OPEC+ announces surprise oil output cuts

https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/

- Does OPEC think that China's oil demand isn't coming back strong?

- Russia retaliating against price cap from West

- Want to defend $80 or higher oil

- Could it be about speculation? Speculators LOVE big price jumps.

- Reaction to lack of price support from demand side (US SPR buys that didn't happen when WTI went beflow $70)

https://www.woodmac.com/horizons/china-reopening-means-for-global-energy-markets/

- global implications if China's economy getting red hot and sucking up all the oil

- Could Saudi Arabia and OPEC be trying to cool off the Chinese economy by raising prices?

- LNG imports in China fell by 22% in 2022, only expected to recover 9% in 2023

Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts

https://www.reuters.com/business/energy/goldman-sachs-raises-brent-oil-price-forecasts-after-opecs-surprise-output-cuts-2023-04-02/

Special Guest - James Hill MCF Energy

https://www.mcfenergy.com/corporate

- publicly traded company on Canadian exchange exploring for oil and gas in Europe

- Europe sees natural gas as transition fuel

- Europe has been drunk on Russian gas for decades now, allowed themselves to ignore resources within their own borders.

- Russian gas was cheap so they didn't have to drill

- Drilled well within 6 months in Austria. Regulatory environment is still strict but permitting process has been much streamlined

- Pipeline infrastructure is actually very close to wells that are drilling now or considering drilling.

- Not fracking wells, proven wells. Ability to flow without much stimulation.

- engaging with the local community to engage concerns, haven't found much negative  sentiment from local communities.

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