44 minsThe White House Is In A Panic To Stop The OPEC+ Production Cut
10 hoursOil Prices Rise As API Reports Surprise Crude, Gasoline Draws
12 hoursU.S. Shale Won’t Fill Gap If OPEC+ Cuts Oil Production
13 hoursIranian Rial Plunges To Record Low
14 hoursUK Blocks Russia From Purchasing Array Of Services From British Firms
15 hoursShell, Aramco: There’s No Quick Fix For Tight Oil Market
15 hoursShell CEO Calls For Higher Taxes To Protect Consumers
16 hoursU.S. Supreme Court Throws Out Case Between Russian Oil Company And Ukraine
17 hoursHere’s How The U.S. Wants To Structure The Russian Oil Price Cap
19 hoursSaudi Aramco: The Oil Market Is Ignoring Supply Fundamentals
22 hoursOil Analyst: Prices Will Climb Over The Next 9 Months
23 hoursU.S. And Mexico Extend Energy Discussions After Failing To Resolve Dispute
1 dayAustralia’s Lithium Production And Profits Are Soaring
1 dayHouthis Warn Oil Firms To Leave Saudi Arabia And The UAE
2 daysIEA: Global Gas Markets To Remain Tight Through 2023
2 daysChina Is Reselling U.S. LNG To Europe For Big Profits
2 daysKazakhstan Pins Wave Of Cyberattacks On Foreign Actors
2 daysNatural Gas Futures Slide 6% On Weaker Than Expected Demand
2 daysThere Is A “Significant Risk” Of Gas Shortages In The UK This Winter
2 daysThe EU Could Agree On A Russian Oil Price Cap Today
2 daysNorway Deploys Soldiers To Guard Oil And Gas Assets After Nord Stream Sabotage
2 daysEni In Talks With Gazprom To Restart Russian Gas Supply
2 daysRefiners Expect Saudi Arabia To Raise Oil Prices For Asia In November
2 daysEni Sounds The Alarm Over Further Russian Gas Disruptions
5 daysGas Stations in France Running On Empty As Strikes Enter Fourth Day
5 daysOPEC Raises Oil Production To Highest Level In Years
5 daysU.S. Only Lifted Oil Production By 12,000 Bpd In July
5 daysExxon Tells U.S. Administration Fuel Export Curbs Will Raise Gasoline Prices
5 daysEU Plans More Sanctions Against Russia
5 daysChina's Largest Fuel Export Quota Of 2022 Could Spark Oil Demand Growth
5 daysActivist Investor: Shell Must Do More To Curb Emissions
5 daysGermany’s Energy Supply Situation Is ‘Extremely Tense’
5 daysRussian Oil And Fuel Exports Slump In September
5 daysTurkStream Pipeline Has License Revoked As New Sanctions Come Into Effect
6 daysKremlin Calls Nord Stream Attacks State-Sponsored “Terrorism”
6 daysU.S. Planning New Sanctions On Iran’s Oil Sales
6 daysEDF Plans To Extend Lifespan Of Two UK Nuclear Power Projects
6 daysQatar Says Soaring Prices Have Forced Europe To U-Turn On Green Energy Ambitions
6 daysIEA: LNG Market To Be Even Tighter In 2023
6 daysEurope’s Diesel Crunch Is Set To Worsen
4 minutesEnergy Armageddon
6 minutes"How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
12 minutes"Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
15 hoursGREEN NEW DEAL = BLIZZARD OF LIES
1 dayIs Europe heading for winter of discontent with extensive gas shortages?
55 mins"False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
2 days""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
2 hoursWind droughts
7 daysKazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
18 hours"Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
3 daysXi Is Set To Be Re-Elected As China’s Leader
11 daysOil Prices Fall After Fed Raises Rates
2 days87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
1 dayAustralian power prices go insane
1 dayEuropeans and Americans are beginning to see the results of depending on renewables.
13 daysOil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
As Phase 3 of COVID rages globally, the UAE, Kuwait, and Iraq are uncertain about extending OPEC oil production cuts into 2021, which means that come November, the OPEC deal could come into question despite the clear demand lag amid a pandemic that shows no sign of letting up. This throws a wrench into efforts to rebalance the market, and even though Saudi Arabia, and even at-times-hesitant Russia, appear ready to continue 7.76 million bpd of cuts into the New Year, Iraq has always been an outlier, and now even UAE and Kuwait are having second thoughts thanks to debilitating budget deficits.
In April, the UAE was pumping 3.9 million bpd. Now it’s pumping less than 2.6 million bpd. Kuwait is producing just under 2.3 billion bpd, down from around 3.1 million bpd prior to the OPEC cuts. Iraq definitely can’t handle the cuts, and is counting on a pass entirely for 2021. Yet on Friday, Iraq threw official support behind any OPEC+ unanimous decision on the production cuts.
By November, a time of massive uncertainty over U.S. presidential elections and the economic scourge of a resurgent pandemic, OPEC may add to oil’s woes.
As it stands, OPEC+ is hoping to “relax” production cuts to 5.8 million bpd in January, but the Saudis and Russians have also made it clear that they will consider demand implications before making that decision. And for now, with the ‘third wave’ of COVID ravishing the U.S. and Europe, and…
As Phase 3 of COVID rages globally, the UAE, Kuwait, and Iraq are uncertain about extending OPEC oil production cuts into 2021, which means that come November, the OPEC deal could come into question despite the clear demand lag amid a pandemic that shows no sign of letting up. This throws a wrench into efforts to rebalance the market, and even though Saudi Arabia, and even at-times-hesitant Russia, appear ready to continue 7.76 million bpd of cuts into the New Year, Iraq has always been an outlier, and now even UAE and Kuwait are having second thoughts thanks to debilitating budget deficits.
In April, the UAE was pumping 3.9 million bpd. Now it’s pumping less than 2.6 million bpd. Kuwait is producing just under 2.3 billion bpd, down from around 3.1 million bpd prior to the OPEC cuts. Iraq definitely can’t handle the cuts, and is counting on a pass entirely for 2021. Yet on Friday, Iraq threw official support behind any OPEC+ unanimous decision on the production cuts.
By November, a time of massive uncertainty over U.S. presidential elections and the economic scourge of a resurgent pandemic, OPEC may add to oil’s woes.
As it stands, OPEC+ is hoping to “relax” production cuts to 5.8 million bpd in January, but the Saudis and Russians have also made it clear that they will consider demand implications before making that decision. And for now, with the ‘third wave’ of COVID ravishing the U.S. and Europe, and more lockdowns imminent (particularly in Germany and France, for starters), this downward production cut revision may not be feasible. Additionally, any demand recovery in U.S. oil and gas production would further upset these plans.
A return to the market of Libyan production, however, does not seem to be a major cause of concern for Gulf nations, or OPEC+ at large, with speculation largely that Libya will not be capable of extensively increasing its production by November (or January, for that matter) amid a political conflict that is not likely to be resolved to a state of stability.
To access this exclusive content...
Select your membership level below
COMMUNITY MEMBERSHIP
(FREE)
Full access to the largest energy community on the web
