Saudis, Russians Consider Pausing Oil Production Increases

Zero Hedge: Saudis, Russians Consider Pausing Oil Production Increases In Retaliation To Biden SPR Release 

When commenting on yesterday’s SPR release announcement by the Biden admin and several assorted hanger-on nations – which has backfired spectacularly sending the price of oil soaring now that the rumor can no longer be sold so the news has to be bought in line with every single SPR release in the past… 

… we said that not only was the release far to smmal, but that in retaliation for the SPR release, “OPEC could easily consider halting its production hikes to offset the detrimental SPR impact of lower oil prices on the needed recovery in global oil capex, likely justifying such action as prudent in the face of COVID demand risks.”  

Read more …. 

Update: OPEC+ Reacts To Biden, May Not Raise Oil Production In December (OilPrice.com).  

WNU Editor: Oil prices were flat today.

Author: Anchorman

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