Analysts are keenly focused on whether Arab members of the OPEC alliance or other...
Jon Shapley, Houston Chronicle / Staff photographer
Western financial pressures and reluctance to take on Russian cargo could strand some 3 million barrels per day of crude oil by next month, according to the International Energy Agency, adding to supply strains that were driving prices higher before Russia invaded Ukraine more than a month ago. In the United States, commercial crude inventories are 13 percent below average for this time of year.U.S.
That suggests supply-side strains will only get worse going forward. Among OPEC members, only Saudi Arabia and the United Arab Emirates have the ability to put any more oil on the market in short order. Western pleas for more oil, meanwhile, have been effectively ignored as the Saudis so far have seemed to side with Russia in the diplomatic maneuvering.
“The only way for OPEC+ to respond effectively is to temporarily suspend production quotas,” she said. “Of course, Russia will need to be on board.”
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Energy production: Why Texas can’t immediately fill the Russian oil and gas gapAUSTIN — Stephen M. Robertson can glance at traffic in Midland and tell you if oil is booming or busting. Concerns over domestic energy are running high as...
Weiterlesen »
In Texas, calls to boost U.S. oil production after Russian invasion run into hard realitiesLabor shortages, supply chain issues, hesitant financial backers and a frosty relationship with the Biden administration have limited how much Texas oil and gas companies are ramping up production.
Weiterlesen »
Oil Prices Stay High as Russian Crude Shortage Hits MarketThe de facto buyers’ strike on Russian crude that began a month ago propelled oil prices to their highest levels in years. Now the real effects are starting to create a second wave of impact.
Weiterlesen »
India Is Snapping Up Cheap Russian Oil, and China Could Be NextThere’s been a “significant uptick” in Russian oil deliveries bound for India since March after Russia’s invasion of Ukraine, industry observers say.
Weiterlesen »
UAE says energy market needs Russian oilRussian oil is needed by energy markets and no producer can substitute its production, United Arab Emirates energy minister Suhail al-Mazrouei said on Monday.
Weiterlesen »
In Texas, calls to boost U.S. oil production after Russian invasion run into hard realitiesLabor shortages, supply chain issues and hesitant financial backers have limited how much Texas oil and gas companies are ramping up production. Texas Oil UkraineUnderAttack Russia RussiaUkraineWar Oilprices
Weiterlesen »