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Oil alliance holds firm on output as price passes $70

Oil alliance holds firm on output as price passes $70 thumbnail
  • Saudi energy minister says recent market developments confirmed that the decision to gradually increase production was ‘the right decision’
  • Energy agency’s view of hydrocarbon investment is ‘sequel to La La Land,’ Saudi minister says

DUBAI: The OPEC+ alliance of oil producers led by Saudi Arabia and Russia kept supply on an upward track on Tuesday as Brent crude, the global benchmark, rose and stayed above $70 for the first time in over two years.

A meeting of OPEC+ ministers — one of the shortest on record at 30 minutes — stuck to plans to increase oil supply by more than 2 million barrels a day by the end of July, noting “ongoing improvement in oil demand as economic recovery continued in most parts of the world as vaccination programs accelerated.”

Saudi Energy Minister Prince Abdul Aziz bin Salman said there had been “clear signs of improvement” and that big economies such as the US and China were consuming more oil.

However, there were “still clouds on the horizon,” and he urged OPEC+ to continue to monitor the situation on a monthly basis.

Prince Abdul Aziz was forthright in his assessment of the recent view by the International Energy Agency that there was no need for further investment in hydrocarbon fuels, which he said was the “sequel to a La La Land movie.”

He hinted that the Kingdom might consider an increase in its oil output from the current level of about 8.5million barrels, but said there was no obvious sign of a surge in demand later this year. “I’ll believe it when I see it,” he said.

He added: “Saudi Arabia is no longer just an oil producing country, but an energy producing country, and a very competitive one,” pointing to low costs in oil and gas production, as well as falling costs in renewables such as solar, as well as hydrogen. “We’re going to be the winner in all these activities,” he said.

He said the meeting did not consider the prospect of Iranian oil coming back on the market as a result of a deal over nuclear policy, which some analysts have suggested is imminent. “The jury is still out,” he said.

Asked whether he was concerned that higher prices might lead to an increase in US shale production, he said: “I’m not concerned about anything.”

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8 Comments on "Oil alliance holds firm on output as price passes $70"

  1. NoReconcilationPossible on Wed, 2nd Jun 2021 6:11 am 

    By the way. When I went to garage two weeks ago to have my wheel fixed because they were leaking air, I saw that the owner was dressed all in white and mostly like a shape shifter.

    I know what this means, it means surrender. I will not accept any surrender or reconciliation, only destruction, death, blood, chaos going forward is what you have to expected from me.

  2. YouHaveBeenJudgedByMeAndGOD on Thu, 3rd Jun 2021 7:04 am 

    This comment keep popping up in my head. It won’t go away until I wrote this comment. So here at is.

    The creation of Elohim has been judged twice. One time by GOD and one time by me. GOD has deem Elohim being a mad geneticist without any emotional control GOD had decided to destroy his creation including human being living on earth by using cold.

    16.4 Feet (5 meters) of Early-Season Snow Buries Mt Hutt, New Zealand

    I also judged the creation of Elohim and especially human being. I came to the conclusion that the devil control 90% of the human population making it impossible to build something different. This decisions has been taken by me only. GOD has 30% influence on it but it is mainly my decision to accelerate the extinction of the human race and Jinn living on planet earth. My decision is final and cannot be changed.

    Things like this are making me really upset and I see this has an attempt to manipulate me. It just reinforce my believes that I made the right decision. It is too late now to behave as virtuous person, when you were never one.

    Le PM du Québec annonce la démission du ministre de l’Économie Pierre Fitzgibbon – 2 juin 2021

    I know this is really pretentious to write comment like this but this is what is appearing in my head. Spying on me and trying to manipulate me were a tests that you failed, as far as I am concerned. Now I can go back to do more pleasants things.

  3. Duncan Idaho on Thu, 3rd Jun 2021 6:07 pm 

    “The devastation caused by COVID-19’s second wave in India is a culmination of populist decisions, scientific ignorance, and years of privatizing health care.”

    Modi is a greedy imbecile.

  4. makati1 on Thu, 3rd Jun 2021 7:41 pm 

    Right On!,Duncan! Modi is another megalomaniac with delusion of power. his decision has killed millions of Indian people in the name of corporate greed and payoffs. Just like the US whores in Congress and the Prez.

  5. Biden's hairplug on Fri, 4th Jun 2021 3:23 am 

    “Right On!,Duncan! Modi is another megalomaniac with delusion of power. his decision has killed millions of Indian people in the name of corporate greed and payoffs. Just like the US whores in Congress and the Prez.”

    Huh? You have repeatedly said that Covid was merely a “flu”.

    Make up your mind!

  6. YouHaveBeenJudgeItIsTooLate on Fri, 4th Jun 2021 5:08 pm 

    I know that some people would like me to take a more active leadership role. But you cannot win against the supreme Lord. I am not interested to lose. This guy explain really well what is the creation of Elohim. Earth is the creation of Elohim. He is basically stealing GOD angels or GOD energy to create his project. Elohim is the devil and he cares only about himself. GOD will stop existing if we still allow Elohim to still all GOD energy.

    Elohim is using GOD energy to build his creation. For example an egg is made of two part Yellow and White.Where do you think the energy comes to build a chicken from a egg made of two parts. It comes from GOD angels
    or GOD energy source or us human beings. This cannot continue. The creation of Elohim most be destroyed

    The real sun has now turn black and we have a artificial sun, without the artificial sun the earth will turn into a ball of ice.

    Apparently, two thirds of the sun has gone dark.

    Message is the creation of Elohim has been judged by me and GOD. It is a devil creation and must be destroyed. Message is to prepare for that what is coming ahead. I don’t know which part of this comment is coming from GOD and which part is coming from. I have not recieved a clear message form GOD that I should participate to Elohim creation. GOD must live, the human race can go away.

  7. YouHaveBeenSentencedToEternalPain on Sat, 5th Jun 2021 8:46 am 

    GOD has send a emissary to judge you. You have been sentenced to eternal pain. You know who you are.

  8. Duncan Idaho on Sat, 5th Jun 2021 10:13 am 

    “Thank goodness for the people from Mexico and Central America. Without them, rural USA would be in really big trouble.”

    – Oil producer from Texas

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