Resident Biden has apparently reached out to Saudi Arabia and Kuwait to release / produce / export more crude oil for the United States. Not confirmed. But the real question is whether OPEC can actually do that even if it wanted. Let's go Brandon!
Saudi crude oil inventories were at 133 million bbls in August, 2021, vs 135 million bbls in July. But note: this is the lowest it has been since January, 2002.
Kuwait: the Kuwait Oil Company has reported a third straight year of decline in its sustainable crude oil production capacity, which now stands at 2.579 million bpd. Link here.
UK energy crisis: another UK energy retailer goes down, GOTO Energy Limited; small outfit; only 22,000 customers. But this brings the total to 13 UK gas and electricity retailers that have collapsed, hitting two million households. Link here.
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Poll
Those who said oil would trend higher today -- 82% of respondents -- were correct.
Next poll: number of active rigs in the Bakken next August, 2022.
How about not shafting US oil (lease/permit freeze) and Canadian oil (Keystone) instead? What a soft little commie.
ReplyDeleteWell, that's a little harsh. LOL. But I agree.
DeleteInterestingly, Resident Biden, with help of the media, is taking a page from the Russian / USSR playbook on how to distort the story: best example -- apparently today, Resident Biden is suggesting their is price gouging at the pump.
But, "let's go Brandon. Put the Keystone XL pipeline back on the table." Otherwise it's just empty talk.