Author: Morgan Patrick Downey
OIL 101 is a guide to oil and an essential read for anyone coming to grips with where oil prices, the economy and society are headed. The writer provides the facts one needs to understand oil, from its history and chemistry, to refining, finished products, storage, transportation, and alternatives, and how prices are determined every day in global wholesale oil markets and how those markets are connected to prices at the pump, according to a review on goodread.com.
Oil producers have agreed to reduce crude oil production targets by 2.0 million bpd from their previously stated targets beginning in November 2022. The announcement had a limited effect on our global oil production forecast in the October STEO when the cuts were first incorporated because we had already included an expectation that OPEC+ would not meet the previously stated production targets.
