Trigger for Saudi oil production move was comment that U.S. would not refill SPR this year, report says

Energy Secretary Jennifer Granholm last month said it would be difficult for the U.S. to take advantage of low oil prices to replenish the Strategic Petroleum Reserve because of maintenance at two of the four sites.

The Financial Times reported, citing people familiar with Saudi Arabia’s thinking, that Riyadh was “irritated” by that comment. In any case, it came on top of stress in the financial sector that had dragged oil prices as low as $64 in March. The question now is the degree that OPEC will follow through with its pledge. Henri Patricot, an analyst at UBS, says there’s reason to think they will, as the countries that announced the voluntary reduction were producing close to their quotas. “As such, we would expect the actual production cut to be close to the headline number this time,” said Patricot.

The result of kakistocracy.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market. These announcements are voluntary price increases and profit increases for them to voluntarily make themselves even more obscenely rich. More reason to find alternative energy sources--get off of the Saudi's oil teat and rob them of their outsize influence in the world. OPEC to Biden:
Source: Reuters - 🏆 2. / 97 Read more »