{"id":60599,"date":"2021-11-22T10:56:47","date_gmt":"2021-11-22T15:56:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60599"},"modified":"2021-11-22T10:56:47","modified_gmt":"2021-11-22T15:56:47","slug":"opec-reportedly-threatening-response-to-global-coordinated-spr-release","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60599","title":{"rendered":"OPEC+ Reportedly Threatening Response To Global Coordinated SPR Release"},"content":{"rendered":"
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OPEC+ Reportedly Threatening Response To Global Coordinated SPR Release<\/a><\/h3>\n<\/header>\n
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In an apparent ‘threat’ response to headlines suggesting the Biden administration is attempting to coordinate a global SPR release to push down oil prices (and following reports from Japanese media that the government is preparing to\u00a0release crude\u00a0from its strategic stockpiles), the Riyadh-based International Energy Forum said\u00a0OPEC+ may change its plan for raising oil output if consuming nations sell petroleum reserves or the coronavirus pandemic worsens.<\/strong><\/p>\n

\u201cI anticipate OPEC+ energy ministers will maintain their current plan of adding more supplies to the market gradually,\u201d IEF Secretary-General\u00a0Joseph McMonigle\u00a0said in a statement Monday after a meeting with a Japanese foreign ministry official about recent volatility in energy markets.<\/p>\n

\u201cHowever, certain unforeseen external factors such as a release of strategic reserves or new lockdowns in Europe may prompt a reassessment of market conditions.\u201d<\/strong><\/p><\/blockquote>\n

Critically, this confirms much of what we have written about how any coordinated SPR release (however unlikely that is in and of itself<\/a>) that any increase in supply will be met by action from OPEC+ moving to not hike outputs as previously planned –\u00a0thus perhaps helping prices in the short-term, but raising them longer-term.<\/strong><\/a><\/p>\n

For now, oil traders are undecided at what this news means…<\/p>\n

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For now we expect gas prices to drop in the short-term as the lag in the supply-chain from crude to the pump implies some built-in reduction…<\/p>\n

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But, if OPEC+’s threat response plays out with higher prices, those lower gas prices will prove ‘transitory’.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC+ Reportedly Threatening Response To Global Coordinated SPR Release In an apparent ‘threat’ response to headlines suggesting the Biden administration is attempting to coordinate a global SPR release to push down oil prices (and following reports from Japanese media that the government is preparing to\u00a0release crude\u00a0from its strategic stockpiles), the Riyadh-based International Energy Forum said\u00a0OPEC+ […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[2026,328,2030,589,596,25704,10334,9019],"class_list":["post-60599","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-consumer-prices","tag-fossil-fuels","tag-gas-price","tag-oil-demand","tag-oil-supply","tag-opec-2","tag-spr","tag-strategic-petroleum-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60599"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60599\/revisions"}],"predecessor-version":[{"id":60600,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60599\/revisions\/60600"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}