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OPEC+ Considering Additional 1 Million Barrel Oil Production Cut Amid Outrage Over Gaza War
OPEC+ Considering Additional 1 Million Barrel Oil Production Cut Amid Outrage Over Gaza War Two days ago, JPMorgan’s head of energy strategy Christyan Malek warned that amid the recent plunge in oil prices, driven as much by shorting CTAs (who today are in full-blown short squeeze panic mode) as the BIden admin, the oil market was underestimating the chances […]
OPEC+ Discussing 1 Million Bpd Output Cut
OPEC+ Discussing 1 Million Bpd Output Cut Oil prices were trading up on Friday afternoon as shorts got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts. The OPEC+ group is scheduled for three separate meetings beginning this weekend and concluding […]
Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos
Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos Earlier this month, former NY Fed repo guru Zoltan Pozsar wrote one of his most important reports of 2022, in which he described how Putin could unleash hell on the Western financial system by demanding that instead of dollars, Russian oil exporters are paid in gold, […]
Zoltan Pozsar: Gold At $3,600 Is Not Improbable If US Refill Reserves With Russian Oil
Zoltan Pozsar: Gold At $3,600 Is Not Improbable If US Refill Reserves With Russian Oil In his latest dispatch, Credit Suisse contributor Zoltan Pozsar shifted focus on his ongoing series about Bretton Woods III where commodities will dictate the new world order. Instead, the author zeroed in on the depleting Strategic Petroleum Reserve (SPR) of the United […]
OPEC+ Keeps Oil Production Unchanged, Maintains 2MMb/d Output Cut After Launch Of Russia Price Cap
OPEC+ Keeps Oil Production Unchanged, Maintains 2MMb/d Output Cut After Launch Of Russia Price Cap Two weeks ago, oil tumbled after the WSJ reported a fake news hit piece quoting “delegates” who “said” that Saudi Arabia was preparing for a 500K oil production hike. We quickly countered that this was ridiculous and if anything OPEC+ would seek […]
UAE Plans $150 Billion Spending Spree To Boost Oil Output To 5MM Barrels By 2027
UAE Plans $150 Billion Spending Spree To Boost Oil Output To 5MM Barrels By 2027 With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming on line, and yet that’s precisely what the a core gulf hub is proposing. According […]
Saudis Sought Oil Production Cut So Deep It Surprised Even Russia
SAUDIS SOUGHT OIL PRODUCTION CUT SO DEEP IT SURPRISED EVEN RUSSIA OPEC+ slashed oil production following a Saudi pressure campaign that experts say aims to hurt Democrats in the midterms. THE SAUDI-LED oil cartel OPEC+’s announcement earlier this month that it was cutting 2 million barrels of oil per day — a move that would drive […]
NOPEC Bill Won’t Bring Oil Prices Down
NOPEC Bill Won’t Bring Oil Prices Down Washington responded angrily to OPEC+’s decision to cut output. U.S. legislators have suggested the introduction of a bill called NOPEC in order to reduce OPEC’s power. NOPEC could send oil prices higher and end the dominance of the petrodollar. “Nobody f*cks with a Biden,” said the U.S. president, […]
OPEC announces the biggest cut to oil production since the start of the pandemic
OPEC announces the biggest cut to oil production since the start of the pandemic OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, […]
War Breaks Out As “OPEC+ Takes On The Entire West”
War Breaks Out As “OPEC+ Takes On The Entire West” This time, it’s war. One day after we wrote that “OPEC Is Taking On The Fed“, the oil cartel did just that when it announced that it was cutting output by 2mmb/d the despite a furious diplomatic campaign by the White House hoping to avoid […]
An Oil Supply Shock May Be Imminent
An Oil Supply Shock May Be Imminent Oil demand has remained resilient in the face of a multitude of challenges. OPEC+ has fallen behind more than 3.5 million bpd on its output goals. The DoE has no immediate plans to start refilling the SPR. The risk of a supply shock grows as China’s economy re-opens […]
Energy Shock
ENERGY SHOCK The world is in energy shock. European imported coal prices increased 421% before Russia invaded Ukraine. German electric power price increased 518%. European natural gas jumped 765% and Asian spot LNG, 957%. Since then, it’s gotten even worse. U.K. natural gas futures price has increased +$99.86 (+574%) from $17.41 to $117.27 per mmBtu […]
Saudi Prince Delivers a Message About the Second Cold War
SAUDI PRINCE DELIVERS A MESSAGE ABOUT THE SECOND COLD WAR Saudi Prince Abdulaziz bin Salman (ABS) said this week that OPEC+ may need to cut oil production. This may be necessary, he said, to correct problems in the market because “the paper and physical markets have become increasingly more disconnected.” This is rhetorical theater. It has no real […]
Desperation And Austerity Hit Global Energy Markets
Desperation And Austerity Hit Global Energy Markets We are starting to see the makings of energy curtailments in Europe – an exceedingly unpopular step that governments would be unlikely to take if there were any other choice, highlighting the acute desperation that exists over oil and gas supplies. Another signal of this desperation is Biden’s […]
Russia’s Oil Output Could Peak In 2023
Russia’s Oil Output Could Peak In 2023 There are growing doubts as to whether Russia can grow petroleum production to the volumes forecast by Moscow. The world’s third-largest oil producer’s output will continue growing, peaking at 12.2 million barrels per day by mid-2023, according to Rystad Energy. A combination of extreme climate, rising depletion rates […]
