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Japan's oil reserve release plan unchanged by price drop -industry minister
Dec. 3, 2021
Source: Reuters

Japan's oil reserve release plan unchanged by price drop -industry minister

TOKYO, Dec 3 (Reuters) - Japan's plan to release oil from strategic reserves in coordination with the United States and other consuming countries remains unchanged despite the recent drop in oil prices, industry minister Koichi Hagiuda said on Friday. Global oil prices have lost more than $10 a barrel since last Thursday when news of the Omicron coronavirus variant first shook investors.

Overnight Energy & Environment — Presented by ExxonMobil — OPEC agrees to modest supply bump
Dec. 3, 2021
Source: The Hill

Overnight Energy & Environment — Presented by ExxonMobil — OPEC agrees to modest supply bump

Welcome to Thursday’s Overnight Energy & Environment, your source for the latest news focused on energy, the environment and beyond. Subscribe here: thehill.com/newsletter-signup. Today we’re looking at OPEC sticking to the status quo, new research on hurricanes and lobster fishers asking the Supreme Court to halt whale protections that would close fishing grounds.

" Oil rises 1per cent ahead of OPEC meeting under Omicron cloud"
Dec. 1, 2021

" Oil rises 1per cent ahead of OPEC meeting under Omicron cloud"

MELBOURNE : Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. U.S. West Texas Intermediate (WTI) crude futures rose 78 cents, or 1.2per cent, to US$66.96 a barrel at 0122 GMT, after a 3.9per cent drop on Tuesday.

Oil prices are set to rise as high as $150 a barrel as OPEC+ controls supply in the face of Omicron concerns, JPMorgan says
Nov. 30, 2021

Oil prices are set to rise as high as $150 a barrel as OPEC+ controls supply in the face of Omicron concerns, JPMorgan says

Rising oil prices are here to stay according to JPMorgan, with the bank estimating that Brent prices could hit $US150 ($AU210)/bl in 2023 as the OPEC+ cartel control supply and defend higher prices. That means the Biden administrations release of strategic petroleum reserves will have little impact on the underlying price of oil, as was made clear in the initial price reaction in oil last week after the government flooded the market with 50 million barrels.

Oil rebounds on speculation OPEC+ may pause output increase
Nov. 29, 2021
Source: Reuters

Oil rebounds on speculation OPEC+ may pause output increase

TOKYO, Nov 29 (Reuters) - Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.

Asking OPEC to drill more is 'lunacy' after being energy independent: Mike Taylor
Nov. 27, 2021
Source: Fox News

Asking OPEC to drill more is 'lunacy' after being energy independent: Mike Taylor

MIKE TAYLOR: "I don't even know where to begin to start. Here in New York, my family, we're a propane gas and heating oil company. We've been in business for over 54 years and I've never seen consumers put in the crunch they're in right now. We're seeing home heating oil prices, gasoline and diesel are up 50% to 60% since last year. Propane gas is up over 70. Natural gas futures for next winter are trading at 117% of where they were a year ago. A year ago, we were energy independent. Now we're asking OPEC to please drill more. It's absolute lunacy what we've done here in this country."

OPEC+ monitoring new virus variant, some concerned over outlook - sources
Nov. 27, 2021
Source: Reuters

OPEC+ monitoring new virus variant, some concerned over outlook - sources

LONDON/MOSCOW, Nov 26 (Reuters) - OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before a meeting to set policy. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is already facing a release of oil stocks led by the United States to try to cool prices. Still, a source said Russia, a key OPEC+ member, was not concerned about the virus variant yet.

Saudi Arabia, Russia warn of reduction in oil production
Nov. 26, 2021
Source: The Donga ILBO

Saudi Arabia, Russia warn of reduction in oil production

The US-led proposal to release strategic oil reserves in a bid to lower oil prices, which was backed by South Korea, China, Japan, India, and the United Kingdom, was met with opposition from major oil producers such as Saudi Arabia and Russia, suggesting a move to phase down oil production. Concerns about a probable oil price increase are mounting as global oil prices continue to rise despite plans to release strategic oil reserves and major oil producers launch a counterattack. According to the Wall Street Journal, Saudi Arabia and Russia, the world's two largest oil producers, are considering a shift in oil policy by reducing production in reaction to the US-led proposal to release strategic oil reserves in an effort to lower oil prices. OPEC, led by Saudi Arabia, and OPEC+, made up of OPEC members and non-oil producing countries, were also mentioned in the publication.

WTI defends $78.00 as OPEC cites SPR blowing global oil supplies
Nov. 25, 2021
Source: FX Street

WTI defends $78.00 as OPEC cites SPR blowing global oil supplies

WTI prints mild gains above $78.00, near $78.20 during Thursday’s Asian session on the hawkish hopes from the Organization of the Petroleum Exporting Countries (OPEC). The black gold took a U-turn from the weekly high to snap a two-day uptrend the previous day after supply concerns escalated. Also adding to the upside filter was the weekly official oil inventories from the US Energy Information Administration (EIA). It should be noted that the EIA Crude Oil Stocks Change rose to +1.017M versus -0.481M forecasts and -2.101M prior.

Are High Gas Prices Here To Stay?
Nov. 24, 2021
Source: Newsy

Are High Gas Prices Here To Stay?

Gas prices are breaking the bank in the U.S. and next door in Canada, with the country putting gas restrictions in place and prompting panicked stockpiling. The questions many have are: Why are gas prices so high, what would help them come down and when will that happen?

Biden seeks cheaper oil: Opec and Russia have been put on the defensive after landmark challenge, says ALEX BRUMMER
Nov. 24, 2021
Source: Daily Mail

Biden seeks cheaper oil: Opec and Russia have been put on the defensive after landmark challenge, says ALEX BRUMMER

Joint action by major economies is comparatively rare. So the decision of big oil consumers – the US, China, India, Japan, South Korea and Britain – to challenge OPEC and Russia is a signal moment. Past coordinated actions include the rebuilding of the global economy by the G20 after the financial crisis and emergency interest rate cuts by the US, Britain and the European Central Bank at the start of Covid-19.

President Biden’s Nuclear Option Against OPEC
Nov. 23, 2021
Source: Oil Price

President Biden’s Nuclear Option Against OPEC

It began amicably, with a request from President Biden to OPEC countries to consider boosting their crude oil production because U.S. retail fuel prices were rising fast. Things escalated quickly, with the request becoming a demand and later a veiled threat that unless OPEC did what the White House wanted it to do, there would be consequences.

OPEC Can’t Make High Oil Prices Go Away – Analysis
Nov. 22, 2021
Source: Eurasia Review

OPEC Can’t Make High Oil Prices Go Away – Analysis

High oil prices are a symptom of economic and monetary imbalances, not just a consequence of Organization of the Petroleum Exporting Countries (OPEC) decisions. Throughout history, we have seen how OPEC cuts have done little to elevate prices when diversification and technology added to rising efficiency. Likewise, OPEC output increases do not necessarily mean lower prices, let alone reasonable ones. Increased OPEC output helps but does not solve price issues, even if they would probably like to.

IEA: Global Oil Inventories Rose In October
Nov. 17, 2021
Source: Oil Price

IEA: Global Oil Inventories Rose In October

After hitting a six-year low in September, commercial oil stocks in OECD countries showed a marginal build in October, suggesting that the months of hefty inventory draws globally may be over, the International Energy Agency (IEA) said on Tuesday.

Oman: OPEC+ Not Worried About Potential U.S. SPR Release
Nov. 16, 2021
Source: Oil Price

Oman: OPEC+ Not Worried About Potential U.S. SPR Release

The OPEC+ group is not concerned about a possible release from the U.S. Strategic Petroleum Reserve (SPR), according to Oman's Energy Minister Mohammed Al-Rumhi cited by FXStreet. U.S. President Joe Biden is considering a possible release from the strategic American crude stockpiles as a way to bring down high gasoline prices. No decision has been made yet amid debates within the Administration, but calls for a release from the SPR have become louder in recent days.

Crude Ends Session Mixed
Nov. 16, 2021
Source: Rigzone

Crude Ends Session Mixed

Oil reversed losses to close slightly higher after another day passed without an announcement from the Biden Administration to tap U.S. crude reserves. Futures in New York closed up 0.1% Monday, paring earlier losses of as much as 1.8%. Biden faces increased pressure from members of his own party to release oil from the Strategic Peroleum Reserve to quell rising gasoline prices. Meanwhile, the U.S. government projected that the country’s shale out would climb 85,000 barrels a day in December.

Major Crude Importer Japan Concerned With Jump In Oil Prices
Nov. 11, 2021
Source: Oil Price

Major Crude Importer Japan Concerned With Jump In Oil Prices

Resource-poor Japan, a major importer of crude oil and natural gas, is increasingly concerned that the rally in oil prices would slow the global economic recovery, a senior government official told the head of the International Energy Agency (IEA) this week. Hikariko Ono, Director General of Economic Affairs Bureau at the Ministry of Foreign Affairs of Japan, “expressed concern over the rapid surge in crude oil prices, which could hamper the global economic recovery from COVID-19,” Japan’s foreign ministry said in a statement after a video conference between Ono and the IEA’s Executive Director Fatih Birol.

Russian Oil And Gas Discoveries Plunge To Five-Year Low
Nov. 11, 2021
Source: Oil Price

Russian Oil And Gas Discoveries Plunge To Five-Year Low

Russia’s oil and gas discoveries fell to the lowest in five years in the first half of 2021, after last year’s crisis resulted in steep cuts in capital expenditures for exploration, data and analytics company GlobalData said on Wednesday. In the first half this year, Russian companies found oil and gas at six very small fields, adding just 36 million barrels to reserves, which is equivalent to fewer than four days of Russian daily oil production, according to GlobalData estimates.

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