IEA: OPEC+ cuts risk exacerbating strained market

In a statement published on Monday, the International Energy Agency said that OPEC+ decision to cut oil output risks exacerbating a strained market by pushing up oil prices amid inflationary pressures, per Reuters.

Global oil markets were already set to tighten in the second half of 2023 with a potential for substantial supply deficit, the IEA further noted.This headline doesn't seem to be having a noticeable impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was trading at $80.30, rising 6.1% on a daily basis.Information on these pages contains forward-looking statements that involve risks and uncertainties.

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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 »

VIEW OPEC output cuts to roil markets, little room for others to respondA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday. If only the us had their own source of crude that they could throttle up to offset these cuts….. F-Opec there weaponizing oil 1.5 million barrels? The US uses over 20 million a day. Compare that to world estimated use and it’s so insignificant to not even be news worthy.
Source: Reuters - 🏆 2. / 97 Read more »

Reaction: OPEC output cuts to roil marketsA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday. Time to elect a president that makes us energy independent We just need to let the donald sell them our defense secrets… Here we go
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