Posted on 04/24/2018 7:42:20 AM PDT by afraidfortherepublic
THE United States is flooding the European markets with record amounts crude oil as US producers seize on Russia and the Organisation of the Petroleum Exporting Countries (OPEC) pact to cut output resulting in soaring oil prices.
US crude oil is seen as the cheaper option as the OPEC and Russia pact begins to bite after agreeing jointly to oil output jointly by 1.8million barrels per day (bpd) help rebalance the market and to help elevate the benchmark Brent prices.
Now, the relatively high prices brought about by that pact, coupled with surging US output, are making it harder to sell Russian, Nigerian and other oil grades in Europe, traders said.
A trader with a Mediterranean refiner, who regularly buys Russian and Caspian Sea crude and has recently started purchasing US oil. He said: “US oil is on offer everywhere. It puts local grades under a lot of pressure.”
In April, US supplies to Europe are set to reach an all-time high of roughly 550,000 bpd (around 2.2 million tonnes), according to the Thomson Reuters Eikon trade flows monitor.
(Excerpt) Read more at express.co.uk ...
Exactly. This is typical with that pattern.
It’s crude...has to be refined. We don’t have that capacity at present.
I am much more interested in keeping USA gasoline and diesel prices low. It is OK to manipulate the rest of the world, but not at the expense of Americans.
Excellent point!
Do you know how much we spend just to keep the Saudis happy?
And what did it get us? 9/11.
“What little tax cut I got is long gone.”
That tiny SS raise we got in Jan wasn’t worth a tank of gas...per year!
Drilling will continue because profits will help drive it.
Trump is opening up a ton of currently off-limits drilling opportunities.
Everything will be cheaper as this is implemented.
Get over yourself. Do you want charity until these changes occur?
Republicans hosed the American public when they allowed the export of Oil again.... This was classic big donors buying the law... There is NOTHING MAGA about this, and I warned folks back when it happened, that they can enjoy the higher gas prices this will surely create....
But some folks have to be hit in the face with brick before they believe the brick is actually heading at their face.
Curious.... what was it last spring/summer?
They are supplying us first.
We have grades of oil refineries elsewhere need more, while other places have grades our refineries need more.
Oh, happy days! Another win for America thanks to President Trump.
Folks here need to check why gas is going up a bit...REFINERIES are switching gasoline mixtures....as required by law. Crude oil prices have been fairly stable.
See your state gov’t for large tax increases. California raised them another .12 cents on top of high taxes. Zero going to road repair. It is to pay the pensions of state workers.
So what about the rising prices in the US?
“Crude oil prices have been fairly stable.”
No. Not even close to stable. $42 last July to $70 today. That’s more than a 50% increase and in a steady move since last July. Look at the daily or weekly chart here https://www.investing.com/charts/live-charts
The price of crude oil has risen about 25% in the past 6 months. It is one of the strongest bull markets right now.
Oh, and we use the Smiths station but some of the quickee marts participate too. Can’t remember the name but I always seem to have a problem there so just use the Smiths station.
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