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 ...
Trump is countering the control that the cartel (Russo-SA) has over oil supply by infusing the market with ready crude and gasoline supplies.
Keeps the economy from stalling from operating expense spikes.
That’s all I’m saying.
Oh, okay. Sorry. I had the strange notion that you said it was time to start controlling the petrol market. I don’t know where I got that idea.
No biggie.
All arrayed against a common enemy here.
Good article!
When some pundit asked President Reagan about the need for an Energy Department, he said, “We have an energy department. It’s called the free market.”
Reagan did his best to abolish Carter’s creation, but as you see, it is still with us.
Thank you for your explanation!
“...Do you know how much we spend just to keep the Saudis happy?”
no idea! How much??
Is that “little tax cut” better than having your taxes raised? Which do you prefer?
I didn’t get a tax cut, I got a tiny SS raise.
I did some joint R&D work with the DOE about 20 years ago. The people I worked with were, how shall I put this...er, just dumb. What a colossal waste of money!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.