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Oil Market Keeps Getting Stronger as Prices Blow Through $92
https://www.bloomberg.com/news/artic...as-wti-tops-90
Big oil rolling in cash at these prices
Aramco Plans To List Additional $50 Billion In Shares
https://oilprice.com/Energy/Energy-G...In-Shares.html
Oil Market Keeps Getting Stronger as Prices Blow Through $92
https://www.bloomberg.com/news/artic...as-wti-tops-90
Big oil rolling in cash at these prices
U.S. Senators Want To Put Brakes On LNG Exports To Curb Domestic Energy Bills
https://oilprice.com/Energy/Energy-G...rgy-Bills.html
Pocahontas wants to ban exports to lower prices
HAHAHAHAHAHA
She should have just bought you a bus pass.
WH gets lost without an end of the world thread.jeez, you need help finding your way around? It's not that big of a place
Saudi Arabia raises March crude prices to Asia
https://www.reuters.com/business/ene...ia-2022-02-05/
Democrats propose federal gas tax holiday ahead of midterm elections
Frackers Hold Back Production as Oil Nears $100 a Barrel
February 18, 2022 in Markets
America’s largest frackers are reporting huge profits but plan to keep oil production in low gear this year, adhering to an agreement with Wall Street, even as prices approach the $100-a-barrel mark for the first time since 2014.
Three of the largest shale companies, Pioneer Natural Resources Co. , Devon Energy Corp. and Continental Resources Inc., this week reported their highest annual profits in more than a decade for 2021. The companies said they collected record amounts of extra cash by hanging on to the money they earn selling oil and natural gas and reinvesting only what they needed to keep output roughly flat. All three said they would continue to limit production growth this year.
cartels good now
High gas prices bad now
Sorry you are struggling
Still need a ride? Try Stormfront.
Saudi Energy Minister Calls For Long-Term OPEC+ Cooperation
By Charles Kennedy - Feb 21, 2022, 9:30 AM CST
The Saudi energy minister has called on his colleagues in OPEC+ to stay in agreement about production policies to ensure long-term market stability.
“We need to keep this consensus-building approach to be with us permanently because, without it, we will lose sight of our collective ambition,” Prince Abdulaziz bin Salman said at the International Petroleum Technology Conference in Riyadh this weekend, as quoted by Bloomberg.
“Ask any producer of oil and gas today. If it were not for OPEC+ would they be the chairmen and the CEOs of today? And the answer: they would have vanished,” bin Salman also said.
With regards to OPEC’s consensus on production, it has been remarkably solid of late. This may well be due to the fact that most OPEC producers don’t have the capacity to increase production as much as they agreed to under the OPEC+ plan to return to pre-pandemic levels of output. According to analysts, Saudi Arabia and the UAE are likely the only OPEC members that have the spare capacity to boost production considerably.
However, even a member such as Nigeria, which has been against strict production curbs and which has only recently managed to boost its production close to its OPEC+ quota, is not arguing about the path the cartel has taken.
This suggests that there is stronger unity among the group’s members, which in turn suggests continued limits on supply additions even from producers that have the capacity to pump more. And this, ultimately, means higher prices for longer as the consensus on demand remains quite bullish.
Interestingly, some OPEC members do not seem to share the belief expressed by some commodity industry executives such as Vitol’s Russell Hardy that the global oil market is dangerously undersupplied.
“We are on a journey to attend to the market by gradually increasing production, and we think that this plan is attending to the supply and demand,” UAE energy minister Suhail Al-Mazrouei said at the International Petroleum Technology Conference. “I think our plan is working, and I don’t think that the market is hugely under-supplied.”
I'm not complaining at all lol
Not Even $200 a Barrel: Shale Giants Swear They Won't Drill More
The architects of the American shale revolution are following through on pledges to put investor returns above all else.
https://www.bloomberg.com/news/artic...tput-restraint
Better buy your bus passes now.
Popular hedge-fund manager Pierre Andurand is cautioning that the oil markets are worse off than many traders believe, according to the Wall Street Journal.
When asked why oil prices aren’t higher than they are given the grave situation in Ukraine, one manager of a $1 billion hedge fund has a frightening answer: it’s because traders just haven’t realized just how bad things are yet.
Goldman Says Demand Destruction Only Thing That Can Restrain Oil
https://finance.yahoo.com/news/goldm...021336970.html
The only potential short-term supply response would need to come from the OPEC+ alliance, which is set to meet later this week, according to Goldman. A surge in output from Saudi Arabia and the United Arab Emirates, along with a lifting of U.S. sanctions on Iran may boost daily global supplies by 2 million barrels in the next few months, with an internationally coordinated reserves release helping to bridge the gap, it said. But that would come at the expense of a depletion of spare capacity, pushing prices higher, the analysts said.
WTI $106
Brent $107
Definite tone of worry about coordinating quota hikes, along with a suggestion that sanctions against Iranian oil may have to give at some point.
https://www.bloomberg.com/opinion/ar...sian-oil-shockIn the clearest sign yet that almost all buyers of Russian oil have left the market, the country's flagship crude was offered on Tuesday at a record discount of $18.60 a barrel under the Brent benchmark. Even at that exceptional discount, several times larger than the usual couple of bucks difference, there were not a single bid for the barrels
USA and Europe agree to release 60 million barrels of oil from their reserves
Exxon is about to pull the plug on Russia (recalling all US citizens). Iran can't save the day.
Occidental rockets 24% in two days after reaffirming pro-shareholder plans
https://seekingalpha.com/news/380802...reholder-plans
Occidental Petroleum is the best performer among major oil producing stocks for the second straight day, skyrocketing as much as 24% to hit another multiyear high, as oil prices extend their rally above $100/bbl.
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