• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days Energy Armageddon
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 11 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 11 days Wind droughts
  • 3 days Goldman Betting on Cryptocurrencies
  • 11 days Putin and Xi Bet on the Global South
Why Is The U.S. Losing Oil Refining Capacity?

Why Is The U.S. Losing Oil Refining Capacity?

U.S. oil refining capacity has…

The Diesel Crisis Is Going Global

The Diesel Crisis Is Going Global

Diesel inventories across the globe…

What’s Behind The New OPEC Agreement?

The OPEC+ group managed to come to an agreement on Sunday regarding the production cuts that would add another 400,000 barrels per day into the oil market starting in August, according to an OPEC press release, despite conflict among some members such as UAE, which was holding out for a higher baseline.

The group will add another 400,000 barrels per day to oil output in September and every month thereafter until production levels have been completely restored. If the production additions go to schedule, full production will be restored by September 2022, although the deal has officially been extended until December 2022. OPEC+ will still continue to meet on a monthly basis and OPEC+ will review the state of the market in December and could make changes to output levels if it deems this is necessary.

OPEC+’s 19th OPEC and non-OPEC ministerial meeting was announced on Saturday. The meeting was held on Sunday, and the agreement was quickly reached—despite a heated debate between UAE and Saudi Arabia regarding the baseline limit of 3.168 million bpd that was previously set for the UAE. While UAE held out for a higher baseline of 3.8 million bpd—the baseline being the basis for establishing each member’s production quotas—Saudi Arabia’s more cautious approach to production levels had stalled OPEC talks.

But a compromise was reached between Saudi Arabia and UAE last week, ultimately paving the way for an OPEC+ agreement to come together.

The ultimate result was an adjustment to baselines used in the calculations of the production adjustments for five members, including the UAE (3.5 million bpd), Iraq (4.803 million bpd), Kuwait (2.959 million bpd), and Saudi Arabia and Russia (11.5 million bpd each).

The 20th OPEC and non-OPEC Ministerial Meeting will be held on September 1, 2022.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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