A look at OPEC oil production

The US EIA has released a chart of total OPEC oil production:

If OPEC thought prices were too high, they might increase production to avoid triggering structural demand reduction (like mass switching of US drivers to electric cars).

Meanwhile, oil stored in the US is above long term averages:

It looks like the amount stored is creeping up.  Meanwhile US gasoline consumption has been the lowest on record for seven straight months.  Reduced demand should trigger reduced production by OPEC to maintain a stable price per barrel.  I think that speculative buyers are purchasing the excess and putting it into storage.


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