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Oil Price Article: Why OPEC+ Didn’t Respond To U.S. Calls For More Oil
Posted on 12/29/21 at 11:12 am
Posted on 12/29/21 at 11:12 am
quote:
An ambition to provide the global oil market with clear guidance on future production plans and discipline in sticking to already agreed policies is the reason OPEC+ did not respond to U.S. calls to boost oil production, Russia’s Deputy PM and top OPEC+ negotiator Alexander Novak said.
In an interview with news outlet RBC, Novak explained that it was more important for the extended cartel to indicate how much oil it will be producing in the medium term as demand increases rather than boosting output in the near term in response to a large consumer’s call.
“We cannot secure fluctuating production,” Novak said. “Oil production companies must plan their investments ahead of time in order to secure production growth,” he added, noting that during the winter, there is usually a decline in the demand for oil.
‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”
U.S. President Joe Biden called on OPEC+ repeatedly to boost production by more than 400,000 bpd because prices at the pump were becoming too high for American drivers. When the calls failed to produce a response, Biden blamed OPEC+ for hurting poor working American families. This failed to work, too, which is when the Biden administration announced a release of up to 50 million barrels from the strategic petroleum reserve.
quote:
“Plans are for a total release of 50-60 million barrels,” he told RBC. “Of this, the U.S. will release about 30 million barrels in January and February. But the world consumes 36 billion barrels annually,” he explained, noting that in this context, the release of 50 or 60 million barrels will have only a temporary effect.
LINK
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Posted on 12/29/21 at 11:13 am to ragincajun03
It’s almost like it’s better when we rely on our own supply instead of the middle East. Who’d have known???
Posted on 12/29/21 at 11:18 am to ragincajun03
The gubment fricked up shutting down all our oil production and pipelines. If I was OPEC I wouldn’t have responded either.
Posted on 12/29/21 at 11:18 am to ragincajun03
quote:
‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”
U.S. President Joe Biden called on OPEC+ repeatedly to boost production by more than 400,000 bpd because prices at the pump were becoming too high for American drivers. When the calls failed to produce a response, Biden blamed OPEC+ for hurting poor working American families. This failed to work, too, which is when the Biden administration announced a release of up to 50 million barrels from the strategic petroleum reserve.
biden is a fricking idiot and so are every one of you stupid biden voters
This post was edited on 12/29/21 at 11:29 am
Posted on 12/29/21 at 11:19 am to ragincajun03
quote:
‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”
U.S. President Joe Biden called on OPEC+ repeatedly to boost production by more than 400,000 bpd because prices at the pump were becoming too high for American drivers. When the calls failed to produce a response, Biden blamed OPEC+ for hurting poor working American families. This failed to work, too, which is when the Biden administration announced a release of up to 50 million barrels from the strategic petroleum reserve.
Imagine doing everything you can to destroy domestic production in the name of "green energy" while begging enemy countries to boost their oil production.
Let's go Brandon 
Posted on 12/29/21 at 11:24 am to ragincajun03
I, for one, am ecstatic with paying double for gas in one short year.
A small price to pay for no mean tweets, collapsing our economy, run-away inflation, all while strengthing our enemies and making the US the laughing stock of the world.
A small price to pay for no mean tweets, collapsing our economy, run-away inflation, all while strengthing our enemies and making the US the laughing stock of the world.
Posted on 12/29/21 at 11:28 am to ragincajun03
quote:
‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”
Posted on 12/29/21 at 11:29 am to ragincajun03
This is either a really dumb move by Biden and demorats as a whole (most likely), or a well conceived plan by his globalist handlers to “level the global equity playing field”.
Posted on 12/29/21 at 11:29 am to ragincajun03
When Mexico is making all the decisions we should be making, you know there is a problem.
This post was edited on 12/29/21 at 11:30 am
Posted on 12/29/21 at 11:31 am to LZ83
quote:
The gubment fricked up shutting down all our oil production and pipelines. If I was OPEC I wouldn’t have responded either.
Trump handed out permits like Mardi Gras on the way out. The process from getting oil out of the ground to consumer is capital intense and does not react well to supply shocks.
Work from home killed oil demand and drove up supply to almost 100% capacity. Drilling stopped almost immediately and only picked up this year.
What Biden is doing is adding political risk to oil and gas production as nobody knows what nonsense is going to come out of this administration.
Posted on 12/29/21 at 11:33 am to ragincajun03
quote:
For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”
We are the laughing stock of the world.
Posted on 12/29/21 at 11:35 am to ragincajun03
quote:
We cannot secure fluctuating production,” Novak said. “Oil production companies must plan their investments ahead of time in order to secure production growth,” he added, noting that during the winter, there is usually a decline in the demand for oil.
Their Communists know more about business than our Communist
Posted on 12/29/21 at 11:36 am to ragincajun03
Imagine cancelling a huge pipeline project your first week in office then begging the Russian and Moslem regimes for oil.....
Posted on 12/29/21 at 11:38 am to ragincajun03
Posted on 12/29/21 at 11:39 am to ragincajun03
quote:
‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production
We all know the reason. They are deliberately turning this place into a socialist utopia and one of the steps is reducing domestic oil production so (a) oil-related workers have to rely on the gov't for income; (b) we all have to rely on the gov't for our energy; (c) we all have less disposable income and need gov't help more in general.
Posted on 12/29/21 at 11:40 am to ragincajun03
quote:
‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”
Is this true, or is the Russian official full of shite?
Posted on 12/29/21 at 11:45 am to KamaCausey_LSU
quote:
Is this true, or is the Russian official full of shite?
Well, it has pretty much been the story for a while now. You can't continually make decisions to undermine our own production and then not expect to be laughed at when you beg other countries to prop up your supply. That part isn't debatable, and it sure isn't some Russian propaganda play.
Posted on 12/29/21 at 12:00 pm to The Goon
quote:
Trump handed out permits like Mardi Gras on the way out. The process from getting oil out of the ground to consumer is capital intense and does not react well to supply shocks.
Work from home killed oil demand and drove up supply to almost 100% capacity. Drilling stopped almost immediately and only picked up this year.
What Biden is doing is adding political risk to oil and gas production as nobody knows what nonsense is going to come out of this administration.
It almost never fails that the most sensible posts are met with crickets.
Thanks for providing a bit of perspective to the thread. I don't think a lot of people on this board realize that when oil futures went negative last year, it wasn't necessarily a good thing.
Posted on 12/29/21 at 12:29 pm to LZ83
quote:
The gubment fricked up shutting down all our oil production and pipelines.
Uhh...while I despise Biden's sentiment and policies targeting the oil & gas industry, the government never shut down all our oil production and pipelines. Statements like this make you look as ignorant as the Greenpeace idiots.
Posted on 12/29/21 at 12:30 pm to The Goon
quote:
Work from home killed oil demand and drove up supply to almost 100% capacity.
Yep.
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