"""
OPEC+ production has declined by 2.7 m b/d from Sep-2022 to Aug-2023. Global demand, on the other hand, has increased by 2.4 m b/d from Q3-2022 to Q3-2023 although the deficit has been partially offset by a 1.4 m b/d increase in supply by OECD producers, mostly U.S. shale oil. (...) There is little doubt the U.S. Shale Patch is largely responsible for keeping oil markets well supplied and oil prices low.
"""

https://oilprice.com/Energy/Energy-General/Why-Refining-Margins-Are-Soaring.html

#ClimateChange #USA #shale #oil #OPEC

'Lollige foto in een jaar dat records elkaar overtoepen: de hoeveelheid bosbranden, overstromingen, hitterecords. Net als de uitstoot van #CO2. Die bereikte in 2022 een nieuw record. Dan weet je: de belangrijkste beslissingen op deze aarde worden genomen door de dertien bestuurders van olielandenclub #Opec."

"De mannen van Opec wordt geen strobreed in de weg gelegd. Toen de baas van de World Business Council for Sustainable Development, de Nederlander Peter Bakker, onlangs een lezing hield over de desastreuze gevolgen van meer CO2, stonden de Opec-bestuurders op en liepen gezamenlijk de zaal uit. Niet gek dat mensen wantrouwend worden over de mensen met de meeste macht. En opnieuw blijkt: zalig zijn de onwetenden."

Wopke #Hoekstra eurocommissaris #klimaat: de werkelijkheid is de satire voorbij
https://www.volkskrant.nl/a-ba31ff4c

Saudi Arabia's trade surplus is back up from its lowest level in two years.

#BreakingNews #economy #SaudiArabia #OPEC #stockmarkets #Commodities #TwitterX #Economics #KSA #Economia #trade #NEWS譲

https://www.thenews.foundation/2023/08/saudi-arabias-trade-surplus-is-back-up.html

Looks like #China's weak economy is continuing to hold oil prices down despite #OPEC production cuts.

#US consumption is still lower than 2018 and 2019, with 2018 being the highest it's been since 2008. The US's all time high was in 2005. Consumption in 2020 was the lowest it's been since 1986, off what was until then an all time high in 1978.

China, on the other hand, saw consumption continue to rise but more slowly in 2019. Their all time high was in 2021, with their first drop since 1990 in 2022, presumably due to their policy of "let people burn to death to try to stop the spread of COVID" followed by "make all that sacrifice meaningless by letting everyone get COVID".

Those years should make it clear that there is a pretty

Da che cosa dipende davvero l’aumento dei prezzi alla pompa di benzina https://altreconomia.it/da-che-cosa-dipende-davvero-laumento-dei-prezzi-alla-pompa-di-benzina/ #comefunzionaprezzocarburante #accisesullabenzina #prezzisenzapiombo #prezzicarburanti #prezzibenzina #granoucraina #prezzidiesel #speculazione #autostrada #Opinioni #cartello #finanza #accisa #accise #grano #pieno #cibo #fame #opec

#OPEC forecasts global #oil demand to increase by 2.25 mln bpd in 2024, an annual growth of 2.2 pct http://xhtxs.cn/J7e

#OPEC Secretary General Haitham Al Ghais says #energytransition should be "well-planned, inclusive, just and fair," and countries should be allowed to choose their own paths to advance it http://xhtxs.cn/JS4 #OPECSeminar

#OPEC Secretary General Haitham Al Ghais says he is "very optimistic" about China's economic recovery, and foresees broader cooperation with China in energy transition, technology and other areas http://xhtxs.cn/JS3 #energytransition #OPECSeminar

Media kept in the dark
OPEC hides the truth behind walls
Press cries out for help

#opec #mediaaccess #oilindustry #haiku #poetry

https://www.reuters.com/world/opec-withholds-media-access-reuters-bloomberg-wsj-july-event-2023-06-28/

#OPEC: Journalistenvertreter protestieren gegen Ausschluss https://orf.at/stories/3322192/ #Medien

Kill kill kill!

#OPEC
#petroleum

https://www.cnbc.com/2023/06/26/opec-says-oil-demand-will-hit-110-million-barrels-per-day-in-2045.html

2 illustrations, 1 never-ending rollercoaster

Yes, oil price will always fluctuate, causing undue hurt. It's in the very nature of commodities.

And yes, renewables are technologies: they can only get better/cheaper.

#OPEC #oil #energy #climate

2 illustrations, 1 never-ending story
#OPEC #oil #energy #climate

Even the best-run society is subject to exogenous shocks - pandemic, invasion, natural disaster, meteor strike - and in the reeling dislocation of the crisis, people will turn to the loudest, most persistent critics of the failed status quo, desperate for alternatives.

Friedman got his crisis. In 1973, #OPEC cut off the global supply of oil, and plunged the world into recession.

9/

Schon interessant. In Österreich werden bei Kartellen in der Regel die Gerichte tätig. Die #opec betreibt ganz offiziell die Kartell-Zentrale in #Wien. Und #Österreich rühmt sich ob dieser „Ehre“.

Accordo #OPEC su produzione #petrolio per il 2024
#produzionepetrolio #cronaca #news #tfnews #economia #petrol #esteri #5giugno
http://tfnews.it/flash-accordo-opec-su-produzione-petrolio-per-il-2024/

#SaudiArabia is slashing #oil supply. It could mean higher #GasPrices for #UnitedStates drivers

The Saudi cut of 1 million barrels per day, to start in July, comes as the other #OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.

Calling the reduction a "lollipop," Saudi Energy Minister Abdulaziz bin Salman said at a news conference that "we wanted to ice the cake."

https://apnews.com/article/opec-oil-prices-saudi-arabia-russia-8d70999cb8258aebc3edbfdfcae278b7

#SaudiArabia, the dominant producer in the #OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.16 million barrels per day in April.
https://trib.al/Sn4UJRr #press

OPEC beschließt bei Treffen in Wien, 2024 weniger Öl fördern

Die erweiterte Organisation Erdöl exportierender Länder (OPEC+) will kommendes Jahr weniger Öl fördern. Bereits im April hatte das Ölkartell eine Drosselung der Produktion angekündigt - auf den Ölpreis hatte das wenig Einfluss.

➡️ https://www.tagesschau.de/ausland/opec-oelfoerderung-100.html?at_medium=mastodon&at_campaign=tagesschau.de

#OPEC+

@samlitzinger
Re: #3
#OPEC may well be pushing themselves into a slow but inexorable tailspin.
Higher oil prices reinforces incentives to electrify transportation and other oil dependent sectors reducing future demand, lowering prices followed by further production cuts to prop up those prices and so on.
The fall won't be linear, but it really is looking inexorable.