Wednesday, November 24, 2021

Saudis, Russians Consider Pausing Oil Production Increases

Zero Hedge: Saudis, Russians Consider Pausing Oil Production Increases In Retaliation To Biden SPR Release 

When commenting on yesterday's SPR release announcement by the Biden admin and several assorted hanger-on nations - which has backfired spectacularly sending the price of oil soaring now that the rumor can no longer be sold so the news has to be bought in line with every single SPR release in the past... 

... we said that not only was the release far to smmal, but that in retaliation for the SPR release, "OPEC could easily consider halting its production hikes to offset the detrimental SPR impact of lower oil prices on the needed recovery in global oil capex, likely justifying such action as prudent in the face of COVID demand risks."  

Read more .... 

Update: OPEC+ Reacts To Biden, May Not Raise Oil Production In December (OilPrice.com).  

WNU Editor: Oil prices were flat today.

7 comments:

Anonymous said...

Way to go, Dimwit Joe!

Jac said...

Does Joe understand that the oil market is international?

Anonymous said...

Joe and his people are not engineers. They should familiarize themselves with the concept of a sink. They are effectively pissing in a sink and expecting to raise the level.

Anonymous said...

As much as they despise Trump, the Dems apparently can't help paving the way for his return.

Anonymous said...

Oil Reserves Released by Biden Will Go Primarily To Benefit India and China

Sour crude has sulfur. You can refine it out, but it drives up cost. The 0il is going to China.


Biden, Xi's man in Washington.

Anonymous said...

The Biden Administration Hasn't a Clue About Why Gas Prices are Soaring

Anonymous said...

Hunters billion dollar payment from Xi. Joe Biden is owned by China.