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dontmean2bepoliticalbut · 2 years

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dontmeantobepoliticalbut · 2 years

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French President Emmanuel Macron was caught revealing some bad news to President Joe Biden on the sidelines of the G7 summit Monday.

Macron told Biden the United Arab Emirates’ (UAE) ruler, Sheikh Mohammed bin Zayed al-Nahyan, informed him that OPEC’s top oil exporters were already at their production maximum.

“I had a call with MbZ,” Macron told Biden, referring to Mohammed bin Zayed al-Nahyan, Reuters reported. The comments were overheard by Reuters TV. “He told me two things. I’m at a maximum, maximum [production capacity]. This is what he claims.”

“And then he said [the] Saudis can increase by 150 [thousands barrels per day]. Maybe a little bit more, but they don’t have huge capacities before six months’ time,” the French president reportedly added.

UAE’s top energy official responded to the reports, saying the country is producing “near” its maximum capacity.

“In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline,” Energy Minister Suhail bin Mohammed Al Mazrouei tweeted.

Macron’s claims go against official data, and if true, would bring challenges to the global market in light of the boycott on Russian oil in response to the country’s invasion of Ukraine, according to Bloomberg.

Oil prices have been steadily going up in the past year in part due to increased demand post COVID-19 and a lack of supply caused by restrictions on oil production. The prices were further exacerbated by Russia’s invasion of Ukraine, but prices had already risen 55 percent the day before Russian President Vladimir Putin’s orders.

Biden waged a war on domestic energy production upon taking office, including canceling the Keystone XL pipeline, banning new oil and gas leasing on public lands, and stopping the sales of several drilling areas in Alaska and the Gulf of Mexico.

Biden is set to meet Saudi Crown Prince Mohammed bin Salman in July as a part of his trip to the Middle East. The president previously vowed to make Saudi Arabia a global “pariah” after the suspected killing of Washington Post journalist Saudi journalist Jamal Khashoggi.

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smithleonardo · 2 years

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Oil Market Surplus Strengthens Case For New OPEC Output Cuts

This week, OPEC issued its Monthly Oil Market Report. It was released just hours after the IEA released its own monthly oil market forecast. Unlike the IEA, the oil-producing group forecast that growth in oil demand this year would be slower than previously expected. OPEC also forecast an oil market surplus, sparking speculation that it may be preparing for production cuts. According to OPEC’s…

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#COVID-19 #Oil #Oil Markets #oil prices #Oil Supply #OPEC #Output Cuts

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pressnewsagencyllc · 16 days

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Oil traders stay bullish as Brent hovers at $90: Here's why crude is elevated

The world’s top commodity traders and analysts are increasingly confident of a bullish oil market into the second half of the year after Brent crude prices pierced $90 per barrel for the first time in months. The elevation in crude prices comes after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) kept its output policy unchanged till mid-2024 and pressed some oil…

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#Brent crude futures #brent crude oil prices #brent crude prices #crude oil price #crude oil prices #global oil traders #middle east tension #morgan stanley #oil traders #opec output cut #opec production cuts #opec supply cuts #opec+ nations

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velosvelos · 11 months

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#https://www.fxstreet.com/news/opec-agrees-to-new-output-target-of-4046-mb-d-from-2024-202306042113?utm_source=telegram&utm_medium=channel&ut

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newsrds · 2 years

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OPEC+ panel recommends production cuts of 2 million barrels to support oil prices

OPEC+’s panel of ministers on Wednesday recommended lowering the group’s production limit by 2 million barrels per day to support oil prices. The 45th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC ministerial meeting are scheduled to take place on 5 October in Vienna, Austria. According to a Bloomberg report, the cartel’s joint ministerial oversight…

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#OPEC+ cut production by 2 million barrels #OPEC+ cut production limits #OPEC+ Output Cut

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dcoglobalnews · 2 years

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OPEC+ AGREES TO CUT OUTPUT BY 100,000 BPD IN OCTOBER

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have agreed to cut their oil output target by 100,000 barrels per day (bpd) in October, Reuters reported.Brent crude futures for November deliveryrose $2.61 to $95.63 a barrel, a 2.8% gain, by 12:32 p.m. ET (16:32 GMT).Prices had climbed nearly $4 earlier in the session, but were tamed by…

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#AGREES TO CUT OUTPUT BY October #Oil Price #Oil production #OPEC #Russia OPEC #USA

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timesofocean · 2 years

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Oil up over rising demand in China versus tight supply fears

New Post has been published on https://www.timesofocean.com/oil-up-over-rising-demand-in-china-versus-tight-supply-fears/

Oil up over rising demand in China versus tight supply fears

World (The Times Groupe)- Oil prices rose on Tuesday due to tight supply concerns as Chinese demand is likely to rebound from COVID19 restrictions, while OPEC+ output levels are believed to fall short of demand.

Benchmark Brent crude was trading at $120.37 per barrel at 0651GMT, up 0.71% from the previous session’s close of $119.51.

The American benchmark West Texas Intermediate (WTI) was trading at $119.37 per barrel at the same time, gaining 0.73% after the previous session closed at $118.50 per barrel.

Prices increased mainly due to concerns that current production levels would not be enough to meet increasing demand, especially in China and the US.

Easing COVID19 rules has boosted hopes for an increase in oil demand in China, the world’s second largest oil consumer, while the start of the summer driving season in the US is expected to boost demand.

The OPEC+ ministers decided to add 216,000 barrels of oil a day to the market in July and August, which is lower than the amount the market is estimated to need despite rising demand.

Supply pressure on prices increased as sanctions against Russia’s fossil fuels unfolded and there were uncertainties surrounding tight supply.

#American benchmark West Texas Intermediate (WTI)#Benchmark Brent crude #COVID19 restrictions #COVID19 rules #oil demand in China #OPEC+ output levels #russia energy sanctions #Russia's fossil fuels #Sanctions Against Russia #world largest oil consumer #Economy

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bharatlivenewsmedia · 2 years

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OPEC fails to increase oil output amid capacity troubles

OPEC fails to increase oil output amid capacity troubles While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment, according to a Bloomberg survey While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment,…

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#amid #capacity #economy #fails #increase #oil #opec #output #troubles

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zvaigzdelasas · 3 months

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[SPGlobal is US-Based Finance Industry Media]

Five months after seizing power in a coup, Gabon's new government is tapping up trading houses to help it finance a $1.3 billion deal for Carlyle's oil company Assala, thwarting a bid accepted last year from France's Maurel & Prom (M&P).

While some investors say the first oil sector intervention since August's coup is doomed financially, politically driven and injurious to the OPEC member's investment climate, others say it reflects a restructuring of the industry amid an exodus of IOCs, with African governments demanding more control over their resources.

"You are looking around and saying, who do I trust? Who will really unlock that value? And if I don't have that trust, I'm going to try to do it myself," a Western oil executive familiar with the industry in Gabon told S&P Global Commodity Insights, summing up a mindset increasingly taking hold on the continent.[...]

At the end of November, however, state-owned Gabon Oil Company (GOC) announced it would use its pre-emption rights to acquire Assala itself, giving it 80 days to come up with the funds. In a New Year address, President Brice Oligui Nguema said the action would "demonstrate [Gabon's] sovereignty in the oil sector, which is at the heart of the economy."[...]

Oil provides most of the Gabonese government's revenue, but output has slipped from 365,000 b/d in 1996 to 210,000 b/d last year, according to the Platts OPEC Survey from S&P Global, due largely to underinvestment. Gabon's medium-sweet Rabi Light and Rabi Blend crude grades are popular in Europe, Israel and Asia.

Analysts say Nguema -- who ousted Ali Bongo to end the Bongo family's six-decade rule -- is hoping to boost his popularity ahead of elections in 2025 or 2026. And energy sovereignty is a potential vote-winner.[...]

[S]ome West Africa oil players said the episode reflected new realities of operating in the region's petrostates, amid growing demands for energy security. Chad last year nationalized ExxonMobil's oil assets, while Equatorial Guinea is preparing to operate the US supermajor's Zafiro field from 2025.

29 Jan 24

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dontmean2bepoliticalbut · 2 years

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your-krazy-uncle-bob · 2 years

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The Left used to accuse imperialist, resource-hungry Yanquis in Washington of cutting selfish deals with illiberal dictatorships in Latin America to grab their natural resources.

How odd then that Joe Biden is now begging the despicable Maduro regime in Venezuela—corrupt, murderous, and anti-American—to produce more of its oil solely to send northward to America.

Biden is quite willing to ease sanctions and condone the human rights abuses of Maduro—if his dictatorship will just open its oil spigots before the November midterm elections.

Biden in 2020 campaigned on the supposed evil nature of the Saudi Arabian monarchy. Yet after vainly entreating Venezuela, Iran, and Russia, it was inevitable that Biden would once again supplicate the Saudis to pump more oil.

Biden even pleaded with OPEC to increase its output and thus lower the world price of energy—again before the midterm elections.

Biden, remember, has a bad habit of bragging that he lowered gas prices at the pump when the natural volatility of the petroleum markets leads to a fractional decrease. But once prices spike, he is utterly silent about his own role in limiting U.S. oil and gas output.

So, was it any surprise that the Saudis became the fourth non-democratic regime to refuse Biden’s entreaties? During the 2020 campaign, when gas prices were dirt cheap, and when then candidate Biden was demagoguing about ending fossil fuel, he opportunistically libeled the Saudis a “pariah” state.

Biden also claimed that his opponent Donald Trump had cozied up to these supposedly awful Saudi royals. That accusation was especially ironic given that Trump was the first American president who had no need for Saudi oil.

His administration had managed to make the United States the largest producer of gas and oil in history— precluding any energy dependence on illiberal regimes abroad.

Trump was the first U.S. president whose interest in Gulf State monarchies was not energy-driven.

Instead, he partnered with the Arab nations to end their hostilities with Israel. The ensuing Abraham Accords saw a historic thaw between the Jewish state and moderate Arab nations—given their shared worries about the unhinged Iranian theocracy.

The Saudis are enjoying the schadenfreude of seeing their former American critic now on his knees, demanding the purportedly dirty, polluting oil produced by a supposed “pariah” state.

In response to their “No,” a desperate Team Biden is getting nasty. Almost immediately the administration raised the idea of a pre-midterm retribution of suing the OPEC cartel as a price-rigging monopoly. It even maneuvered allies in Congress to take action to punish Riyadh for not playing the American pawn.

The American public is repelled as they watch Biden’s pathetic theatrics of global oil begging to help himself in the midterms. They are ashamed that their recently energy autonomous country is now imploring non-democratic regimes for every drop of their oil—to the extent of threatening former allies and coaxing current enemies.

More bizarre still, the public was once told that Biden and the Left wanted high energy prices.

Why else did Biden upon entering office cancel the Keystone Pipeline?

Did he not fulfill his green promises to the radical environmentalist Left by shutting down oil fields in the Arctic National Wildlife Refuge?

Did Biden not dutifully hector lending agencies, pensions funds, and money managers not to loan to, or invest in, oil and gas companies?

Did Biden not issue fewer new energy leases on federal lands than any prior president?

Was it not Biden on the eve of the Ukrainian war who jawboned the Europeans to reject the EastMed pipeline? That project was a much-needed joint effort by three of our closest allies—Greece, Israel, and Cyprus—to bring clean-burning natural gas to an energy-starved Europe.

In sum, did not Biden brag to the Left that he kept his campaign promises to strangle fossil fuels—both curbing supply and spiking prices—to hasten the “transition” to wind, solar, and batteries?

Why then is Biden humiliating Americans by playing the hard-nosed ugly American? Why is he demanding foreigners pump what we ourselves have in plentitude but will not fully produce?

The answer, of course, is raw politics.

Biden knows he wrecked the economy by deliberately surging oil prices in pursuit of the Left’s utopian green nightmare.

Or put another way—if it is a question of avoiding a historic midterm wipeout, Joe Biden will now do anything.

And that anything means all the human rights sermons about ostracizing “pariah” states like oil-rich Iran, Saudi Arabia, and Venezuela go out the window.

In winter 2021 Biden lectured us that fossil fuels were dirty obstacles to our green future.

As winter 2022-23 approaches, Biden believes he can strong-arm his enemies to send us more of such taboo energy that we won’t produce ourselves.

Good luck with all these utter absurdities.

(americangreatness.com)

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sataniccapitalist · 9 months

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ridenwithbiden · 5 months

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AND, IT'S ALREADY BEGUN.

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association-of-freed-people · 2 years

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I guess threatening Saudi Arabia didn’t help. Things gonna get real-er.

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hollywood-beverly-hills · 5 months

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