OPEC+ is basically out of spare capacity
Posted: Fri May 06, 2022 5:15 pm
OilPrice.com
OPEC+ Rubberstamps Another 432,000 b/d Deal. In a meeting that lasted only 13 minutes, OPEC+ countries have agreed to increase their June 2022 production target by 432,000 b/d, avoiding any talk about sanctions on Russia and indicating global supply/demand picture is more or less balanced.
Another week has passed with the European Union unable to agree on a comprehensive oil embargo on Russian crude, hindered by internal disagreements on the timeline of the phasing out. Should the draft see adoption, we might be in for another supply squeeze as OPEC+ has clearly indicated it values consistency over abrupt moves. Should the United States push forward with its NOPEC bill, the willingness of the oil group to satiate global demand might fall even further.
We have idiots in Washington
US Senate Committee Passes NOPEC Bill. A US Senate committee passed the NOPEC bill that was presented with bipartisan support, potentially revoking the sovereign immunity protecting OPEC countries and Middle Eastern NOCs from lawsuits, as high gasoline prices and inflation compel US lawmakers to take more aggressive action.
OPEC+ Rubberstamps Another 432,000 b/d Deal. In a meeting that lasted only 13 minutes, OPEC+ countries have agreed to increase their June 2022 production target by 432,000 b/d, avoiding any talk about sanctions on Russia and indicating global supply/demand picture is more or less balanced.
Another week has passed with the European Union unable to agree on a comprehensive oil embargo on Russian crude, hindered by internal disagreements on the timeline of the phasing out. Should the draft see adoption, we might be in for another supply squeeze as OPEC+ has clearly indicated it values consistency over abrupt moves. Should the United States push forward with its NOPEC bill, the willingness of the oil group to satiate global demand might fall even further.
We have idiots in Washington
US Senate Committee Passes NOPEC Bill. A US Senate committee passed the NOPEC bill that was presented with bipartisan support, potentially revoking the sovereign immunity protecting OPEC countries and Middle Eastern NOCs from lawsuits, as high gasoline prices and inflation compel US lawmakers to take more aggressive action.