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

[yota691]

Pressure from the White House manipulates the oil market!

2021.08.11 - 15:05

 

 

  

Baghdad - people   

Oil prices fell below $70 a barrel today, as they came under pressure after the White House called on "OPEC" and its allies to boost production in an effort to curb the rise in gasoline prices in the United States.  

  

  

  

And US West Texas Intermediate crude futures fell 1.14% to $67.51 a barrel. Meanwhile, Brent crude futures fell by 1.02% to $69.91 a barrel, according to Bloomberg website data.  

[yota691]

Oil prices stabilize, affected by Washington's call to increase production

Economie| 08:39 - 12/08/2021

 

 

 

 

 

Follow - Mawazine News

Oil prices stabilized on Thursday, after two days of gains, after the United States, the world's largest oil consumer, called on major producers to increase production as it bolstered supply concerns as economies eased restrictions from the Corona virus.
Brent crude futures rose 2 cents to $71.48 a barrel by 05:10 GMT, while US West Texas Intermediate crude futures rose 4 cents to $69.29.
On Wednesday, the administration of US President Joe Biden urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase oil production to counter rising gasoline prices, which they see as a threat to the global economic recovery. 
Data from the US Energy Information Administration showed, yesterday, Wednesday, that the average demand for fuel in the largest global user of crude oil reached 20.6 million barrels per day over the past four weeks, roughly in line with 2019 levels, and US refiners slightly increased the amount of crude they made. Treated it last week.
OPEC agreed in July to increase production each month by 400,000 barrels per day from the previous month, starting in August, until the rest of the record cuts of 10 million barrels per day, or about 10 percent of global demand, are phased out in 2020.
However, there are still concerns that the increase will not be enough to meet demand as the United States and Europe ease movement restrictions caused by the Corona virus.
Other data from the EIA report weighed on prices. US crude oil stocks fell modestly last week, not in line with expectations, while gasoline stocks fell to their lowest level since November.

[yota691]

 

An American bank believes that OPEC + will not respond to Washington: a barrel of oil reaches $ 80 at the end of the year

 

 2021-08-13 04:56

 

Shafaq News/ The US investment bank Goldman Sachs said the US's recent call for OPEC + to boost oil production is unlikely to lead to increased production in the short term given the threat of demand from the delta strain of the Corona virus.

On Wednesday, the administration of US President Joe Biden urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, to increase production to counter rising gasoline prices, which they see as a threat to global economic recovery.

“We see neither the recent White House statement threatening the current market deficit nor the pace of rebalancing in the second half of 21,” Goldman Sachs said in a note dated Thursday, maintaining its year-end forecast for Brent crude at $80 a barrel.

Brent crude futures fell 0.4 percent to $71 a barrel on Friday, while US West Texas Intermediate crude traded around $68.76.

However, Goldman noted that an additional increase in OPEC+ production by the end of the year is required to counteract recent supply disappointments globally, and expects that OPEC+ spare capacity will be fully normalized by the spring of 2022.

Last month, OPEC+ agreed to increase oil supply from August to cool prices that had climbed to two-and-a-half-year highs. Read more

The US bank recently lowered its forecast for oil demand in China, citing growing concerns about the spread of the delta variable.

"In the short term, Delta's threat to oil demand has already weakened the global balance, with the deficit narrowing from 2.3 to 1.0 million barrels per day," the bank said.

"Looking beyond delta headwinds, we expect the demand recovery to continue along with higher vaccination rates."

[yota691]

 

“OPEC +” does not respond to US pressure to increase oil production

 

 2021-08-16 13:23

 

Shafaq News/ Reuters news agency quoted 4 sources as saying that the Organization of the Petroleum Exporting Countries and its allies, including Russia, believe that "the oil markets do not need to pump more", contrary to what they plan to pump in the coming months, despite US pressure to make more crude available to stop the rise in oil prices.

 

One of the four sources stated: "I don't think there is a need (for additional oil beyond what is already planned)".

 

Last week, the administration of US President Joe Biden urged OPEC and its allies, "OPEC +", to increase oil production to counter the rise in gasoline prices, which it sees as a threat to the global economic recovery.

 

And “OPEC +” agreed in July to increase production by 400,000 barrels per day, starting in August, until the gradual elimination of its current production cuts of 5.8 million barrels per day.

 

But despite that, oil prices fell more than 1 percent on Monday, falling for a third session, after official data showed a slowdown in refining productivity and economic activity in China, in an indication that the new outbreak of Covid-19 is affecting the second largest economy in the world.

 

Brent crude fell 90 cents, or 1.3 percent, to $69.69 a barrel by 06:49 GMT.

 

US crude fell 97 cents, or 1.4 percent, to $67.47 a barrel.

 

The data showed growth in China's factory production and retail sales slowed significantly in July, contrary to expectations as a new outbreak of Covid-19 and a wave of floods disrupted business activity.

 

"Weaker oil futures is likely to be a result of weaker-than-expected growth data in China, a major oil consumer," said Kelvin Wong, market analyst at CMC Markets in Singapore.

 

Crude oil refining in China fell last month to the lowest level on a daily basis since May 2020, as independent refineries cut production amid cutting quotas, rising inventories and declining profits.

 

China is the largest importer of oil in the world.

 

In Japan, the fourth largest importer of crude oil in the world, many analysts expect modest economic growth in the current quarter, as household spending was affected by the renewal of work restrictions aimed at containing Corona injuries. 

[yota691]

The White House renews its calls to OPEC + on oil prices

 

Arabic and international Economy News _ Baghdad An official in the US administration announced that the White House is sticking to its calls for oil-producing countries to make more efforts to support the global economic recovery, after crude prices recorded their highest levels. "The White House is closely monitoring the cost of oil and gasoline and is using every tool at our disposal to address anti-competitive practices in US and global energy markets to ensure stable and reliable energy markets," the official was quoted as saying by Reuters. He added that "US officials raised their concerns at a high level with a few members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the group known as OPEC +." The global benchmark Brent crude reached a level not seen since 2018, while US crude prices reached high levels that they have not reached since 2014 due to factors including the recovery of demand around the world at a faster rate than expected, and high natural gas prices motivate some countries to Switching to oil instead of gas to generate electricity. On the other hand, “OPEC +” has maintained restrictions on supplies since the beginning of the pandemic.

Views 49   Date added 12/10/2021

[horsesoldier]

OPEC does not respond to pressure from the White House ? I’m shocked, truly.
 

It’s not nice to thumb your nose up to and when the Grand Chinese Muppet Puppet issues a directive. 

[yota691]

These Oil Driven economies are playing catch up on annual budgets, screwing the world, because they failed to diversified it budgets. Relying on oil only, when they been told for decades to expand... 

 

 

The White House urges "OPEC" to address oil supplies

10-18-2021 | 21:11 Source : Reuters

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• linkedIn

White House

 

 

The White House announced today, Monday, that the United States continues to urge members of the Organization of Petroleum Exporting Countries (OPEC) on the issue of oil supplies while Americans suffer from high fuel prices.

 

 

Spokeswoman Jen Psaki said the US government is also addressing the logistics of energy supplies and will use all tools at its disposal.

 

She added that the Federal Trade Commission is also investigating possible fraud to raise prices.

[yota691]

Biden 'war on American energy' makes US less secure: Gov. Gianforte
12,856 views Oct 19, 2021

 

 

Randy2653
12 hours ago
Slow joe and his vision of Amerika.

L W
13 hours ago
Let’s go Brandon !

 

Net Worth
12 hours ago
Mr. Biden, Mr. Biden...please report to the nurses' station. It is time for your afternoon suppository.

 

Geo Raatz
11 hours ago
Love Montana!!!! Red State!!! Free State!!!

 

 

[horsesoldier]

So the Happy Acres Geriatric Rest Home for the Mentally Deranged ( aka White House ) urges OPEC to address oil supplies ?

 
Its a laugh a minute from the Muppet Puppet.

[CSM (R) Thack]

37 minutes ago, horsesoldier said:

So the Happy Acres Geriatric Rest Home for the Mentally Deranged ( aka White House ) urges OPEC to address oil supplies ?

 
Its a laugh a minute from the Muppet Puppet.

Let’s go Brandon ! 😂👍🇺🇸

[Fairways&Greens]

16 minutes ago, CSM (R) Thack said:

Let’s go Brandon ! 😂👍🇺🇸

😆

[yota691]

What a douc he bag....The Blame game...

 

the scientist

BIDEN HOLDS SAUDI ARABIA RESPONSIBLE FOR RAISING FUEL PRICES IN AMERICA

 

 

 

Friday, October 22, 2021 12:04 PM

Baghdad/National News Center

US President Joe Biden linked the rise in fuel prices in the United States to a lack of crude supply from the “OPEC” countries and Saudi Arabia, and this comes at a time when oil markets are witnessing an increase in demand.

He considered that the production restrictions imposed by "OPEC" are behind the rise in fuel prices in the US market, indicating that there are intense negotiations on this issue.
"There are a lot of negotiations, there are a lot of people in the Middle East who want to talk to me, I'm not sure I'm going to talk to them," Biden told CNN Thursday night. But the point is, it's all about fuel production. However, there are things we can do in the meantime.”
And about the timeline he expects to lower fuel prices, Biden said: “I think you will start to see fuel prices go down over time, next year, in 2022. I don't see anything going on right now, that will lead to a significant reduction in fuel prices.” .
The US President stressed that reducing fuel prices "will be difficult." “There is a possibility that we may be able to lower it,” he said. It depends a bit on Saudi Arabia and some other things in the near future.”
The countries of the “OPEC +” group, which includes oil-producing countries from “OPEC” and outside, have imposed restrictions on oil production since May of 2020 in light of the Corona virus crisis, and since August 2021 the group has eased restrictions on production, as it works to increase production by 400 thousand barrels per day per month.

 

[yota691]

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

[yota691]

Saudi Finance Minister: a low oil price would cripple investments
1,458 views Oct 20, 2021

[yota691]

Energy expert argues OPEC knows they have the US 'in the palm of their hands'
80,715 views Oct 21, 2021

[yota691]

Biden: Saudi Arabia and “OPEC” are behind the rise in fuel prices in America

10.22-2021 - 11:47

 

 

  

Baghdad - people  

US President Joe Biden linked the rise in fuel prices in the United States to a lack of crude supply from the "OPEC" countries and Saudi Arabia, and this comes at a time when oil markets are witnessing an increase in demand.  

  

  

  

He considered that the production restrictions imposed by "OPEC" are behind the rise in fuel prices in the US market, pointing to the existence of intense negotiations on this issue.  

"There are a lot of negotiations, there are a lot of people in the Middle East who want to talk to me, I'm not sure I'm going to talk to them," Biden told CNN Thursday night. "But the point is, it's about fuel production. However, There are things we can do in the meantime."  

And about the timeline he expects to lower fuel prices, Biden said: "I think you'll start to see fuel prices go down over time, next year, in 2022. I don't see anything going on right now, to bring fuel prices down dramatically." .  

The US President stressed that reducing fuel prices "would be difficult." "There is a possibility that we will be able to lower it," he said. "It depends a little bit on Saudi Arabia and some other things in the near future."  

The countries of the “OPEC +” group, which includes oil-producing countries from “OPEC” and outside, have imposed restrictions on oil production since May of 2020 in light of the Corona virus crisis, and since August 2021 the group has eased restrictions on production, as it works to increase production by 400 thousand barrels per day per month.  

[yota691]

OPEC faces a campaign ..

Bloomberg: Oil prices may reach $100 per barrel... and Washington is putting enormous pressure on!

2021.10.31 - 08:59

 

  

Baghdad - people  

America, India, Japan and other countries have intensified pressure on OPEC members to increase production amid fears of a possible rise in oil prices to $100 a barrel.  

  

 

  

Officials from the United States, Japan and India spoke to each other privately, and also reached out to major oil consumers and exporting countries. The calls started about three weeks ago, but they intensified in recent days after the price rose to $85 a barrel, according to Bloomberg.  

The agency stresses that the United States, India, Japan and other countries have been exerting "the strongest diplomatic pressure on OPEC for many years, whether openly or privately."  

Observers also write that Japan has taken a rare step for itself and joined these calls. While China remains silent, it shares this view.  

The Biden administration is increasingly concerned about high gasoline prices, which have reached their highest levels in seven years. For several weeks, the "OPEC +" group has been urging the production of more oil.  

Russian President Vladimir Putin had said in mid-October at the plenary session of the Russian Energy Week, that he believed that it was "very possible" that the price of a barrel of oil would reach $100. At the same time, he made it clear that Russia is doing "everything in its power to fully stabilize the oil market."  

Over the past year, the concern of oil-consuming countries has increased with the rise in the price of crude oil, first to 50 dollars a barrel, then to 75 dollars, and now to more than 85 dollars. These countries fear that the price of a barrel of oil will rise to $100. 

[horsesoldier]

Sadly no one is taking the US seriously at all these days.  These articles are most enlightening 

 

 

Edited October 31, 2021 by horsesoldier

[DoD]

Just wondering if any Biden voter will cry uncle when gas hits $6.00 a gallon. I know this is what they voted for but just wondering where the ceiling is, if I knew a Biden voter I’d ask them…

[HowieC]

1st week in office the POS destroyed  everything President Trump put into place for our oil independence. NOW WATCH...He's about to dip into our reserves that were put into place for the country's emergency use......What a Sh_t Show.  

[WheresmyRV?]

Biden is truly a clueless idiot.

[Hotcurl]

My opinion and my opinion only;

The Biden Presidency / White house is Deliberately and Intentionally trying to destroy the United States of America in any manner or way that they have available ....... As we have all seen  ......................

Every cabinet member is a "clueless idiot", not qualified for the job / position  ......As we have all seen ........

Joe Biden is a "clueless idiot", clearly not qualified for the job  .... As we have all seen ............

"Put America last" and destroy America from "within" is the Biden motto ......As we have all seen ..........

"Lets go Brandon" or in my neighborhood (we are not so polite, woke or politically correct),  the vernacular is  F**K Joe Biden .............

 

Just sayin' ............

 

Semper Fi

 

RV there yet ?   

 

[Theseus]

8 hours ago, DoD said:

Just wondering if any Biden voter will cry uncle when gas hits $6.00 a gallon. I know this is what they voted for but just wondering where the ceiling is, if I knew a Biden voter I’d ask them…

If gas gets to 6 bucks a gallon, they won't be crying uncle, they will be crying for a higher "living wage".

[yota691]

This problem is easy to address..Hey Brandon open up those pipe lines you shut down...

 

 

Saudi-Emirati signals: “OPEC +” will not bow to America’s calls to pump more oil

 

Oil tankers anchored waiting their turn to unload their cargo.

Arabic and international Economy News - Baghdad Saudi Arabia and the UAE issued signals that the “OPEC +” alliance will continue to raise oil production cautiously, and will not succumb to American pressure to pump oil faster. Gasoline prices rose to their highest levels in seven years in America, which raised the concern of US President Joe Biden that this would contribute to an increase in the inflation rate in the country. The alliance (OPEC +), led by Saudi Arabia and Russia, is currently increasing daily production by 400,000 barrels per month. "We continue to pump 400,000 barrels per month, and this should be enough," UAE Energy Minister Suhail Al Mazrouei said during an interview in Abu Dhabi, where he is attending the ADIPEC oil and gas conference. Al Mazrouei spoke after holding a session with the energy ministers of Saudi Arabia and India. An invitation to calm The "OPEC +" alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its partners led by Russia, is scheduled to meet on the second of December. Crude oil prices have risen nearly 60% above $80 a barrel since the beginning of 2021. While many energy company executives and leaders such as Russian President Vladimir Putin have said oil prices could reach $100 a barrel. Al Mazrouei said that the oil market will turn from a supply deficit to a surplus in early 2022, and this is one of the main reasons why “OPEC +” has not increased supply. He explained, "All we know and what all the experts in the world are saying is that we will have a surplus, so there is no need to panic. We need to be calm."

Views 1   Date added 11/15/2021

[ronscarpa]

This problem is easy to address..Hey Brandon open up those pipe lines you shut down...

 

I totally agree Yota ... Hopefully a coalition of Republican & Democrat Senators & Congressman will pressure the administration to do so for the benefit of the citizens they represent. We shall see is any in both houses have the courage form such a group to press him.