Mid-Week Review – September 1, 2021
Oil price firms before OPEC+ policy meeting
Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. Click Here to read more from Reuters.
Oil, gasoline prices rise as Ida kicks hurricane season into a higher gear
Hurricane Ida temporarily shut down a critical swath of U.S. oil production and refining operations, and that should keep crude and retail gasoline prices at already elevated levels. Now a tropical storm, Ida swept across the Gulf of Mexico production area before slamming into the Louisiana coast Sunday as a Category 4 storm, bringing torrents of rain, high winds and high tides. Click Here to read more from CNBC.
Iran Eyes Further 1 Million Bpd Output Boost From Huge Oilfields
Irrespective of how quickly a new iteration of the Joint Comprehensive Plan of Action (JCPOA) – ‘nuclear deal’ – is signed between Iran and the U.S., plus the remainder of the P5+1 group of nations that agreed the original version (the U.K., France, Russia, China plus Germany), Tehran is now looking to increase its oil output from all of the fields that constitute its massive West Karoun cluster. Click Here to read more from Oil Price.
US regulators target oil and gas mergers as fuel prices surge
The Federal Trade Commission is examining ways to crack down on mergers and acquisitions in the oil and gas industry and investigate whether gas station franchise networks are driving up gas prices as part of a Biden Administration effort to combat higher prices at the pump. Click Here to read more from Al Jazeera.
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