OPEC+ Increased Production By 100,000 Barrels Per Day, Though The U.S. Likely Expected A Larger Increase

Written by Paulo Nogueira

Published on 05/08/2022 at 08:36

Updated on 05/08/2022 at 08:40

Fonte: TeleSUR

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Comment by Noah Barrett, Research Analyst for Energy and Utilities at Janus Henderson Investors, Regarding Today’s OPEC Meeting

It was a fairly quick meeting of the OPEC+ today, with an outcome that should support oil prices. OPEC+ agreed to increase production by 100k b/d in September, and the increase will be shared among member countries.

Given that some countries are currently underproducing their quotas, this means they may not be able to fulfill their part of the 100kb/d increase in September. Therefore, while we see an increase of 100kb/d (which is quite small), the actual increase in supply may be even lower than that.

The U.S. likely expected a larger increase in production, especially following Biden’s recent trip to the Middle East. In terms of overall supply/demand management, OPEC’s decision makes sense.

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OPEC+ Increased Production By 100,000 Barrels Per Day, Though The U.S. Likely Expected A Larger Increase

Comment by Noah Barrett, Research Analyst for Energy and Utilities at Janus Henderson Investors, Regarding Today’s OPEC Meeting

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OPEC+ Increased Production By 100,000 Barrels Per Day, Though The U.S. Likely Expected A Larger Increase

Comment by Noah Barrett, Research Analyst for Energy and Utilities at Janus Henderson Investors, Regarding Today’s OPEC Meeting

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An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

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