- We still expect continued growth of approximately 4.2 million BPD in 2022
- The world faces a possible supply threat from the Russian Federation
- The consumer perception of war is that this threat, whether it materializes or not, is already rippling through markets.
- For the United States in OPEC, the focus remains the main one remains the stability of world markets
- OPEC wants to ensure security of supply is guaranteed
- We are in the home stretch of returning 5.8 million barrels per day to global markets thanks to post-pandemic supply cuts
- Should be finished adding supply by September this year
- We have no control over current events as geopolitics has overtaken the market and is dictating the pace of the market
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