Over the last week, the bitterly cold weather around the world has revealed a lot of hard truths over the reality of our energy situation. Not only have severe winter storms pummelled much of Europe, Russia, and the Nordic countries recently, but I’ll bet you’ve experienced that harsh winter bite yourself in the last few days here in the U.S. and Canada. Thanks to these frigid temperatures, more than half of North Dakota’s oil production has been shut-in.
To cut or to not cut that’s the decision OPEC is going to make at its next meeting on June 4, 2023. In reality, it’s actually a much easier decision than you might first believe.