Posted on 12/05/2021 5:37:45 PM PST by Hojczyk
Prices for the U.S. will go up by between 40 and 60 cents.,". Those for Europe, a relatively small market for Aramco, will be cut.
OPEC+ opted on Thursday to proceed with a production increase for next month, even as new Covid-19 cases threaten to sap demand and with the alliance predicting the oil market will flip from a supply deficit to a surplus in early 2022.
Brent crude is down 15% since late November to just below $70 a barrel, reducing this year’s gain to 35%. The fall is mainly due to the discovery of omicron and the prospect of more barrels coming on to the market from OPEC+ and major importers such as the U.S., who want to lower domestic fuel costs.
While Aramco’s price increase was in line with a Bloomberg survey of traders and refiners in Asia, it suggests bullishness on the part of its management. Chief Executive Officer Amin Nasser said last week he was “very optimistic about demand” and that the market had over-reacted to omicron.
(Excerpt) Read more at finance.yahoo.com ...
“Despite Omicron’s Spread”
Good grief.
Wars start because of perceived weakness...
A quick view, Asia does not have a lot of oil, so higher prices to you. USA is cutting back production do to Biden, so higher prices to you. Europe relies on Russia, so let’s take some market share.
Let’s go Brandon!
Gee, if only we had our own oil/gas just sitting there waiting to be used.
Omicron’s a bust. No lockdown, oil demand stays right where it is.
Bare Shelves Biden is the laughing stock of the World
> Yeah. Weakness perceived all around. <
Correct. So now everyone is going to take turns poking pathetic old Uncle Sam. Funny, but I don’t remember it being this bad at the same time last year.
I guess Obama was right. Elections do have consequences.
OPEC+ thinks energy is undervalued, so it increased both price and production and world prices jumped up in reaction.
Interesting. OPEC and OPEC+ have a good track record of forecasting.
Oh wait....Didn’t CornPop release some oil from our reserves to lower the price of gas?
Oil reserves released by Biden expected to primarily go to China, India .... https://www.foxbusiness.com/politics/oil-reserves-released-biden-expected-china-india
Oh, wait, again.....Didn’t CornPop feeble attempt lower the price of gas 2cents?
Democrats Blasted For Bragging Biden Made Gas 2 Cents Cheaper: ‘Worst Defense Of The Biden Admin Yet’ ..... https://www.dailywire.com/news/democrats-blasted-for-bragging-biden-made-gas-2-cents-cheaper-worst-defense-of-the-biden-admin-yet
I sure hope the 81,000,000 people that voted for him are happy?
As of 2019, our OPEC oil imports had dropped below 1973 levels. I doubt that is true now.
Despite Biden’s begging.
....... The WHO has updated the current worldwide death toll from the Omicron Varient that is currently scourging the globe .... So far, just this week alone, the toll has skyrocketed to Zero. Definitely cause for panic .... At least for Fear Porn Junkies ..... Democrats ... and Great Resetters ......
You have summed it up well.
I would only add, that aside from market forces, the decline of value of currencies will soon add to the stated price of oil.
That’s what happens when you don’t pimp slap them HARD for attacking us on 9/11.
Instead we fawned all over them and protected them.
They also start because of actual weakness.
The “Delta plus rewards program” variant is being received with yawns. It’ll be widely ignored in the places that matter. It won’t make much impact on energy demand.
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