Jennifer
Martinez
Hart Energy
Saudi Aramco to Maintain Full Oil Supplies to Asia Despite OPEC+ Cuts
Saudi Aramco is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, sources said.
US Sells Oil from Emergency Reserve to Marathon, Equinor, Others
First offered in September, the sale was part of President Joe Biden’s previously announced plan to sell 180 million barrels of oil from the reserve to fight high petroleum prices after Russia's invasion of Ukraine.
Natural Gas and Putin’s Trap: Let Them Eat Cake
Germany and the EU took Russia’s bait and sprung Putin’s 20-year trap—and the global food supply is caught in the web with them, according to veteran natural gas market expert and Mercator Energy president, John Harpole.
Oil Output Cuts Free Up Capacity in Case of Crises, OPEC Head Says
“This was not a decision from one country against another, and I want to be clear in saying this, and it’s not a decision from two or three countries against a group of other countries,” OPEC Secretary-General Haitham al-Ghais said of the group’s output cut deal.
US Eyeing ‘Alternatives’ after OPEC+ Oil Output Cut, Biden Says
“The trip was about the Middle East and about Israel and ... rationalization of positions,” Biden said of his summer trip to Saudi Arabia. “But it is a disappointment,” he added of the OPEC+ decision, and indicates problems.
Goldman Raises Oil Price Forecasts on ‘Very Bullish’ OPEC+ Cuts
If the latest reduction in output by OPEC+ is sustained through December 2023, it would amount to $25/bbl upside to their Brent forecast, with potential for price spikes even higher should inventories fully deplete, Goldman Sachs said.
Why Russia Stands to Gain Most from OPEC+ Oil Output Cuts
Washington accused OPEC of siding with Russia and called the decision short-sighted saying the world was already suffering from high energy costs due to Russia’s invasion of Ukraine.
Saudi Arabia Leaves November Arab Light Crude OSP to Asia Unchanged
Price hike was expected after the announcement to cut output by 2 MMbbl/d.
OPEC+ Oil Output Cut Ahead of Winter Fans Inflation Concerns
The OPEC+ cut has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices will hurt the fragile global economy and hinder efforts to deprive Moscow of oil revenue following Russia's invasion of Ukraine.
Biden Disappointed by OPEC+ Cut, More SPR Oil Releases Possible
The White House is also worried about the cut cementing Saudi Arabia’s closer cooperation with Russia, also a member of OPEC+, as oil revenues fund Moscow’s war machine in Ukraine.