U.S. Warns OPEC That They Will Be Facing Legal Challenges If They Continue Oil Production Cuts

OilPrice.com: Is The U.S. Preparing To Punish OPEC? 

* U.S. consumers are showing significantly less concern about the U.S. energy situation than they did one year ago. 

* The U.S. House of Representatives may once again consider a piece of legislation to pressure the OPEC oil producers’ group to stop making output cuts. 

* The bill may be retaliation against the Arab OPEC countries, and a warning to others, for normalizing ties with Iran and Syria. 

 In early May, the U.S. House of Representatives Committee on the Judiciary was reportedly considering a bill to pressure the OPEC oil producers’ group to stop making output cuts by revoking the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. (The committee previously passed the bill in 2018, 2019 and 2021.) 

The OPEC Basket Price has hovered in the mid $70s, not historically high, though U.S. politicians like to talk down the price of gasoline before the summer driving season begins. (Saudi Arabia needs a price of $80.90 USD to balance its budget, and fund the diversification of its economy.)  

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WNU Editor: Here is an easy prediction. OPEC is not going to comply because the US is threatening them.

Will OPEC's Production Cuts And Expected Price Increases Hurt The Democrats In The U.S. Midterms

 

FOX News: October surprise? Why OPEC's planned price hike could pummel Democrats 

Midterms are coming up fast and Democrats know that a sharp rise in gas prices engineered by OPEC could destroy their plans The midterm elections are weeks away and OPEC+ is threatening to cut oil production. 

That’s not good news for you, the consumer; it’s also not good news for President Joe Biden and his fellow Democrats. 

Biden’s bump up in the polls over the past few months tracked declining gasoline prices. For nearly 100 days, gas prices went down. They peaked at a record high of more than $5 per gallon in June and reached a low of $3.67. Now, at $3.80, they have begun to head back up. 

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WNU Editor: Democrat pundits clearly believe that OPEC's production cut will have an impact (see above video). But the White House is already reacting to make sure that OPEC+'s oil production cuts will not impact prices when the midterm elections take place next month .... Biden to release 10M more barrels from Strategic Petroleum Reserve in November in wake of OPEC+ cuts (FOX News).

White House Responds To OPEC+ Decision To Cut Oil Production

The Hill: Biden ‘disappointed’ by OPEC+ decision to cut oil production 

The White House on Wednesday admonished what it called a “shortsighted decision” by OPEC and its allies to cut oil production by 2 million barrels per day, a move that could lead to a rise in gas prices domestically.

National security adviser Jake Sullivan and top economic adviser Brian Deese issued a statement that took issue with the decision, citing ongoing concerns about the impact of the Russian invasion of Ukraine.  

Read more ....  

Update: Biden Blasts "Short-Sighted" OPEC+ Cut, Blames US Energy Firms For Surging Pump Prices (Zero Hedge) 

Update #2: White House accuses Opec+ of aligning with Russia (Financial Times)  

WNU Editor: This is all happening with the US midterm elections a few weeks away .... OPEC+ Production Cut Poses New Threat to Biden as Election Nears (Bloomberg).

OPEC+ Have Agreed On An Oil Production Cut Of Two Million Barrels Per Day

 

Daily Mail: Saudi Arabia snubs Biden as OPEC CUTS oil production by 2 MILLION barrels a day: Gas prices set to rise HIGHER after White House 'begged middle east nations not to cut output' just five weeks before midterms 

* The cut is OPEC+'s largest since the start of the COVID-19 pandemic 

* It could help Russia keep financing its illegal invasion of Ukraine despite the West's efforts to cut oil and gas as a source of revenue for Putin's war machine 

* The White House was 'having a spasm and panicking' over the potential outcomes of OPEC's decision, an unnamed administration official told CNN 

* Biden aides took victory laps when gas prices fell at a record pace this summer 

* They have been relatively silent on the issue as they start to creep back up 

* Prices at the pump have jumped by 60 cents per gallon in some parts of the US 

* The president told reporters that he 'needs to see the details' of OPEC+'s announcement when asked for reaction on Wednesday 

* National Security Council official John Kirby downplayed the likely effects in an interview on Fox News and said the US needs to be less dependent on foreign oil 

American drivers could face another increase in gas prices as the OPEC+ alliance announced it is cutting oil production by up to two million barrels a day in what could end up being a massive setback for the Biden administration. 

Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members including Russia met in person at the group's Vienna headquarters for the first time since early 2020. 

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WNU Editor: This is 1 million barrels more being cut than what was predicted. The White House is now in panic mode with this production cut .... Inside the White House’s failed effort to dissuade OPEC from cutting oil production to avoid a ‘total disaster’ (CNN). 

OPEC+ Have Agreed On An Oil Production Cut Of Two Million Barrels Per Day  

OPEC and Russia slash oil production in bid to boost prices -- AP  

OPEC+ agrees to cut oil production to boost prices -- France 24  

OPEC+ agrees deep oil production cuts, Biden calls it shortsighted -- Reuters  

Petrol price rise warning after Opec oil output cut -- BBC  

OPEC and Russia agree to cut oil production by 2 million barrels a day -- New York Times 

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts -- The Guardian  

OPEC+ ministers agree to cut production by 2M barrels per day -- FOX News  

OPEC and Russia vote to slash oil output as they ignore Biden’s pleas -- NYPost  

OPEC will cut production by 2 million barrels a day, likely sending gas and oil prices back up -- NBC  

OPEC+ confirms oil production cut -- RT

OPEC+ To Meet On Wednesday To Consider Major Oil Production Cut

 

CNBC/Reuters: Oil jumps more than 4% as OPEC+ weighs biggest output cut since 2020 

Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic. 

Brent crude futures added 4%, or $3.39, to trade at $89.53 per barrel. U.S. West Texas Intermediate crude was 4.8%, or $3.8, higher at $83.26 per barrel. 

Oil prices have tumbled for four straight months since June, as Covid-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging U.S. dollar weighed on global financial markets.  

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WNU Editor: This is about right .... Oil prices could soon return to $100 as OPEC+ considers ‘historic’ cut, analysts say (CNBC). 

 OPEC+ To Meet On Wednesday To Consider Major Oil Production Cut  

OPEC+ mulling largest cuts since 2020 crisis, sources say -- Reuters  

OPEC+ Will Consider Output Cut of More Than 1 Million Barrels -- Bloomberg  

OPEC considering cutting oil production to increase global prices: report -- The Hill  

OPEC+ may take back control of the oil market with a major output cut -- CNN

OPEC+ To Meet On October 5 To Discuss Production Cuts

Reuters: OPEC+ has begun talks on output cut at Oct. 5 meeting - OPEC source 

DUBAI, Sept 29 (Reuters) - Leading OPEC+ members have begun discussions about an oil output cut at the group's next meeting on Oct. 5, three sources told Reuters. 

 One OPEC source told Reuters a cut was "likely", while two other OPEC+ sources said key members had spoken about the topic. 

A source familiar with Russian thinking told Reuters earlier this week that Moscow could suggest a cut of up to 1 million barrels per day (bpd). The latest comments suggest that key OPEC members have started communicating over the matter, although the volume of any potential cut is still unclear. 

Next week's meeting takes place against a backdrop of falling oil prices from multi-year highs hit in March, and severe market volatility.  

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WNU Editor: My gut tells me that there will be a push at this OPEC+ meeting to cut production that will deliberately and significantly raise oil and gas prices to impact the US midterm elections, while bleeding the US strategic oil reserves at the same time. 

OPEC+ To Meet On October 5 To Discuss Production Cuts  

OPEC+ Is Considering A Substantial Oil Production Cut -- OilPrice.com  

Russia seen suggesting OPEC+ cuts oil output by 1 million bpd - source -- Reuters  

Crude Rallies on Reports Russia Will Push for OPEC+ to Cut Output -- Barchart  

How OPEC+ Could Send Oil Prices Soaring Again -- OilPrice.com

OPEC+ Agrees To A Small Production Cut

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina  

CNBC: Oil producer group OPEC+ surprises energy markets with a small production cut 

* OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, decided to cut production targets by about 100,000 barrels per day from October. 

* Energy analysts had broadly expected the group to stay the course with its production policy. 

* It comes amid a bitter energy dispute between Russia and the West, with many in Europe deeply concerned about the prospect of recession and a winter gas shortage. 

A group of some of the world’s most powerful oil producers on Monday agreed on a small output cut from next month, surprising energy markets at a time of considerable turmoil. 

OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, decided to cut production targets by about 100,000 barrels per day from October. Energy analysts had broadly expected the group to stay the course with its production policy. 

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WNU Editor: I expected a bigger production cut. 

OPEC+ Agrees To A Small Production Cut  

OPEC+ makes small trim to world oil supplies as prices fall -- AP  

Oil prices jump more than 3% as OPEC+ agrees small oil output cut -- Reuters 

OPEC agrees to cut production after oil price slump -- CNN  

OPEC Plus Agrees to Cut Production by 100,000 Barrels a Day -- New York Times  

OPEC+ to Discuss Potential Supply Cut Amid Oil Demand Concerns -- Bloomberg  

OPEC+ countries decide to cut oil production in October by 100,000 bpd — communique -- TASS

OPEC+ Signaling Oil Production Cuts To Keep Prices High

Oil Dips on 'Iran Fear'; Saudis Threaten OPEC Cuts to Seize Back Control © Reuters  

CNBC/Reuters: Oil rises as Saudi Arabia hints at possible output cut 

Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices and with the prospect of a drop in U.S. crude inventories. 

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg. 

Global benchmark Brent crude advanced 3.88% to $100.22 a barrel. U.S. West Texas Intermediate crude ended the day $3.38, or 3.7%, higher at $93.74 per barrel.  

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Update #1: Oil jumps nearly 4% on possible OPEC+ supply tightening (Reuters)  

Update #2: Oil Dips on 'Iran Fear'; Saudis Threaten OPEC Cuts to Seize Back Control (Investing.com)  

WNU Editor: OPEC appears united to push these production cuts. We shall see.

Saudi Arabia Says OPEC Will Be Cutting Oil Production To Address The Current Oil Slump

Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat  

Reuters: Saudi says OPEC+ can cut output to address oil slump - report  

OPEC stands ready to cut output to correct a recent oil price decline driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply, OPEC’s leader Saudi Arabia said on Monday. 

Saudi state news agency SPA cited Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman as telling Bloomberg OPEC+ has the means and flexibility to deal with challenges. 

Oil prices have dropped in recent weeks to around $95 per barrel from as high as $120 on fears of a Chinese economic slowdown and a recession in the West.  

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WNU Editor: This is news that Western governments do not want to hear right now. 

Saudi Arabia Says OPEC Will Be Cutting Oil Production To Address The Current Oil Slump  

Saudi Prince Says Oil’s Disconnect May Force OPEC+ Action -- Bloomberg  

Saudi Minister Says OPEC+ Could Cut Production At Any Time -- OilPrice.com 

Oil Spikes After Saudi Prince Hints At Shift In OPEC+ Strategy -- Zero Hedge  

Oil clings to US$90 after Saudi warnings touch off market swings -- Bloomberg  

Saudi Energy Minister: Soon We Will Start Working on New OPEC+ Deal -- Asharq Al-Awsat

With Global Energy Markets Being Rocked By The Russia - Ukraine War, OPEC Will Increase Its Output By A Small Amount This Summer

 

CNBC: OPEC+ raises output faster than expected as Russia’s war roils global energy markets 

* OPEC and its oil-producing allies agreed to hike output in July and August by a larger-than-expected amount as Russia’s invasion of Ukraine wreaks havoc on global energy markets. 

* OPEC+ will increase production by 648,000 barrels per day in both July and August. 

* The group has been slowly returning the nearly 10 million barrels per day it agreed to pull from the market in April 2020. 

OPEC and its oil-producing allies agreed on Thursday to hike output in July and August by a larger-than-expected amount as Russia’s invasion of Ukraine wreaks havoc on global energy markets. 

OPEC+ will increase production by 648,000 barrels per day in both July and August, bringing forward the end of the historic output cuts OPEC+ implemented during the throes of the Covid pandemic. 

The group has been slowly returning the nearly 10 million barrels per day it agreed to pull from the market in April 2020. In recent months, production has risen between 400,000 and 432,000 barrels per day each month.  

Read more .... 

Update #1: OPEC+ alliance boosts oil production as energy prices soar (AP)  

Update #2: Oil Jumps After OPEC+ Agrees To Boost Output By 648K Barrels (Zero Hedge)  

WNU Editor: The White House was quick to react .... Biden administration THANKS Saudi Arabia and OPEC for increasing supply by 200,000 of oil barrels a day in July as gas prices hit another record and as White House faces questions on whether President will meet Crown Prince Mohammed bin Salman (Daily Mail). 

I am not impressed. 

The US is withdrawing a million barrels of oil from its strategic supply each day, and it ends this summer. China is opening up, thereby demanding the need for more oil. I expect prices will continue to either stay the same or rise. My money is on it rising. 

Now I know why the Russian Foreign Minister left Saudi Arabia three days ago with a big smile. He knew this small production increase was in the works, and he knew this increase will not impact demand for Russian oil in non-Western markets .... Russian And Saudi Foreign Ministers Meet To Discuss Oil Policy (June 1, 2022).

Russian And Saudi Foreign Ministers Meet To Discuss Oil Policy

Russia's Foreign Minister Sergei Lavrov meets with Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud in Riyadh, Saudi Arabia May 31, 2022. Russian Foreign Ministry/Handout via REUTERS  

Reuters: Russia and Saudi Foreign Ministers Praise OPEC+, Says Moscow 

(Reuters) -Russian Foreign Minister Sergei Lavrov met Saudi counterpart Prince Faisal bin Farhan Al Saud in Riyadh on Tuesday and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said. 

The comments were issued amid Western media reports that some members of OPEC+, an alliance of OPEC members and their allies, were considering removing Russia from the group. 

"They noted the stabilising effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in this strategically important sector," the ministry said in a statement on its website. There was no immediate comment from Saudi Arabia outside of business hours.  

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Update: Russia's Lavrov Hails OPEC+ Cooperation on Visit to Saudi Arabia (Bloomberg)  

WNU Editor: It looks like it was a successful meeting .... Russia, Saudi Arabia Signal OPEC+ Is Going Strong (OilPrice.com).

Update #2: No, OPEC+ Isn't About To Break Up And No, Saudis Aren't About To Pump More Crude (Zero Hedge).

Saudi Arabia Signals Support For Russia In OPEC+ Despite Western Sanctions

Alexander Novak, who was then Russia's energy minister, speaks to the press upon his arrival for the one-day meeting OPEC+ group meeting in the Saudi city of Jeddah on 19 May 2019 (AFP/File photo)  

Middle East Eye: Saudi Arabia set to support Russia’s role in Opec+ despite looming sanctions  

Politics should be kept out of Opec+, says Saudi energy minister, as kingdom plans to continue partnership with Russia in face of western pressure on Moscow  

Saudi Arabia plans to continue its Opec+ partnership with Russia despite western pressure on Moscow and a potential EU ban on Russian oil imports. 

Prince Abdulaziz bin Salman, the energy minister, told the Financial Times that Riyadh was hoping "to work out an agreement with Opec+ . . . which includes Russia", insisting that the "world should appreciate the value" of the alliance of producers, the newspaper reported. 

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WNU Editor: The Russia - Saudi relationship in OPEC+ has been incredibly beneficial for Saudi Arabia .... Saudi oil giant Aramco reports 82% rise in quarterly profits (The Guardian). The Saudis are not going to jeopardize the status quo. 

Saudi Arabia Signals Support For Russia In OPEC+ Despite Western Sanctions  

Saudi Arabia signals support for Russia's role in Opec+ as sanctions pressure mounts -- Energy Bulletin/Financial Times  

Saudi Arabia Continues to Support Russia's Place in OPEC+: FT -- Bloomberg  

Riyadh hopes to ‘work out an agreement with OPEC+ which includes Russia,’ says energy minister -- Arab News  

Saudi working with Russia, while Russia increases oil exports to China -- Seeking Alpha  

Saudi Arabia Signals Backing For Russia In OPEC+ -- Zero Hedge

OPEC Tells EU That It Is Not Possible To Replace Russian Oil Supplies

Business Insider: OPEC has told the EU it's 'nearly impossible' to replace Russian oil cut off by sanctions or boycotts 

* OPEC and the EU met on Monday amid pressure on the EU to impose a ban on Russian oil. 

* OPEC's Secretary-General Mohammad Barkindo said it would be "nearly impossible" to replace Russian oil. 

* Barkindo said the highly volatile market is not based on fundamentals and is out of its control. 

The Organization of the Petroleum Exporting Countries (OPEC) has told the European Union that it would be "nearly impossible" to replace Russian oil if supplies are cut off due to sanctions or boycotts, according to reports from Reuters and Bloomberg. 

"We could potentially see the loss of more than 7 million barrels per day of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions," said OPEC's Secretary-General Mohammad Barkindo, Reuters reported, citing a copy of his speech.  

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Update #1: OPEC tells EU it's not possible to replace potential Russian oil supply loss -- Reuters  

Update #2: OPEC Tells EU That Russia Oil Crisis Is Beyond Its Control -- Bloomberg  

WNU Editor: OPEC is giving the EU a cold dose of reality.

OPEC+ Agrees To Stick With Plan To Gradually Boost Output

CNBC: OPEC+ agrees oil output hike from February as omicron Covid cases soar 

* OPEC and its non-OPEC allies, known collectively as OPEC+, decided to raise its output target by 400,000 barrels per day from next month. 

* The move had been broadly expected given U.S. pressure to boost supply and no major new Covid restrictions. 

* World oil markets are widely expected to remain prone to geopolitics in 2022, with “saber-rattling” over the persistent Russia-Ukraine standoff and ongoing Iranian nuclear negotiations likely to be closely monitored by OPEC+. 

An influential group of some of the world’s largest oil producers agreed on Tuesday to stick to its planned increase in oil production from February as energy investors weigh the potential impact of soaring omicron Covid cases. 

OPEC and its non-OPEC allies, known collectively as OPEC+, decided to raise its output target by 400,000 barrels per day from next month. 

The move had been broadly expected given U.S. pressure to boost supply and no major new Covid restrictions. 

Read more .... 

 OPEC+ Agrees To Stick With Plan To Gradually Boost Output  

OPEC and its allies agree to keep pumping more oil -- CNN/Reuters  

OPEC+ sticks with plan to gradually boost output, despite Omicron -- Al Jazeera  

OPEC+ sticks to output target despite US pressure -- Arab News  

OPEC+ Sticks To Plan To Add 400,000 Bpd Oil Production In February -- OilPrice.com

OPEC+ Is Monitoring The New Covid Variant

Saudi Arabia refinery Reuters: OPEC+ monitoring new virus variant, some concerned over outlook - sources  

LONDON/MOSCOW (Reuters) - OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before a meeting to set policy. 

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is already facing a release of oil stocks led by the United States to try to cool prices. Still, a source said Russia, a key OPEC+ member, was not concerned about the virus variant yet.OPEC+ has resisted U.S. calls to do more to lower oil prices, continuing to unwind last year's record output curbs by adding 400,000 barrels of supply per day every month since August. Next week's meeting will discuss January's output. 

Global authorities reacted with alarm to news of the B.1.1.529 variant, with the EU, Britain and India among those announcing stricter border controls. Oil prices fell more than 9% on Friday to below $75 a barrel. [O/R] 

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WNU Editor: If this Covid variant is as bad as some fear, it is a given that OPEC+ will drastically cut oil production. They do not want a repeat from last year at the height of the pandemic when oil prices hit a few dollars a barrel.

OPEC Considering Cutting Oil Production In Response To President Biden's Release Of Oil From The US Strategic Reserve

Arab News: OPEC+ may adjust oil production plans next week in wake of US move 

RIYADH: OPEC+ may reconsider plans to up oil production in the wake of a US-led proposal to release strategic petroleum reserves, according to Bloomberg. 

Delegates from the group are reported to have said the release of millions of barrels from the inventories of their largest customers is unjustified due to current market conditions, and there is likely to be a coordinated response. 

US President Joe Biden has been calling on OPEC+ to increase oil production beyond a planned rise of 400,000 barrels per day each month until the end of 2022. 

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WNU Editor: OPEC warned yesterday what their response would be if the US releases oil from their strategic reserve .... OPEC+ Warns of Response as Biden Poised for Oil Reserve Release (Bloomberg). More here .... OPEC+ Vows To Respond If Countries Tap Their Oil Reserves (OilPrice.com).

OPEC Tells President Biden That If He Wants Oil, Pump It Yourself

 

Forbes: OPEC Says To Biden: If You Want More Oil, Pump It Yourself 

OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if the United States believes the world’s economy needs more energy, then it has the capability to increase production itself. 

The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-member top producers guided by Russia, approved an increase in production of 400,000 barrels per day for the month of December. 

Several OPEC ministers have expressed concern over loosening the taps, wary of renewed setbacks in the battle against the pandemic and the slow speed of economic recovery. 

Countries claim that because demand is not yet high enough to justify increased production, there is a risk of market distortion. 

Luckily for consumers, OPEC members also have a rich history of cheating.  

Read more ....  

Update #1: OPEC+ Rejects Biden Plea (Rigzone/Bloomberg)  

Update #2: Biden's other setback: OPEC+ ignores his plea for help (The Hill) 

WNU Editor: Apparently the Biden administration has a plan .... Biden Weighs Tapping Strategic Reserves As He Threatens OPEC+ With "Undisclosed Tools" (Zero Hedge).

OPEC+ Rejects President Biden’s Plea To Pump More Oil

CNBC: OPEC+ agrees to stick to oil production plan, defying U.S. pressure 

* The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month. 

* Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain. 

OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multiyear highs in crude prices and U.S. pressure to help cool the market. 

The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month. 

Russian Energy Minister Alexander Novak told a news conference Thursday: “The decision was made previously to increase production by 400,000 (barrels per day) every month, and I underscore every month, until the end of 2022. Today the decision was reiterated to maintain current parameters which were decided on earlier.”  

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WNU Editor: OPEC+ has a good thing going right now. They are not going to change their production quotas while the Biden administration continues to is restrict its own energy production thereby guaranteeing low supply and higher prices. Why should they?

More News On OPEC+ Rejecting President Biden’s Plea To Pump More Oil  

OPEC+ rebuffs U.S. calls for speedier oil output increases -- Reuters  

OPEC+ Rejects Biden’s Plea for Bigger Oil-Supply Increase -- Bloomberg  

OPEC+ snubs Biden’s plea to pump more oil -- Al Jazeera

OPEC ignores Biden’s plea, formalizes December oil output plan -- World Oil  

OPEC+ Rejects Biden's Plea To Pump More -- Zero Hedge

OPEC+ Ignores President President Biden's Demands For More Oil Production

 

Zero Hedge: OPEC+ Balks At Biden's Demands For More Oil Production 

With oil prices rising to levels last seen during the OPEC Thanksgiving massacre of 2014, developed nations - having realized they made an epic blunder by pushing the Net Zero lunacy far too hard, leaving the oil and gas industry with not nearly enough growth spending to keep the price of oil from surging (as we discussed in "One Bank Crunches The Numbers On Oil Supply/Demand Dynamics, Reaches A Shocking Conclusion") ... are now stuck begging OPEC+ to produce more, as the alternative is even higher oil prices and attendant social unrest as even ESG posterchild Larry Fink admits. 

Speaking to reporters in Rome, a senior US official said that the U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch. That such pleas aimed at OPEC+ come from the same admin which ended the Keystone XL pipeline on its first day, and has done everything to crush shale capex in the US, is hardly a surprise.

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WNU Editor: It looks like the Biden administration does not really have a plan .... Biden ‘Reluctant’ to Detail Response If OPEC Won’t Boost Output (Bloomberg).

OPEC+ Ignores President Biden's Demand That They Pump More Oil

Reuters: OPEC+ sees no need to meet U.S. call for more supply, sources say 

LONDON, Aug 16 (Reuters) - OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters. 

The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+. 

Last week, U.S. President Joe Biden's administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery. 

OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out.  

Read more ....  

WNU Editor: So much for President Biden's demand that OPEC pumps more oil .... Biden demands OPEC boost oil production amid rising gas prices (NYPost).

Update: This is a sobering read on how vulnerable the U.S. is right now on oil supplies .... Rabobank: The World's Biggest Oil Consumer Showed Its Political Vulnerability To Higher Oil Prices And Skyrocketing Inflation (Zero Hedge).