Oil Soars To New 2023 High After Saudis, Russia Surprise With Extended Production Cut

[livingston]

Oil Soars To New 2023 High After Saudis, Russia Surprise With Extended Production Cut​

Just days after we said that Saudi Aramco floating to sell up to $50 billion in new stock meant that oil is about to soar much higher...

... moments ago oil exploded higher after first Saudi Arabia and moments later Russia surprised markets by announcing that the recently implemented production cuts would be extended through year-end, well beyond the 1 month that was widely expected by the market.


Just after 9am ET, Saudi Arabia said it would extend the voluntary cut of 1 million b/d of for another 3 months, from October until the end of December, well beyond the expectation of just 1 more month. Saudi press agency SPA notes that the voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production. The extension of cuts is meant to reinforce the precautionary efforts made by OPEC countries with the aim of supporting the stability of the oil market. The Saudi announcement came a shock to market as 20 of 25 traders and analysts surveyed by Bloomberg last week had predicted the additional cutback would be continued for just one additional month.

And then, literally seconds after the Saudi decision, Russian deputy PM Novak said Russia would also extend its reduction of oil exports until the end of the year, reducing its oil output by 300kb/d in voluntary cuts until December 2023.

As for Biden, we wish him the best of luck refilling the SPR now that oil is about to hit $100 and rise above the price where the senile president sold most of the US strategic oil.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[GOYABEAN]

 

[Plater1]

Oil Soars To New 2023 High After Saudis, Russia Surprise With Extended Production Cut​

Just days after we said that Saudi Aramco floating to sell up to $50 billion in new stock meant that oil is about to soar much higher...

... moments ago oil exploded higher after first Saudi Arabia and moments later Russia surprised markets by announcing that the recently implemented production cuts would be extended through year-end, well beyond the 1 month that was widely expected by the market.


Just after 9am ET, Saudi Arabia said it would extend the voluntary cut of 1 million b/d of for another 3 months, from October until the end of December, well beyond the expectation of just 1 more month. Saudi press agency SPA notes that the voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production. The extension of cuts is meant to reinforce the precautionary efforts made by OPEC countries with the aim of supporting the stability of the oil market. The Saudi announcement came a shock to market as 20 of 25 traders and analysts surveyed by Bloomberg last week had predicted the additional cutback would be continued for just one additional month.

And then, literally seconds after the Saudi decision, Russian deputy PM Novak said Russia would also extend its reduction of oil exports until the end of the year, reducing its oil output by 300kb/d in voluntary cuts until December 2023.

As for Biden, we wish him the best of luck refilling the SPR now that oil is about to hit $100 and rise above the price where the senile president sold most of the US strategic oil.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

I'm going to predict here and now that the SPR will NOT be refilled by the time Trump takes office in 2025.

 

[Bustedknees]

View attachment 209404

I need to order more!

 

[fresch]

Back to the carter years.
We did this in the 70's aannnd it is the same dipshits in power.

 

[Zerex]

At least millions of NYC commuters use the trains to get to the city.
Busses and trains are a good idea for public transportation.

The Interstate System was built as a Nation Defense transportation system.

Big trucks are 5% of Interstate road traffic.....the other 95% is.......................likely many wasted trips. 5,000 big Truck-Priuus, fatal accidents each year...........Darwins law.

When oil prices rise, so do trans costs, and cost of goods, and more people stay home, using Instacart.
it is an ill wind that blows no good.

Supply and demand....rules the price of oil.

 

[Steal2B]

Oil Soars To New 2023 High After Saudis, Russia Surprise With Extended Production Cut​

Just days after we said that Saudi Aramco floating to sell up to $50 billion in new stock meant that oil is about to soar much higher...

... moments ago oil exploded higher after first Saudi Arabia and moments later Russia surprised markets by announcing that the recently implemented production cuts would be extended through year-end, well beyond the 1 month that was widely expected by the market.


Just after 9am ET, Saudi Arabia said it would extend the voluntary cut of 1 million b/d of for another 3 months, from October until the end of December, well beyond the expectation of just 1 more month. Saudi press agency SPA notes that the voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production. The extension of cuts is meant to reinforce the precautionary efforts made by OPEC countries with the aim of supporting the stability of the oil market. The Saudi announcement came a shock to market as 20 of 25 traders and analysts surveyed by Bloomberg last week had predicted the additional cutback would be continued for just one additional month.

And then, literally seconds after the Saudi decision, Russian deputy PM Novak said Russia would also extend its reduction of oil exports until the end of the year, reducing its oil output by 300kb/d in voluntary cuts until December 2023.

As for Biden, we wish him the best of luck refilling the SPR now that oil is about to hit $100 and rise above the price where the senile president sold most of the US strategic oil.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

And the fucking asshole Biden helps these enemies by BANNING DRILLING IN ALASKA

Biden bars drilling over vast swath of Alaska - Breitbart

US President Joe Biden's administration announced Wednesday it is banning new oil and gas drilling over a vast region of Alaska home to iconic animal

www.breitbart.com

Manchin, others torch Biden for banning oil drilling across millions of acres: 'assault on our economy'

President Biden is facing heavy criticism for actions his administration took this week significantly curbing energy production on federal lands in Alaska.

www.foxnews.com

 

[SonOfSun]

Fact: US oil production has NEVER been higher than it is right now. The US is producing more oil under Biden than any time during Trump's presidency.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

www.eia.gov

 

[Deplorable Me]

It's called economic warfare. Both foreign and domestic.

 

[MothMan]

We need US refineries.

 

[Plater1]

Fact: US oil production has NEVER been higher than it is right now. The US is producing more oil under Biden than any time during Trump's presidency.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

www.eia.gov

Oil production is only half the battle. The most important number is how much oil is turned into refined products. The futures market right now is expecting $100 bbl for Brent in a few weeks. Most oil majors would rather put oil into storage tanks and wait for the higher prices coming soon. During Trumps time in office the oil field did slow down, but the refiners were balls to the wall making gas and diesel so prices were lower and so was field production. The next few months are going to be exciting/expensive!

U.S. Drivers Warned Gasoline Could Spike $1 Per Gallon | OilPrice.com

U.S. gasoline prices are headed higher in the nation’s corn belt, and could rise by as much as $1 per gallon at some gas stations, the head of petroleum analysis at GasBuddy warned on Thursday

oilprice.com

 

[Plater1]

We need US refineries.

We need refiners that specialize in extra sweet crude(frac oil). We can produce a lot but are limited by the few refiners that can use it and we end up having to cut it with extra heavy crude from messed up countries like Venezuela.

 

[Acer-m14]

i just saved 40 cents on a gallon by shopping at Tops

full tank for tomorrow and i will be off to hitting ammo stores to see what is left ..

i do need a good Occupation name for that spot .. LOL

Free Loader ( i named a stray cat that i took in ) .. Tax Slave .. Migrant ..

 

[Acer-m14]

Fact: US oil production has NEVER been higher than it is right now. The US is producing more oil under Biden than any time during Trump's presidency.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

www.eia.gov

what is left in the Strategic reserves .. biden is selling it off ..

but the the prices at the pump are not dropping

 

[RedBreast21]

They've said they want $100 per barrel many months ago.

 

[repete]

Fact: US oil production has NEVER been higher than it is right now. The US is producing more oil under Biden than any time during Trump's presidency.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

www.eia.gov

NOPE! In Dec 2019 production was 12980 thousand barrels, the lates figures on your chart is 12844 thousand barrels. I looked , I saw, I couldn't resist!

 

[Defilade]

Meanwhile.....Electric!

 

[SonOfSun]

NOPE! In Dec 2019 production was 12980 thousand barrels, the lates figures on your chart is 12844 thousand barrels. I looked , I saw, I couldn't resist!

Fair. I missed that but can confirm your finding, there is also a 13000 month during Trump's term as well.

Still, US oil production is near its all time high. Yet gas prices are still high. The idea that "if we just produce a lot of oil then gas prices will be low" doesn’t hold. If it did gas would be a lot cheaper today.

 

[Apeman]

what is left in the Strategic reserves .. biden is selling it off ..

but the the prices at the pump are not dropping

What we're paying at the pump now used to be around $120/barrel. Now when it hits $120/barrel we'll be paying well over $5/gallon.