Showing posts from October 9, 2022

Static Oil Prices: OPEC+ move failed to do the trick!

  The cut in crude oil output, agreed by the OPEC+ a few days ago, does not appear to be doing the trick as far as the price is concerned. On the contrary, the price, at best has been static and at worst,  falling for two consecutive days since the announcement was made a few days earlier, as the hullabaloo gradually died down. The US, however, may still release its crude stocks from the SPR, strategic petroleum reserve, in order to bring down the price of oil in the international markets to a desired level. Perhaps the allies of the US may follow suit, not to leave the leader of the Free World in an uncomfortable lurch, especially when the crucial midterm elections are just a few weeks away. The dwindling SPRs, however, are creating problems in another dimension for the countries involved, because it is meant to be for an emergency. The current oil crisis did not stem  from an emergency; it is more to do with feeble policy decisions than demand/supply issue, no matter how much OP

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