• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 24 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 10 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 11 days Goldman Betting on Cryptocurrencies
  • 14 days Сryptocurrency predictions
U.S. Shale Growth To Disappoint In 2023

U.S. Shale Growth To Disappoint In 2023

Although shale output is growing…

Oil Analysts Are More Divided Than Ever

Oil Analysts Are More Divided Than Ever

Oil analysts appear to be…

Editorial Dept

Editorial Dept

More Info

Premium Content

Why OPEC’s Plan To Pump More Crude Won’t Rescue The Market

U.S. West Texas Intermediate crude oil futures are edging higher in a mixed trade on Friday. Pressuring prices early in the session was OPEC+’s decision to raise production targets slightly more than planned. Nonetheless, the market remains underpinned by tight global supply and rising demand due to China’s easing of COVID restrictions.

The U.S. benchmark is on track for a sixth weekly gain on tight U.S. supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers.

Expectations that supply will stay tight is underpinning prices early Friday. This is probably because OPEC and its allies under-delivered.

OPEC+ divided its output increase across its members and still included Russia, whose output is falling due to sanctions and some buyers avoiding its oil over the invasion of Ukraine, suggesting the boost will undershoot the level that the market needs to overcome the supply shortage.

Heightened Volatility is New Theme

Today’s relatively calm trade is a stark contrast to Thursday’s volatile session that saw prices soar more than 1% following early weakness after U.S. crude inventories fell more than expected amid high demand for fuel. Thursday’s rally took place despite OPEC+’s agreement to boost crude output to compensate for a drop in Russian production.

Market Starts Week on Strong Note

U.S. West Texas Intermediate crude oil futures opened the week sharply higher…

Leave a comment
  • John de speville on June 18 2022 said:
    Very soon the corrupt OPEC oil cartel will need to be rescued from their own greed when most country turn to cheaper renewable.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News