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

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

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