Bloomberg
Bloomberg
According to today's Bloomberg, the Biden admin is already releasing fuel from the Strategic Petro Reserve at a record pace. If so, they may be doing so illegally according to the act"s requirements. Of course, "legal" doesn't ever mean anything to Socialists. Nevertheless, if the article is accurate, but for yesterday's blip, it doesn't seem to be having much affect. That's what happens when you have nincompoops running a country. I guess we will never learn.
Re: Bloomberg
Releasing oil from the SPR has to follow a bidding process and it is not as easy as turning a few valve. However, following the process or even the laws doesn't seem to stop Team Biden.
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Bloomberg -- OPEC+ is focused on ensuring a steady supply of crude to global markets and isn’t targeting a specific price, Iraqi Oil Minister Ihsan Abdul Jabbar said Thursday.
The producer group aims to add all of the 400,000 barrels a day it has targeted for each month, and will review the pace of production hikes in the first quarter, the minister said at a press briefing in Baghdad.
Jabbar’s comments come amid concern that the Organization of Petroleum Exporting Countries and its allies are falling short of their pledged monthly increases, with several countries such as Angola and Nigeria struggling to meet targets. Consumer nations including the U.S. and India have called on the group to pump more to cool prices that have climbed almost 60% this year. < I believe that OPEC+ is already increasing production as fast as they can. Looks like several cartel member countries overstated their production capacity. My prediction is that OPEC+ will be out of spare capacity sometime in Q2 2022, three months earlier than their plan.
“OPEC policy is not about lowering or raising prices,” Jabbar told reporters. “Rather it’s about achieving stability in energy supplies. OPEC’s objective is to prevent prices from collapsing. There is no target to reach a certain price.”
OPEC+ is restoring production halted last year when the coronavirus crisis wiped out demand. Yet the alliance has been returning supplies only gradually, arguing that prudence is still merited as risks to global consumption remain.
Iraq aims to export 3.2 million barrels of crude a day in November from fields controlled by the central government. That will rise to 3.4 million a day in the first quarter as OPEC+ continues to roll back supply curbs, Jabbar said.
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Bloomberg -- OPEC+ is focused on ensuring a steady supply of crude to global markets and isn’t targeting a specific price, Iraqi Oil Minister Ihsan Abdul Jabbar said Thursday.
The producer group aims to add all of the 400,000 barrels a day it has targeted for each month, and will review the pace of production hikes in the first quarter, the minister said at a press briefing in Baghdad.
Jabbar’s comments come amid concern that the Organization of Petroleum Exporting Countries and its allies are falling short of their pledged monthly increases, with several countries such as Angola and Nigeria struggling to meet targets. Consumer nations including the U.S. and India have called on the group to pump more to cool prices that have climbed almost 60% this year. < I believe that OPEC+ is already increasing production as fast as they can. Looks like several cartel member countries overstated their production capacity. My prediction is that OPEC+ will be out of spare capacity sometime in Q2 2022, three months earlier than their plan.
“OPEC policy is not about lowering or raising prices,” Jabbar told reporters. “Rather it’s about achieving stability in energy supplies. OPEC’s objective is to prevent prices from collapsing. There is no target to reach a certain price.”
OPEC+ is restoring production halted last year when the coronavirus crisis wiped out demand. Yet the alliance has been returning supplies only gradually, arguing that prudence is still merited as risks to global consumption remain.
Iraq aims to export 3.2 million barrels of crude a day in November from fields controlled by the central government. That will rise to 3.4 million a day in the first quarter as OPEC+ continues to roll back supply curbs, Jabbar said.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group