Link here. Released overnight:
No indications Saudi will raise output any time soon:
- they've been burned twice before on flooding the world with oil;
- they've voiced concerns about a new Covid variant slowing the global economy again;
- perhaps they cannot even if they wanted;
- to do so would require, lots of capital;
- they're doing incredibly well as things are; why spend more, to make less? See below.
- more than once Saudi has voiced concerns about depleting their one resource, taking it away from their grandchildren
- most recently, why would Saudi bail the world out when everyone else has cut back fossil fuel.
Aramco posts 3Q21 net income of $30 billion, up from $12 billion for same quarter one year ago.
Aramco said its stunning 160% jump in net income reflects the impact of higher crude oil prices and volumes sold and stronger refining and chemicals margins.
OPEC+ November meeting starts this week; no indication any member wants to relax quotas. Most have failed to even produce to their quotas.
Later, November 1, 2021, from Argus Media: Saudi Arabia recorded its first quarterly budget surplus for more than two years in the third quarter on the back of higher oil revenues.
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