of oil supplies resulting from the continuing war with Iran, but can they even produce the product? Currently there is a historic level of disruption in the amount of oil exported to the world. This is primarily due to the closing of the "Strait of Hormuz", which is essential to the global energy supply transporting approximately 12 to 15 million barrels of oil every single day. The production blockage represents approximately 15% of the global oil production per day. Saudi Arabia, Iraq, Kuwait, and the UAE are all experiencing major reductions in their ability to export oil. Oil prices are currently near $120 per barrel, with many observers predicting an additional increase over $150 shouldn't the war continue. What does this all mean for OPEC+? They are currently discussing the possibility of making an announcement that they may increase pro