The rig count is still in plunge mode…
*A cumulative $4.9T of investments in global upstream oil and gas are needed by 2030 to meet market needs and prevent a supply shortfall" —International Energy Forum (IEF) and S&P Global Commodity Insights. t.co/8mRu56mQ9e pic.twitter.com/EoXmE1DPHd
— Lawrence McDonald (@Convertbond) September 4, 2023
BREAKING: Crude oil prices rise above $87.00 for the first time since November 2022.
Saudi Arabia just announced they will be extending production cuts of 1 million barrels per day until January 2024.
In less than 3 months, oil prices have gained a massive ~31%.
The last time… pic.twitter.com/IxryZL5zVo
— The Kobeissi Letter (@KobeissiLetter) September 5, 2023
The United States drained its strategic reserve. Thinking this was a solution.
Just like a price cap.
From day one I spoke out against this.
They are now hiding behind the dollar.
Short term thinking is what destroys empires.
But instant gratification is the addiction.
— Gold Telegraph ⚡ (@GoldTelegraph_) September 5, 2023
US: we are going to weaponize the dollar
OPEC+: we are going to weaponize oilLet's see who wins
— zerohedge (@zerohedge) September 5, 2023
Oil prices hit 10-month high as Saudi Arabia, Russia extend supply cuts
Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.
The dual announcements from Riyadh and Moscow pushed benchmark Brent crude around $90 a barrel on Tuesday, a price unseen in the market since November.
The countries’ moves could increase inflation and the cost for motorists at gasoline pumps.
It also puts new pressure on Saudi Arabia’s relationship with the United States, as President Joe Biden last year warned the kingdom there would be unspecified “consequences” for partnering with Russia on cuts as Moscow wages war on Ukraine.