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OPEC+ rolls over oil policy, ditches US government data
Posted on 2/3/25 at 9:20 am
Posted on 2/3/25 at 9:20 am
quote:
LONDON (Reuters) -OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government's Energy Information Administration from the sources used to monitor its production and adherence to supply pacts.
OPEC+ and Donald Trump clashed repeatedly during his first administration in 2016-2020 when the U.S. President demanded it raise production to compensate for the drop in Iranian supply, which resulted from U.S. sanctions.
Trump has already called on OPEC to release more oil to bring down prices since returning to the White House, saying elevated prices have helped Russia continue the war in Ukraine.
At an online meeting on Monday, a group of top OPEC+ ministers made no change to the output hike plan and changed the list of consultants and other firms it uses to monitor its production, known as secondary sources.
quote:
One OPEC+ source said that the removal of EIA data was because the agency was not providing communication on the information required and was not driven by politics. The U.S. government did not immediately respond to a request for comment.
quote:
In December, OPEC+ extended its latest layer of cuts through the first quarter of 2025, pushing back a plan to begin raising output to April. The extension was the latest of several delays due to weak demand and rising supply outside the group.
Based on that plan, the unwinding of 2.2 million bpd of cuts - the most recent layer - and the start of an increase for the United Arab Emirates, begins in April with a monthly rise of 138,000 bpd, according to Reuters calculations.
The hikes will last until September 2026.
LINK
Sounds like the Saudis/OPEC isn’t ready to flood the market.
4
Posted on 2/3/25 at 9:21 am to ragincajun03
Saudis like the smell of sweaty penis
Posted on 2/3/25 at 9:25 am to ragincajun03
Posted on 2/3/25 at 9:30 am to ragincajun03
It seems Trump feels once again he can beat the game of balance between inflation, spending cuts, tax cuts and economic growth by flooding the market with our oil.. it will drop prices as demand fluctuates with new supplies.. he was working towards that first term but it’s one of those short term pain, long term gain for the oil industry. OPEC doesn’t seem to fond of his strategy but that’s to be expected.
Posted on 2/3/25 at 11:44 am to TROLA
Yup yup yup
Posted on 2/3/25 at 11:59 am to TROLA
quote:
It seems Trump feels once again he can beat the game of balance between inflation, spending cuts, tax cuts and economic growth by flooding the market with our oil.. it will drop prices as demand fluctuates with new supplies.. he was working towards that first term but it’s one of those short term pain, long term gain for the oil industry. OPEC doesn’t seem to fond of his strategy but that’s to be expected.
Well, you want oil to live above 60 but below 90. And don’t get me wrong, you’re still printing money at 90, but gas gets up over $3.50 a gallon, it starts to pinch. It hits a hundred, every product in America has to readjust its price. $78 a barrel, that’s about perfect. You know, brings enough profit to keep exploring, but it don’t sting as much at the pump.
This post was edited on 2/3/25 at 11:59 am
Posted on 2/3/25 at 12:26 pm to Cosmo
If Tommy wouldn’t wear that silly straw hat all the time, the cartel might respect him more.
Posted on 2/3/25 at 12:33 pm to TROLA
Does that explain why he drilled less than his successor?
Posted on 2/3/25 at 1:59 pm to cubsfan5150
quote:
Does that explain why he drilled less than his successor?
Price and profit margin dictated that, not any government edict. It boomed during Obama before Obama realized what was happening. The problem is the more profitable refined products doesn't come from intermediate or light crude oils
Posted on 2/3/25 at 2:44 pm to CitizenK
So Obama and Biden both “drilled, drilled, drilled, baby?”
Posted on 2/3/25 at 3:18 pm to cubsfan5150
They had no say. Private companies did what would make money for them almost all is on private land.
Posted on 2/3/25 at 4:22 pm to ragincajun03
They require funding for their social programs. No producers, including those in the US, are ready to overproduce.
Posted on 2/3/25 at 5:01 pm to cubsfan5150
quote:
So Obama and Biden both “drilled, drilled, drilled, baby?”
Obama and Biden (or Biden’s handlers) knew that $4/gallon gasoline doesn’t yield good midterm election results for the party in power.
It was more like “Look the other way, baby, look the other way” under their administrations.
Posted on 2/3/25 at 8:06 pm to Cosmo
quote:
Well, you want oil to live above 60 but below 90. And don’t get me wrong, you’re still printing money at 90, but gas gets up over $3.50 a gallon, it starts to pinch. It hits a hundred, every product in America has to readjust its price. $78 a barrel, that’s about perfect. You know, brings enough profit to keep exploring, but it don’t sting as much at the pump.
Thought I was on Movie/TV board for a second lol
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