OPEC's announces that it will slash oil production by about 2 million barrels per day.

That's OPEC PLUS (meaning Russia). The Boys are distressed that oil has fallen to a mere $80 per barrel instead of the wonderful $120 per barrel. No, they don't care if they inflate and bankrupt the world.

"The actual supply cut is expected to be smaller because several OPEC+ nations were producing below their quotas."

"West Texas Intermediate was trading near $88 per barrel on Thursday morning after jumping 10% over the previous three sessions."

I'm not sure if the yesterday's 10c jump at our local pump was profiteering due to OPEC, profiteering due to Ian, profiteering due to inflation, or just SOP profiteering.

[finance.yahoo.com]

Inflation is at a 40 year high. Corporate profits are at a 50 year high. I wonder if they are related...

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In tha 360. MRF User Map

OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. The move is designed to spur a recovery in crude prices, which had fallen to roughly $80 a barrel from more than $120 in early June.

International benchmark Brent
crude futures traded at $93.55 a barrel during Thursday morning deals in London, up around 0.2%. U.S. West Texas Intermediate

futures, meanwhile, stood at $87.81, almost 0.1% higher.

The U.S. had repeatedly called on the energy alliance, which includes Russia, to pump more to help the global economy and lower fuel prices ahead of midterm elections next month.

In a statement, the White House said Biden was “disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine.”

It added that Biden had directed the Department of Energy to release another 10 million barrels from the Strategic Petroleum Reserve next month.

“In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices,” the White House said.

I don't understand how switching to renewables isn't the core of every western country's energy policy

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And yet we're still over 300 NG and Oil rigs short of what was pumping in the US and Canada in late 2018. Open those and it would probably more than make up for the cut in production.

Set it on the 5 year graph here:
[oilprice.com]

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Grateful11

Quote
mattkime
I don't understand how switching to renewables isn't the core of every western country's energy policy

Ownership of politicians by the fossil fuel interests.

Quote
mattkime
I don't understand how switching to renewables isn't the core of every western country's energy policy

This question was answered in my post above:

"West Texas Intermediate was trading near $88 per barrel on Thursday morning after jumping 10% over the previous three sessions."

“ And yet we're still over 300 NG and Oil rigs short of what was pumping in the US and Canada in late 2018 “


2018, the peak of fracking, that led to a NG glut?


[oilprice.com]


Yeah, let’s use that as a benchmark.