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Page added on November 6, 2021

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OPEC+ Tells the World: Your Energy Crisis Isn’t Our Problem

Production

OPEC+ ignored demands for a bigger oil-production increase, instead blaming their customers’ economic woes on soaring prices of natural gas and coal.

 

“Oil is not the problem,” Saudi Energy Minister Prince Abdulaziz bin Salman told reporters after a meeting on Thursday, when the cartel emphatically rejected President Joe Biden’s request to quicken the pace of its supply hikes.

“The problem is the energy complex is going through havoc and hell.”

After a brief meeting on Thursday, the Organization of Petroleum Exporting Countries and its allies approved another 400,000 barrel-a-day production hike for December. That’s a pace that major consumers say is too slow to sustain the post-Covid economic recovery, with the U.S. asking for as much as double that amount to help alleviate inflation.

LISTEN: Vandana Hari, CEO and Founder of Vanda Insights, discusses her take on OPEC+ meeting and the global energy crisis with Kathleen Hays and Doug Krizner on Bloomberg Daybreak Asia.

 

If people are serious about attending to the real cause of the energy crisis they should focus on supplies of natural gas to Europe and Asia, and the related infrastructure, the prince said. He displayed, at length, a chart comparing the double-digit percentage increase in crude prices since the summer against triple-digit jumps in the cost of gas and coal.

“Look at what Brent is doing compared to the rest,” Prince Abdulaziz said. “The 28% that happened to oil is nothing.”

bloomberg



17 Comments on "OPEC+ Tells the World: Your Energy Crisis Isn’t Our Problem"

  1. Outcast_Searcher on Sat, 6th Nov 2021 1:34 pm 

    OTOH, is anyone surprised that OPEC would look out for its own interests first?

    Frankly, I don’t blame them as likely, their time of high oil prices is seriously infinite, as BEV’s replace ICE’s over the next few decades, and make MAJOR inroads within two.

    OTOH, when they cry “poverty”, once crude demand drops a LOT, and prices follow, I for one, won’t be feeling overly sorry for them.

    It cuts both ways.

    And it’s NOT like a goodly chunk of global crude oil demand, for things like petrochemicals and asphalt goes away. It’s just that with production likely to exceed demand unless the price is a LOT lower, for multiple decades, they will no longer wag a giant stick capable of massive and growing profits.

  2. print baby print on Sat, 6th Nov 2021 3:09 pm 

    Oil is not the problem,” There is no more oil

  3. YouAreAnimalYouShouldLookLikeAnAnimal on Sat, 6th Nov 2021 3:33 pm 

    They are animals. Their body should reflect that and also there eyes as a mentioned earlier.
    https://www.youtube.com/watch?v=ADPWLG1mJjw

  4. JustCurious on Sat, 6th Nov 2021 4:12 pm 

    Do I have an fake holographic coat? Some people are hiding their face from me? Do I glow like a light?

  5. makati1 on Sat, 6th Nov 2021 4:33 pm 

    The oily beat will go on…and on…and on. The world cannot exist, as we know it, without FFs.

    For your weekend reading pleasure… https://www.globalresearch.ca/cop-26-can-singing-dancing-rebellion-save-world/5760657

    “Meanwhile, the U.S. military, the largest institutional emitter of GHGs on Earth, was exempted from any constraints whatsoever under the Paris Agreement…

    China now officially emits more CO2 than the United States. But a large part of China’s emissions are driven by the rest of the world’s consumption of Chinese products, and its largest customer is the United States. An MIT study in 2014 estimated that exports account for 22% of China’s carbon emissions.

    On a per capita consumption basis, Americans still account for three times the GHG emissions of our Chinese neighbors and double the emissions of Europeans.”

  6. JustCurious on Sat, 6th Nov 2021 4:52 pm 

    I have a job to do I am the pale rider.
    https://www.youtube.com/watch?v=bdtx1nF-Ki0

    ——————————
    Ride to town, shoot em up and keep on going
    Cause I got a job to do and I don’t stop for no one
    So get your gun, and kiss your wife, and lock up your daughter
    Don’t let her fall in love with the pale rider
    Many men have quickly found I’m unforgiving
    They say dying ain’t no way to make a living
    So get your gun and bet your life, if you’re a gambler
    You draw a dead man’s hand against the pale rider
    And I walked down into Mexico
    What I came for I think you know
    I take another life, it’s all the same
    It’s one more killing to the man that has no name
    So ride to town, shoot em up and keep on going
    Cause I got a job to do and I’ll be gone come morning
    So get your gun, and kiss your wife and hug your daughter
    Tell her you’re off to meet the pale rider
    Don’t let her fall in love with the pale rider
    And I walked down into Mexico
    What I came for I think you know
    I take another life, it’s all the same
    It’s one more killing to the man that has no name
    It’s one more bullet to the man that has no name

  7. youAreFuckingGood on Sat, 6th Nov 2021 5:17 pm 

    Fuck you are good. I could never do such high quality work as yours.

    https://www.youtube.com/watch?v=6RDynGSecOw

  8. JustCurious on Sat, 6th Nov 2021 5:32 pm 

    The ”pale rider” of Clint Eastwood`s new film is someone we have met before. A fearless gunslinger, yes, but also a mysterious man whose physical prowess is wedded to a spiritual power and a devotion to the triumph of good. A man capable of miracles. A man who has died, but who nonetheless lives. A man–but something more than a man.

    https://www.chicagotribune.com/news/ct-xpm-1985-07-07-8502130876-story.html

    ——————————

    This is why some people are hiding their face.

  9. JustCurious on Sat, 6th Nov 2021 5:48 pm 

    You said: this shit is turning serious. It was all was serious, you are the ones who thought I was joking.

  10. JustCurious on Sat, 6th Nov 2021 5:51 pm 

    You said: this shit is turning serious. It was always serious, you are the ones who thought I was joking

  11. adonis on Sun, 7th Nov 2021 1:29 am 

    they are all in on it

  12. YouAreStillGoingToDie on Tue, 9th Nov 2021 8:14 am 

    The spirit and I last night has a good energy exchange. She improves herself so much. She was too rough, but wow how she improves her technique. We had a little talk about everything and nothing. What a good night of sleep I had.

    Who knew that killing your long time enemies could be lead to a good night of sleep.

    It is time for the children of GOD to go out of this disgusting human body and ascent into a being of energy and light.

    I sit in the driver seat now.

    https://www.youtube.com/watch?v=-OX82UaC32I

  13. HumanBodyIsSuchAShitContainer on Tue, 9th Nov 2021 8:26 am 

    Yes. It seems thats my big liver spot on my forearm next to my elbow is going away. Maybe if I am lucky, in a year or two, I will be able to leave this shit human body. Suck a shit container for the children of GOD

  14. SoManyGoodsOnes on Tue, 9th Nov 2021 8:46 am 

    There are so many goods one out there.

    https://www.youtube.com/watch?v=AeUocW6enW4

  15. SoManyGoodsOnes on Tue, 9th Nov 2021 8:49 am 

    I see some people have realized it is in the best interest of Europe to stand behind France. After all, they produce 70% of their electricity with nuclear.

  16. SoManyGoodsOnes on Tue, 9th Nov 2021 9:01 am 

    Up to a certain point you could say the same thing with Japan. Even if the nuclear electricity production is low, the do have some. Might be worthy for the Asian region to stand behind Japon. Always nice to have some power that is no depend of oil.

  17. Dredd on Wed, 10th Nov 2021 8:27 am 

    What planet do they think they are on (On Thermal Expansion & Thermal Contraction – 46).

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