Crude oil prices rose by roughly a percent on Friday morning on news that Russia was considering a production cut.
Brent crude oil prices rose by 0.85% on Friday morning to $76.80 at 10:20 a.m. ET, after Russian President Vladimir Putin succinctly referred to the West’s price cap as “stupid”, threatening to cut oil production in retaliation.
Russia Balks At “Stupid” Oil Price Cap, Mulls Production Cut
Tag: Oil Prices
The Era Of Cheap Oil Has Come To An End
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:
U.S. Begins SPR Repurchase Program As Oil Prices Crash
The U.S. EIA reported that 4.7 million barrels of crude oil left the Strategic Petroleum Reserves in the week ending December 9, but now the United States has started the process of refilling the nation’s SPR.
U.S. Begins SPR Repurchase Program As Oil Prices Crash
Matthew Hoh: War is a cancel culture
YouTube: Scheer Intelligence: War is a Cancel Culture
Related:
The U.S. Is Drowning in Pretend Patriotism
Washington’s “Farewell Address” to the new nation was a warning about the threat of American imperial ambitions and a declaration of his high expectations for a republic of free men: “In offering to you, my countrymen, these counsels of an old and affectionate friend, I dare not hope they will make the strong and lasting impression I could wish; that they will control the usual current of the passions, or prevent our nation from running the course which has hitherto marked the destiny of nations. But, if I may even flatter myself, that they may be productive of some partial benefit, some occasional good; that they may now and then recur to moderate the fury of party spirit, to warn against the mischiefs of foreign intrigue, to guard against the impostures of pretended patriotism. …”
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But recognize that you have shamed the legacy of our first president. George Washington, who distinguished the promise of the new world from the corruptions of the old by shunning imperial conquest, said: “Our commercial policy should hold an equal and impartial hand; neither seeking nor granting exclusive favors or preferences; consulting the natural course of things; diffusing and diversifying by gentle means the streams of commerce, but forcing nothing.”
Vote on Yemen war powers imminent in the Senate
The expedited measure that would end the U.S. role in the war in Yemen and alter Washington’s relationship with Saudi Arabia.
Vote on Yemen war powers imminent in the Senate
Washington’s Oil Supply Spat With Saudi Arabia Could Backfire
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
The EU’s Embargo On Russian Oil Will Be A Boon For OPEC
The EU’s Embargo On Russian Oil Will Be A Boon For OPEC
- The current oil market climate is complex, to say the least.
- Europe is preparing to enact its embargo on Russian oil and refiners are scrambling for alternatives.
- Many searching for new sources of crude have landed on Middle Eastern producers as a potential alternative.
Eni CEO: Europe Will Have To Rely On U.S. Oil To Replace Russian Supply
Europe is set to increase its reliance on oil imports from the United States after the EU embargo on Russian seaborne crude imports enters into force in early December, Claudio Descalzi, chief executive of Italy’s energy group Eni, told Bloomberg in an interview on Monday.
Eni CEO: Europe Will Have To Rely On U.S. Oil To Replace Russian Supply
US Set to Delay Russian Oil Price Cap Announcement Until After Midterms, Reports Suggest
The Biden administration intends to delay setting a price cap on Russian oil until after the November 8 midterms amid concerns that the fallout could weigh on Democrats’ standing in the upcoming vote, American media reported on Friday, citing sources.
Contingency planning, negotiations on price both within the administration and with allies, as well as the OPEC+ production cut have also contributed to the delay, the report said.
US Set to Delay Russian Oil Price Cap Announcement Until After Midterms, Reports Suggest
U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.
After Saudi leaders pushed to slash oil production despite a visit by President Biden, administration officials have been left fuming that they were duped.
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“I keep listening to, ‘Are you with us or against us?’ Is there any room for, ‘We are for Saudi Arabia and the people of Saudi Arabia’?” he said. “We will have to deliver our ambitions.”
U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.
Ms. Cat’s Chronicles 
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