Oil Falls Further On EIA Inventory Report
The Department of Energy provided some support for prices with an update from Energy Secretary Granholm, who said the department still planned to begin refilling the strategic petroleum reserve later this year, although she did not provide any specifics.
When Emmanuel Macron complained to Biden that the Inflation Reduction Act will hurt European businesses I made fun of him. I made fun of all the European politicians who complained about the IRA because, really, it has always been pathetic to assume someone other than yourself should take care of you and your strategic interests because you’re friends.
This is not a race (original)
It’s one of my thousands of favourite Pratchett quotes and, for a change, it is a quote by a baddie, who sincerely believes that the above makes lies more powerful than the truth. He is, of course, eventually proven wrong, much to his astonishment, and justice triumphs.
Truth’s boots
In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular thing for the cartel. Meanwhile, the United States federal government needs to buy some oil for its strategic petroleum reserve after releasing close to 200 million barrels from it this year as a way of countering fuel price inflation. Yet U.S. drillers are not in a rush to boost production. On the contrary, it seems production growth has lost its place among these companies’ top priorities.
The Era Of Cheap Oil Has Come To An End
Previously:
Three weeks ago, President Joe Biden threatened Saudi Arabia with “consequences” after the kingdom that is the de facto leader of OPEC supported a decision to reduce oil production by about 1 million barrels.
Washington’s Oil Supply Spat With Saudi Arabia Could Backfire
Diesel Crisis Deepens As Inventories Fall To Dangerous Levels
Yet right now, U.S. buyers are snapping up diesel cargos from Europe in a way similar to how Europe has been snapping up LNG cargos originally meant for Asian destinations. And supply is not going up fast enough because there is not enough refining capacity for it to go up fast enough or even meaningfully enough. And this spells a lot more trouble for both Europe and the U.S., especially in the inflation department.
Oct 16, 2022 – EU sanctions on Russia seem to be hitting the EU economy most but this may be just part of the plan to win.
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Slav’s Energy Stand-Up: Sanctions work – Irina Slav
I chuckled at the end! I love satire!
Ms. Cat’s Chronicles 
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