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26-11-2021, 09:03 AM
PUBLISHED THU, NOV 25 2021 2:31 AM EST UPDATED THU, NOV 25 20212:52 AM EST
Sam Meredith
The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness” in energy markets.
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In the first such move of its kind, President Joe Biden announced a coordinated release of oil between the U.S., India, China, Japan, South Korea and the U.K.
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OPEC and non-OPEC producers, an influential group often referred to as OPEC+, have repeatedly dismissed U.S. calls to increase supply and ease prices in recent months.
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Oil prices have jumped more than 50% year-to-date
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“A new and unchartered type of price war is brewing in the oil market,” Louise Dickson, senior oil markets analyst at Rystad Energy, said on Wednesday in a research note.
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“This begs the question of just how strategic the timing is from Biden, Xi and others if fundamental reprieve is already just around the corner in 1Q22,” Dickson said.
“The release may be a case of too much, too late, as the oil market was tightest and needed supply relief in September,” she added.
https://www.cnbc.com/2021/11/25/oil-iea-...rkets.html
Sam Meredith
The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness” in energy markets.
......
In the first such move of its kind, President Joe Biden announced a coordinated release of oil between the U.S., India, China, Japan, South Korea and the U.K.
......
OPEC and non-OPEC producers, an influential group often referred to as OPEC+, have repeatedly dismissed U.S. calls to increase supply and ease prices in recent months.
......
Oil prices have jumped more than 50% year-to-date
......
“A new and unchartered type of price war is brewing in the oil market,” Louise Dickson, senior oil markets analyst at Rystad Energy, said on Wednesday in a research note.
......
“This begs the question of just how strategic the timing is from Biden, Xi and others if fundamental reprieve is already just around the corner in 1Q22,” Dickson said.
“The release may be a case of too much, too late, as the oil market was tightest and needed supply relief in September,” she added.
https://www.cnbc.com/2021/11/25/oil-iea-...rkets.html
