Thanks to Joe Biden and his anti-American policies Saudi Arabia and Russia are expecting record oil production in 2022. Both Saudi Arabia and Russia excited about their economic outlook in 2022.
Joe Biden’s first action as president was to shut down construction of the Keystone Pipeline and eliminating an estimated.52,100 American jobs in the process.
Gas prices are up over 50% since Biden took office less than one year ago.
“Saudi Arabia boosted its revenue forecast for next year, with higher oil prices and production volumes poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011. It’s a sharp turnaround after energy market turmoil and the pandemic combined to crater the kingdom’s nascent economic recovery from the last oil price rout.
Russia predicts oil production in 2022 to be near post-Soviet highs.
Russia expects oil output next year to be back near its post-Soviet high as OPEC+ eases production curbs.
Russian companies are seen raising combined production of crude and a light oil called condensate by 8% to 559.9 million tons in 2022, and stay close to that level from 2023 to 2024, according to a draft budget submitted by the Finance Ministry to the government.
The document, which was seen by Bloomberg, requires approval from the parliament and President Vladimir Putin. It sets expectations for budget revenue and spending over the period, but actual figures may differ.
Russia’s projected output for next year is equivalent to an average 11.24 million barrels a day, according to Bloomberg calculations. Russia produced 11.25 million barrels a day in 2019, the highest level in its post-Soviet history.