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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Oil Prices Plunge As OPEC+ Considers Production Hike

  • Crude prices hit a 10-month low on Monday morning.
  • Saudi Arabia and other OPEC+ members are reportedly discussing a production increase for January.
  • The group is reportedly considering an increase of up to half a million barrels a day.
Wall St

OPEC’s de facto leader Saudi Arabia and OPEC+’s other members are discussing an oil production increase, OPEC delegates said on Monday, according to the Wall Street Journal.

The full group will meet next on December 4 to set out OPEC+’s production plans for January 2023—and the group is reportedly considering an increase of up to half a million barrels a day. The timing of the production target increase—if the group agrees to it—would be just one day before the effective date of both the EU’s Russian oil embargo and G7 oil price cap.

A production hike from the group would be a welcomed development for the Biden Administration, which has lobbied OPEC members to increase production over the last few months. Despite President Biden’s heavy-handed attempt at persuading the group to produce more, OPEC+’s October meeting ended with the group deciding to cut its oil production targets by 2 million barrels per day in the months of November and December.

While a half million barrel per day production hike for January would be a far cry from offsetting the 2 million bpd production cut, the actual production cut was thought to be substantially less—somewhere near 1 million bpd. While this new production hike is only half of that amount, the move could go at least part way toward mending broken fences between Saudi Arabia and the White House.

OPEC’s talk about production increases also comes on the back of another noteworthy fence-mending event. Last week, the Biden Administration called for immunity for Saudi Crown Prince Mohammed bin Salman in the ongoing lawsuit about his participation in the killing of U.S.-based Saudi journalist Jamal Khashoggi, arguing that his position as Prime Minister of the Kingdom should serve as a shield from such lawsuits. The move was generally seen as an olive branch.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • George Doolittle on November 21 2022 said:
    Scams in Bitcoin expected so no surprise there in the least but I think people are in for a huge shock at just how risky commodity futures trading is as well.

    Long $ibm International Business Machines
    Strong buy
  • Mamdouh Salameh on November 21 2022 said:
    The sudden decline of oil prices today was most probably the result of deliberate disinformation intended to force oil prices down.

    With Brent crude in the $90s a barrel, Saudi Arabia and other OPEC+ members won’t be discussing a production increase for January when the overwhelming majority of members need a Brent crude price higher than $100 to balance their budgets.

    The fact that Saudi Arabia has emphatically denied that OPEC+ has plans to increase production confirms that the report by the WSJ was a disinformation pure and simple.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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