What did Biden do?.. An American decision behind the decline in oil prices

[horsesoldier]

Can’t wait for the next exciting Episode of Coma Joe, the Invisible Vice President &  his Muppet show. 
Takes real talent ( & we all know Kamala is full of it 😀) to affect a honest to goodness fake French accent while on political junket to France. 

[dinarham]

OPEC, who's zoomin' who ? And where is Iraq in all of this with major USA and other international oil companies heavily invested there? 

[yota691]

International Energy: The end of high oil prices is in sight

 

An oil refinery belonging to the French company Total in France. "Reuters"

Arabic and international Economy News - Baghdad The International Energy Agency said the global oil market deficit that pushed prices to a seven-year high is beginning to ease as production recovers in the United States and elsewhere.   The agency explained in its monthly report that demand growth is still strong, but supply meets demand, and changes in oil stocks recorded during October indicate that "the path may change."   If the forecast proves correct, it will provide great relief to consumers who suffer the consequences of price inflation.   The Paris-based agency said, "The global oil market is still tight (witnessing a deficit) by all standards, but it may fall back to high prices... Production in the United States is rising in parallel with the rise in oil prices."   Global oil production rose by 1.4 million barrels per day in October, and will add the same amount again during November and December, as the Gulf of Mexico restores supplies cut off by Hurricane Ida.   The role of shale oil US shale oil companies are also benefiting from higher prices to boost exploration. The agency said that additional production quantities are flowing as the “OPEC +” alliance continues to revive exports that it halted during the outbreak of the epidemic. Crude oil futures rose above $86 a barrel in London last month as a combination of a recovery in consumption after the pandemic and a lack of natural gas supplies spurred additional oil demand.   Prices have since fallen to just under $83 a barrel, as the United States considers action to cut fuel costs. US President Joe Biden discussed the possibility of resorting to the Strategic Petroleum Reserve after the "OPEC +" alliance, which includes the Organization of Petroleum Exporting Countries "OPEC" and its partners, rejected calls for him to restore production more quickly.   The oil coalition, led by Saudi Arabia and Russia, said it was necessary to stick to its gradual approach, because oil demand remains fragile.   Even without benefiting from the Strategic Petroleum Reserve, America is leading the supply recovery.   The International Energy Agency raised its forecast for US production in the fourth quarter by 300,000 barrels per day, and next year by 200,000 barrels per day.   The agency expected US production to rise by 1.1 million barrels per day in 2022, which represents 60% of growth outside the “OPEC +” alliance. The agency kept aggregate supply and demand estimates globally in 2021 and next year mostly unchanged.

Views 147   Date Added 11/17/2021

[ronscarpa]

Even without benefiting from the Strategic Petroleum Reserve, America is leading the supply recovery.  And this without the support of the Obiden administration, who has done everything to handicap the US oil industry.

[yota691]

 

US pressure lowers oil prices

 

 2021-11-18 00:37

 

Shafaq News/ Oil prices fell today, Thursday, as the United States asked major crude consumers to free its crude from strategic reserves.

 

The administration's attempt to shock markets comes as inflationary pressures, driven in part by rising energy prices, are starting to trigger a political backlash, as the world intermittently recovers from the worst health crisis in a century.

 

And US crude fell 71 cents, or 0.91 percent, to $ 77.65 a barrel by 05:06 GMT, after falling 3 percent overnight.

 

Brent crude fell 33 cents, or 0.41 percent, to $79.95 a barrel, after falling 2.6 percent to its lowest close since early October on Wednesday.

 

Prices reached their highest levels in seven years last month as the market focused on the rapid rise in demand, which coincided with the lifting of closures and the recovery of economies in the face of a slow increase in supplies from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. OPEC +.

 

The International Energy Agency and OPEC have said in recent weeks that there will be more supply in the next several months, and OPEC+ is maintaining a deal to increase production by 400,000 barrels per day per month so as not to flood the market with supplies.

 

America has asked major oil consumers to free crude oil from its strategic reserves to reduce prices, but the current proposal represents an unprecedented challenge to OPEC, the cartel that has affected oil prices for more than five decades, because it includes China, the largest importer of crude in the world.

 

China's State Reserve Office said it was working on releasing crude oil reserves, although it declined to comment on the US request.

[yota691]

After an American invitation, China sells some oil from its strategic reserves

 

An aerial view of oil storage tanks on the outskirts of Ningbo, Zhejiang Province. China

Arabic and international Economy News - Baghdad China plans to sell some oil from its strategic reserves, days after the United States invited it to participate in a joint sale deal. A spokeswoman for the National Food and Strategic Reserves Administration said by phone that the administration is preparing the crude oil release business at the moment. It is not clear whether the Chinese authorities are doing this in response to Washington's invitation, or whether they have advance plans to do so. The news was first reported by Reuters. These developments come on the heels of a virtual summit this week between US President Joe Biden and Chinese President Xi Jinping, during which they discussed the advantages of freeing oil from strategic reserves. The move is aimed at ensuring stability in global energy markets after crude oil prices reached multi-year highs last month. Washington is pressing Asian countries including China, India, Japan and South Korea to join its efforts to increase supplies after OPEC+ producers rejected requests for more crude. Officials said no decision was made during the summit, although the two sides agreed to continue discussions on the state of the oil markets and a possible coordinated response. Beijing and Washington currently share similar concerns about higher oil, fuel, and inflation prices, as well as the impact of higher costs on their economic recovery. China has tapped into its national stocks this year in an attempt to bring down the price of crude oil domestically. In September, the Reserve Office held an inaugural auction, offering 7.4 million barrels for sale, or less than a day's worth of China's imports. The state also made a private sale of its reserves before the auction. "We will publish more details about the volume of oil and its sale date on our website in due course, as we did at the first public auction," a Reserve Office spokeswoman said.

Views 96   Date Added 11/18/2021

[ronscarpa]

China plans to sell some oil from its strategic reserves, days after the United States invited it to participate in a joint sale deal.

 

Now Joe "Brandon" Obiden  wants to sell part of our Strategic Oil Reserves to keep international prices low for other countries ... REALLY...!  Our gas prices will start to skyrocket. 

[jcfrag]

On 10/22/2021 at 6:39 AM, yota691 said:

Jen Psaki Says Biden Is Asking OPEC To Pump More Oil…Reminder, Biden Is Attacking AMERICAN Energy
7,801 viewsOct 18, 2021

I cant figure out who speaks the most BS, Psaki or Biden. At least Biden is always honest and declaring he is going to get into trouble for talking! I suspect we will see $100 a barrel before the end of the year. The whole world is giving the Biden administration the middle finger! (While Chanting " LETS GO BRANDON!!!! " 

[yota691]

Expert: The United States Has Launched A Counterattack On Oil Prices

 

LAST UPDATE 11/18/2021 | 3:34 PM

Information / Baghdad..

Economist Nabil Al-Marsoumi stated, on Thursday, that the United States began an attack on international oil prices with the aim of lowering them.

Al-Marsoumi said, in a post on his Facebook page, which was seen by the "Information" agency, that "the United States leads the world to use strategic oil reserves with the aim of lowering prices and stimulating economic recovery."

He added, "China has already begun to withdraw from its strategic oil reserves."

Al-Marsoumi did not rule out that other countries would follow suit, such as “India, Japan and South Korea.” Ended / 25 S

[yota691]

The White House announces the withdrawal of a large amount of oil from the strategic reserve

political |   03:34 - 23/11/2021

 

 

 

 

The White House announces the withdrawal of a large amount of oil from the strategic reserve

[yota691]

 

America releases 50 million barrels of its oil reserves

 

 2021-11-23 08:07

 

Shafaq News/ The White House announced today, Tuesday, that the United States is coordinating with major oil consumers to release 50 million barrels of oil, as part of a step to calm energy prices, and India is seeking to release 5 million barrels.

According to the White House, that specific amount was reached to withdraw from stocks in coordination with China, India, Japan and South Korea.

During Tuesday's trading, Brent crude prices fell below $79 a barrel, after touching the level of $80 a barrel in yesterday's trading, and US crude also fell today below $76 a barrel, after it reached the level of $77 a barrel during Monday's trading.

India also said it would release five million barrels of its strategic reserves in coordination with other buyers, including the United States, China, Japan and South Korea.

The move is part of efforts led by US President Joe Biden to release the coordinated stocks, which are seen as a warning to the Organization of the Petroleum Exporting Countries and its allies, OPEC +, against pumping more oil to counter rising inflation in major economies such as the United States, China and others.

[yota691]

An Iraqi expert explains Biden's upcoming decision and its impact on oil prices

•  Time: 11/22/2021 21:07:39
•  
•  Reading: 4,030 times

  

{Economic: Al Furat News} An oil expert explained the decision of US President Joseph Biden regarding the release of US oil reserves.

Hamza Al-Jawahiri told {Euphrates News}: "The decision will raise oil prices globally and have a positive impact on Iraq," which depends mainly on oil as a semi-sole resource for the state treasury.
He pointed out that "the decision will never affect the Organization of the Petroleum Exporting Countries, which has the lead in global oil markets."
He continued, "It is not possible to expect - now - oil prices after Biden's decision," noting that "there are other factors that will affect the oil market, such as the new epidemic wave in Europe and others."
Al-Jawahiri said, "The United States used its reserves from oil reserves and other countries, and this is what made oil drop below $80 in the past two days."
He explained that "
And Bloomberg Agency reported this evening that US President Joe Biden is preparing to announce the use of oil from US reserves in coordination with several countries, including India, Japan and South Korea.
Informed sources told the US Agency that "Biden's announcement on reserve oil will be jointly carried out with India, Japan and South Korea. It will be an unprecedented effort by major oil consumers to control prices after the "OPEC +" countries rejected US calls to increase production significantly."
The sources stated that "the situation is still in a state of flux and plans may change, but the United States is considering releasing more than 35 million barrels over time."
The Biden administration has asked a wide range of countries, including China, to consider releasing crude oil stocks. 
This is why oil prices rose on Monday, due to reports that “OPEC +” may reassess its production.
Raghad Daham

[yota691]

Biden orders the release of 50 million barrels of US oil reserves

•  Time: 11/23/2021 15:12:33
•  
•  Reading: 585 times

  

{Economic: Al Furat News} The White House announced that President Joseph Biden had ordered the release of 50 million barrels of US strategic oil reserves.

"Biden is ready to take steps regarding oil prices if necessary," he said.

The White House indicated that "we will release quantities of oil reserves in coordination with other countries, including China and India."

While an Indian government statement said that the government "will release 5 million barrels of oil from its strategic stockpile."

[yota691]

“OPEC +” may adjust oil production policy to confront the strategic reserve weapon

 

The OPEC logo at its headquarters in Vienna. "Reuters"

Arabic and international Economy News - Baghdad Delegates in the OPEC + alliance said that the group that includes OPEC and non-OPEC countries, led by Russia, may retreat from the policy of increasing oil production if there is coordination between the major oil consuming countries to use their strategic reserves to increase oil supply, according to Bloomberg.   Government officials said India has become the latest major consumer to consider using up its oil stocks, which could help the United States, Japan and even China in a move to allay the inflation threat from rising energy costs.   The United States is seeking to persuade consumers to release their reserves after OPEC+ refused to accelerate production increases earlier this month.   Delegates said that some OPEC countries are not satisfied with the use of the countries' reserves of oil, which are used only in case of emergency, to calm the high prices this year.   OPEC + countries, led by Saudi Arabia and Russia, are scheduled to meet next week to discuss plans to increase production during the month of January.   Energy market volatility In addition, the International Energy Forum, based in the Saudi capital, Riyadh, indicated that OPEC + may change its plan to increase oil production if consuming countries increase supply through their oil reserves, or if the Corona pandemic worsens.   After a meeting with a Japanese Foreign Ministry official on the recent fluctuations in energy markets, Joseph McMonigle, Secretary-General of the International Energy Forum, expected that "OPEC + energy ministers will maintain their current plan in terms of gradually adding more supplies to the market."   But he added, "However, some unexpected external factors, such as the release of strategic oil reserves by major consuming countries, or new shutdowns in Europe may lead to a reassessment of market conditions."   The comments come shortly after Japanese media announced that the government is preparing to release crude oil from its strategic stockpiles as part of a joint effort with the United States to rein in high prices.

Views 176   Date Added 11/23/2021

[jg1]

On 11/18/2021 at 8:33 PM, jcfrag said:

I cant figure out who speaks the most BS, Psaki or Biden. At least Biden is always honest and declaring he is going to get into trouble for talking! I suspect we will see $100 a barrel before the end of the year. The whole world is giving the Biden administration the middle finger! (While Chanting " LETS GO BRANDON!!!! " 

The way I see it, brandon is following a perfect plan to destroy us. Releasing the oil reservs is just part of it. When we really need the oil we wont have it because branden strategictly bled us dry. If he really wanted to solve this oil crisis he would undo some of his evil plan and be undo some of the oil restrictions he's made here in the US. But he wont! Cuz he is setting us up for something terrible.

My guess?  Chinese take over. Destroy whitey. Communism in America.

Could be one or all of the above. I dont know the plan except, its clear brandon is not making his own decisions and the ones being made are NOT for the good of America. 

[HowieC]

For decades our Country’s very important Strategic Oil Reserves were low or virtually empty in that no President wanted to pay the price of filling them up. I filled them up three years ago, right to the top, when oil prices were very low. Those reserves are meant to be used for serious emergencies, like war, and nothing else. Now I understand that Joe Biden will be announcing an “attack” on the newly brimming Strategic Oil Reserves so that he could get the close to record-setting high oil prices artificially lowered. We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves. Is this any way to run a Country?

President Donald J. Trump

[Artitech]

Let’s go Brandon!!!

[yota691]

With US coordination, Tokyo pumps millions of barrels of oil reserves

l 9 hours ago

Agencies - Abu Dhabi

•  

 

Japan will pump about 4.2 million barrels from its national stockpile.

Japanese Prime Minister Fumio Kishida confirmed, on Wednesday, that the government will release some of its oil reserves in coordination with the United States and in a manner that does not violate the law.

Kishida told reporters that Industry Minister Koichi Hagiuda will announce details of the quantity to be released. He said that Japan will continue to pressure oil-producing countries to address the rise in prices.

The Nikkei newspaper reported, on Wednesday, that Japan will hold auctions on about 4.2 million barrels of its national stockpile.

The newspaper said, without citing the source of the information, that the crude oil auctions, worth about a day or two worth of demand in Japan, will be held by the end of the year.

 

This comes after the administration of US President Joe Biden announced that it will release millions of barrels of strategic oil reserves in an attempt to calm prices.

The US administration made it clear that it took this step in coordination with China, India, South Korea, Japan and Britain, after OPEC + producers repeatedly ignored calls to increase production.

US Energy Secretary Jennifer Granholm said, on Tuesday, that high gasoline prices in the United States are expected to begin to decline in the next few weeks, as a result of the withdrawal of millions of barrels of oil from the Strategic Petroleum Reserve .

 

/images/v1/2021/11/23/1481449/900/506/1-1481449.jpg

 

 

 

 

 

 

 

 

 

 

 

Washington resorts to strategic reserves to reduce oil prices

 

In comments to reporters at the White House, Granholm declined to specify how much and how long gasoline prices would be expected.

The minister urged US energy companies to increase the supply of oil at a time when it was making "enormous profits" to help President Joe Biden's effort to lower the price of gasoline for American families.

Granholm said the oil and gas industry has leased 23 million acres of public land on land and sea and has secured thousands of unused permits.

[yota691]

Japan uses its oil reserves to pressure OPEC + and reduce prices

 

Japanese Prime Minister Fumio Kishida

Arabic and international Economy News - Baghdad Japanese Prime Minister Fumio Kishida confirmed that the government will release some of its oil reserves in coordination with the United States and in a manner that does not violate the law. Kishida told reporters on Wednesday that Industry Minister Koichi Hagiuda will announce details of the quantity to be released. He said that Japan will continue to pressure oil-producing countries to address the rise in prices. The Nikkei newspaper reported today, Wednesday, that Japan will hold auctions on about 4.2 million barrels of its national stockpile, noting, without citing a source of information, that auctions of crude oil, worth about a day or two worth of Japan's demand, will be held by the end of the year. This comes after the administration of US President Joe Biden announced that it will release millions of barrels of strategic oil reserves in an attempt to calm prices. The US administration said it took the step in coordination with China, India, South Korea, Japan and Britain after OPEC + producers repeatedly ignored calls to increase production.

Views 109   Date Added 11/24/2021

[yota691]

An advisor to Al-Kazemi comments on Biden's decision on oil and its impact on Iraq

•  Time: 11/24/2021 13:59:25
•  
•  Reading: 1,196 times

  

{Political: Al Furat News} A financial advisor to Prime Minister Mustafa Al-Kazemi commented on US President Joe Biden's decision to use the strategic oil needs of the United States to curb prices in a historic step.

Mazhar Muhammad Salih told {Euphrates News}: "America today is afraid of price fluctuations in the world, which affects their economy," noting that "the costs of the global economy in general are weak, which causes high inflation differences through high prices and is offset by a recession."
And he indicated that "the use of the reserves helps to limit the rise in prices and not to rise from the current prices, and this constitutes a burden on the American economy, which is affected by the global economy."
Saleh explained, "The countries resort to using their reserves to enhance supply and resort to the stability of the oil market, and Iraq benefits from any increase in prices, but the accelerated temporary increases are reflected back because the oil market has a glut and returns prices to a decrease."
Yesterday, Tuesday, the United States took a historic step by announcing President Biden to withdraw some of its strategic oil reserves to counter inflation in energy prices, in coordination with other countries that will follow suit, which raised questions about the goal of this trend, and its repercussions on the high oil price market, especially With the unwillingness of the OPEC countries to move towards lowering prices.
And the White House announced, on Tuesday, that Biden had ordered the use of 50 million barrels of stockpiles, indicating coordination with other energy consuming countries, including China, India, Japan, South Korea and the United Kingdom.
Observers of the situation believe that the last step is a "temporary solution" to contain the rise in energy prices, and they ruled out that the latest coordination is a long-term alliance between the United States and other countries.
It appears from the trading that the oil markets did not react to the move, as prices rose, and in today’s trading, at 09:45 Moscow time, US West Texas Intermediate crude futures were traded at $78.91 a barrel, an increase of 0.50% over the settlement price. the previous.
Meanwhile, Brent crude futures were traded at $82.64 a barrel, an increase of 0.40% over the previous closing price, according to data from Bloomberg.

[yota691]

 

An oil expert explains the American move... Is it a price war declaration?

 

 2021-11-24 03:35

 

Shafaq News/ The oil expert, Hamza Al-Jawahiri, said on Wednesday that the launch of its strategic oil reserves by America and its allies is not intended to engage in the price war.

 

Al-Jawahiri said in an interview with Shafaq News Agency, "The United States of America asked its partners from the industrialized countries to release its oil stocks from strategic reserves, and also asked OPEC to increase its oil production to stop the continued increase in oil prices," noting that "America has already released quantities of oil. strategy even before the US president's announcement."

 

He added, "These industrialized countries have large reserves and can limit the rise in oil prices, and there are speculators in the markets who own oil quantities of more than 200 million barrels, and they are waiting for prices to reach this level to sell and achieve profits. They also conducted sales operations." 

 

Al-Jawahiri indicated that "prices reaching $80 and more will certainly encounter very great resistance from consumers, because if the situation remains unchanged, prices will rise to reach $90 and more," stressing that "America and its allies from the industrialized countries pumping quantities of oil from its strategic reserves. It comes as a goal to limit price hikes, not a price war, but rather to control the market's rhythm within this range."    

 

He pointed out that "OPEC also achieved the goal that it set for the price of a barrel, which is in the range of 80 dollars per barrel, which is the price required for OPEC in this period, and it also does not want to increase further in light of the entry of renewable energies into the market and unconventional production and the entry of the Corona pandemic again in Europe and the rise in deaths, as some countries re-closed, which affected transportation.

 

Oil prices rose increasingly to reach more than $ 80 a barrel, while the United States announced on Tuesday that it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to calm prices after OPEC + producers ignored repeated calls to produce more. from raw.

[HowieC]

Oil prices are headed for $100 despite U.S. efforts to release reserves, analyst says

PUBLISHED WED, NOV 24 2021 2:53 AM EST

 

Saheli Roy Choudhury

@SAHELIRC

WATCH LIVE

KEY POINTS

• Oil prices could climb higher despite U.S.-led efforts to rein them in by releasing millions of barrels kept as strategic reserves, Stephen Schork, editor of the Schork Report, told CNBC.
• Oil prices have jumped more than 50% this year, with demand outstripping supply as more countries emerge from national lockdowns and severe restrictions imposed since last year due to the coronavirus pandemic.
• Eurasia Group analysts warned prior to Biden's announcement that a large-scale stock release by oil consumers before the next OPEC+ meeting may prompt a countermove by the group, resulting in a "disruptive standoff."

Oil prices could climb higher despite the U.S. and other major consumers releasing millions of barrels of oil from their reserves to try to keep energy prices down, one analyst told CNBC.

"It's not going to work simply because the strategic petroleum reserve — any country's strategic petroleum reserve is not there to try to manipulate price," Stephen Schork, editor of the Schork Report, said Wednesday on CNBC's "Squawk Box Asia."

Strategic petroleum reserves exist only to offset short-term, unexpected supply disruptions, he explained.

"There's a considerable amount of bets out there that we will see $100 a barrel oil," Schork said, adding it could happen as early as the first quarter of next year, especially if there is a cold winter in the Northern Hemisphere.

Calming oil prices

Oil prices have jumped more than 50% this year, with demand outstripping supply as more countries emerge from national lockdowns and severe restrictions imposed since last year due to the pandemic. Resumption of international travel as more nations re-open borders is also boosting jet fuel demand.

Global benchmark Brent surpassed the psychologically key threshold of $80 per barrel in October and prices have held near that level. As of Wednesday afternoon in Asia, the international contract traded near $82.50.

It is a clear sign of desperation that this is the only tool in the box and it is not going to work.

Stephen Schork

EDITOR OF THE SCHORK REPORT

U.S. President Joe Biden announced Tuesday that the U.S. will release 50 million barrels from its reserves as part of a global effort by energy-consuming countries to calm the rapid rise in fuel prices. Of that total, 32 million barrels will be an exchange over the next few months, and 18 million barrels will be an acceleration of a previously authorized sale.

Other countries that made the joint commitment include China, India, Japan, South Korea and the United Kingdom.

So far, the U.K. has agreed to release about 1.5 million barrels while India committed to 5 million barrels. China, Japan and South Korea have yet to announce specific numbers.

"We are talking 50 million barrels coming out of the United States, potentially another 50 from our partners. That's 100 million barrels of oil — that is one day's worth of a global demand for crude oil," Schork said.

Vivek Dhar, a mining and energy commodities analyst at the Commonwealth Bank of Australia, was more conservative in his estimates. He predicted in a Wednesday note that the number of barrels released by the six oil-consuming countries could amount to "just north of 70 million," as the release of oil stockpiles from the other countries may be "relatively tame."

The world consumed 97.53 million barrels of oil per day this year, up from 92.42 million barrels a day in 2020, according to the U.S. Energy Information Administration. In 2022, that figure is set to rise to 100.88 million barrels a day.

"It is a clear sign of desperation that this is the only tool in the box and it is not going to work. I do believe the market will call the U.S.'s bluff on this and we're likely to see higher prices rather than lower prices one month from now," Schork said.

Under such conditions, countervailing moves by each side are likely to lead to increased volatility, producing seesawing oil prices and added uncertainty.

Eurasia Group

 

The U.S. should consider bringing American producers to the table and ask them to ramp up output to offset the supply imbalance, he added.

Commonwealth Bank's Dhar said a rebound in oil prices on Tuesday indicated that "markets were underwhelmed with the co-ordinated release of strategic oil reserves."

Showdown with OPEC+

The latest development came after OPEC and its oil-producing allies decided not to pump more oil despite crude prices climbing to multi-year highs and U.S. pressure to help cool the market.

Under its current output plan, the group, known as OPEC+, will gradually increase oil production by 400,000 barrels per day each month. They are due to meet again next month.

Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.

David Paul Morris | Bloomberg | Getty Images

"There have, as of yet, been no signs that OPEC+ is reconsidering its plan," Eurasia Group analysts said in a note dated Nov. 22, prior to Biden's announcement overnight. A large-scale stock release by oil consumers before OPEC+ meets may prompt a countermove by the group, resulting in a "disruptive standoff," they said.

"Under such conditions, countervailing moves by each side are likely to lead to increased volatility, producing seesawing oil prices and added uncertainty," the Eurasia Group analysts said.

"This would neither alleviate consumer price pressure nor give producers the required stability to ensure steady and reliable supply to a global economy that is still grappling with the worst pandemic in a century," they added.

 

Oil headed for $100 despite U.S. efforts to release reserves: Analyst (ampproject.org)

[horsesoldier]

Just gets better & better doesn’t it 

[yota691]

Iraq expects oil prices to rise to $100

•  Time: 11/24/2021 20:57:03
•  
•  Reading: 1,781 times

  

{Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar expects oil prices to rise in the global market to $100 per barrel next year 2022.

Abdul-Jabbar’s expectations come with the United States taking, yesterday, Tuesday, a historic step by announcing President Biden to withdraw some of its strategic oil reserves to confront inflation in energy prices, in coordination with other countries that will follow suit, which raised questions about the goal of this trend, and its repercussions on the price market. The rise in oil, especially with the unwillingness of the OPEC countries to move towards lowering prices.
And the White House announced, on Tuesday, that Biden had ordered the use of 50 million barrels of stockpiles, indicating coordination with other energy consuming countries, including China, India, Japan, South Korea and the United Kingdom.
Observers of the situation believe that the last step is a "temporary solution" to contain the rise in energy prices, and they ruled out that the latest coordination is a long-term alliance between the United States and other countries.

[yota691]

Counselor Salih clarifies the extent to which Iraq is affected by the international economic dispute

 2021/11/27

 

 443

 

Baghdad / Al-Mawrid News
, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained today, Saturday, the extent to which Iraq and the oil market are affected by the fluctuation of its prices as a result of the continued competition and economic and commercial dispute between China and the United States of America.
Saleh said in a press statement, "There is a cycle of oil assets that is still in the interest of the oil-producing countries, which is indicated by the continuous rises in the prices of energy resources. It declined due to the global economic closure and the deterioration of international economic activity, specifically in the year 2020 due to the Corona pandemic.
He added, "The United States liberating part of its oil stocks comes to strengthen the supply of oil and stabilize prices in conditions of still slow growth in GDP here and there, as the industrialized countries see that the rises in the growth of oil prices that exceeded the economic growth in them will inevitably lead to A serious case of stagflation in the coming days is trying to contain oil prices within the limits that reduce the growth of excess demand or the demand gap in the current global oil market.
He continued: "Despite the foregoing, the ongoing tension between the great powers producing and consuming oil remains an important player in deciding energy policies in the world, since the outbreak of the trade war between America and China during the era of President Donald Trump in 2018, which began after the announcement of the American president on 22 March 2018 announced an intention to impose tariffs of US$50 billion on Chinese goods under Section 301 of the 1974 Trade Law which chronicles the history of unfair trade practices, intellectual property theft, and in retaliation by the Chinese government, tariffs have been imposed on more than 128 American products, the most famous of which is soybeans.
He continued: "Here, it can be said, from a personal point of view, that weight in the oil equation between the two countries that constitute the forefront of the global economy in terms of gross domestic product and international trade and investment influence (the United States and China) requires looking at it, as the increase in oil prices will remain strategically in the interest of the United States. Being the largest oil producer in the world, it is able to produce 14 million barrels of crude oil per day, while China is one of the largest oil importers in the world and consumes about 14 million barrels of oil per day, most of it imported.”
And he added, "As oil prices will remain the weight of the egg between the largest producers (America) and the largest consumers (China) in the trade war game between them, and oil will remain as the first political and strategic commodity in the world and one of the tools of influence within the global economy whose prices cannot be easily compromised. Therefore, the intervention of the United States by offering part of its reserve stocks came after the strengthening of supply and the opening of the OPEC countries with an additional offer, which enabled Iraq, for example, to produce an additional 400,000 barrels out of its total production of more than 4 million barrels of oil per day.
He pointed out that "all of this aims to bring about stability and balance in the energy market in proportion to the desired growth and stability in the global economy and to avoid dangerous phenomena such as (stagflation) referred to above due to the continuing rising energy costs in the world due to the demand gap for energy resources."