222 - OPEC cuts | James Hill MCF Energy

OPEC+ announces surprise oil output cutshttps://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 2023Goldman Sachs raises Brent oil price forecasts after OPEC+ output cutshttps://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 Energyhttps://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. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com