OPEC+ says No to Biden: no increase in oil production



2021/12/19

OPEC+ says No to Biden: no increase in oil production

OPEC (Organization of the Petroleum and Exporting Countries) and allied oil-producing countries have rebuffed pressure from U.S. President Biden to extract much more oil and lower gasoline prices for American motorists, deciding to stick to their plan of cautious monthly increases.

The OPEC + alliance, made up of OPEC members led by Saudi Arabia and non-members led by Russia, approved a production increase of 400,000 barrels per day starting in December.

This is in line with OPEC's roadmap to add this (minimum) amount of oil to the market every month, until next year.

The plan is to open the oil taps little by little - even though oil prices have risen to seven - year highs-until the deep production cuts made during the pandemic are recovered.

Prince Abdul Aziz Bin Salman, Saudi Arabia's Energy Minister, commented:
"We decided on an increase in production that was not expected, at least until the beginning of May 2022, and out of pure spirit of responsibility we anticipated it".

Alexander Novak: "The decision was made earlier, between July and August: increase production by 400,000 barrels per day each month of each month until, essentially, the end of 2022," he said.

The decision of oil producers did not go down to Biden, who made repeated appeals to pump more oil.




Extract more oil or think about the goals of COP26?

Among the commentators of the events of the White House, someone pointed out to President Biden that asking to extract more oil a few days after attending the COP26 conference against pollution is not really very "ethical"…

The U.S. used the G20 summit last weekend in Rome to consult with other oil-consuming and importing countries on how to exert influence on the producing countries and what to do if the Saudis and Russians continue to restrict the extraction of so-called "Black Gold".

"Our view is that the global recovery should not be jeopardized by an imbalance between supply and demand," the White House National Security Council said in a statement.
"OPEC+ seems unwilling to use the capacity and power it now has at this critical time of global recovery for countries around the world," he said.

According to Saudi Arabia, one of the world's top producers, OPEC+ is playing an important role as a market regulator, comparing the relative stability of the oil market to wild swings in natural gas prices, which have risen more than fivefold since the beginning of the year, against a backdrop of a global fossil fuel crisis.




More turbulence coming?

OPEC + caution means higher prices worldwide and more revenue for producing countries. Slower increases also mean less risk of increasing production too fast and suddenly sending prices soaring. Just as manufacturers prepare for the possibility of further economic turmoil due again to last winter's Covid and supply chain backups, labor shortages and rising consumer prices, which are threatening the global recovery.

Suhail Almazrouei, Energy Minister of the United Arab Emirates, said that "oil markets should be in surplus early next year and that the gradual roadmap is taking us smoothly to that position, where supply and demand will `rebalance in the first and second quarters".

Prices (almost) skyrocketing

Oil prices in the United States fell a bit this week, having reached their highest level since 2014.

After OPEC+ "No" to Biden, oil is trading at $ 81.39 per barrel, at The Mercantile NEOR
Brent, the international benchmark, was trading at $ 82.74, down from more than $ 86 last week.




Biden announces measures

President Biden this week blamed Russia and other OPEC + countries for rising oil and fuel prices.
From the White House there are no rumors, but the Biden administration will certainly take some decisive action against the oil-producing countries that have done this "shambles"to him.

Michael Zippo
https://linkedin.com/in/michael-zippo-9136441b1
[email protected]





Business books: Top Picks

1
ITIL 4 Foundation PDF
ITIL v4 PDF Publisher: Axelos The ITIL v4 Foundation book by AXELOS

2
Business Model Generation book
Business Model Generation By Alexander Osterwalder, Yves Pigneur

3
The Intelligent Investor PDF
The Intelligent Investor Publisher: Collins Business Essentials

4
Investment Banking: Valuation, Leveraged Buyouts and Mergers and Acquisitions
Rosenbaum and Pearl PDF Publisher: Wiley

5
Fundamentals of Corporate Finance PDF
Fundamentals of Corporate Finance Publisher: Collins Business Essentials



Best Business Management books

#1ITIL Foundation: 4th edition

The fourth edition of ITIL (IT Infrastructure Library) was presented by Axelos in February 2019. The ITIL v4 (PDF and other versions available) focuses on practical aspects of IT management and provides a holistic approach with emphasize on Agile, DevOps and digital transformation topics.

#2Money master the game

Like all great adventurers, we’ll start by getting oriented for the trip. In chapter 1.4, you’ll learn more about the psychology of wealth, what holds us back, and some simple cures. You’ll uncover what it is you’re really investing for, and unleash the power of the best financial breakthrough strategies. Then, in the […]

#3The Subtle Art of Not Giving a Fuck

The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life. In this generation-defining self-help guide, a superstar blogger cuts through the crap to show us how to stop trying to be “positive” all the time so that we can truly become better, happier people. For decades, we’ve […]

#4Read People Like a Book

Read People Like a Book: How to Analyze, Understand, and Predict People’s Emotions, Thoughts, Intentions, and Behaviors (How to be More Likable and Charismatic).

#5Fundamentals of Corporate Finance

Fundamentals of Corporate Finance 13th Edition (International Edition). This book was designed and developed explicitly for a first course in business or corporate finance, for both finance majors and non-majors alike. In terms of background or prerequisites, the book is nearly self- contained, assuming some familiarity with basic algebra and accounting concepts, while […]

#6The Intelligent Investor

One of the greatest investors of the twentieth century, Benjamin Graham, proposed his philosophy of “value investing” that could protect investors from dramatic errors and teaches them to develop long-term strategies. This approach is exhaustively explained in The Intelligent Investor (PDF download available) book, which remains the stock market bible since its first […]

#7How Money Works

Money is the oil that keeps the machinery of our world turning. By giving goods and services an easily measured value, money facilitates the billions of transactions that take place every day. Without it, the industry and trade that form the basis of modern economies would grind to a halt and the flow […]

#8Business Communication

Everyday Business Storytelling: Create, Simplify, and Adapt A Visual Narrative for Any Audience. Communication is one of the basic functions of management in any organization and its importance can hardly be overemphasized. It is a process of transmitting information, ideas, thoughts, opinions and plans between various parts of an organization. Good and effective […]

#9How Business Works

Every type of business has to choose an ownership structure. Although there are variations globally, most countries offer similar types of legal entities, from a single- person private enterprise to a massive organization trading on a stock exchange. There are three key considerations: how big the venture is expected to grow; the complexity […]

#10Business Model Generation

It’s a book for the Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers (The Strategyzer series). Business Model Generation book provides practical tools for understanding, designing, and implementing a new business model or revamping an old one, co-created by 470 professionals from 45 countries and now practiced by millions around […]


Best books for entrepreneurs


#11The Essential Manager’s Handbook

The step up to a managerial role can be an exciting, but daunting, new challenge. Suddenly, you are responsible for making sure your team is working together, achieving results, and that overall your department is running smoothly. There is no single technique to becoming an excellent manager, but the Essential Manager’s Handbook provides […]

#12Operations Management

Operations Management is important, exciting, challenging, and everywhere your look! Important, because it’s concerned with creating all of the products and services upon which we depend. Exciting, because it’s at the centre of so many of the changes affecting the world of business. Challenging, because the solutions that we find need to work […]

#13Where Are the Customers Yachts

In 1940 Fred Schwed, a stockbroker whose father had lost everything as a short seller on Wall Street during the Roaring Twenties, published this timeless classic on how the stock market really works. Schwed, a pleasure-loving, cultured man who had been expelled from Princeton University in his final year for entertaining a lady […]

#14Corporate Finance 11th Edition

Corporate Finance, Eleventh Edition This book has been written for the introductory courses in corporate finance at the MBA level and for the intermediate courses in many undergraduate programs. Some instructors will find our text appropriate for the introductory course at the undergraduate level as well.

#15ISE International Business: Competing in the Global Marketplace

The 13th edition provides a complete solution that is relevant (timely, comprehensive), practical (focus on applications of concepts), integrated (integrated progression of topics) and the most up-to-date on the market. Available with Connect: Our highly reliable homework and learning management solution that embeds learning science and award-willing adaptive tools to improve student results.

#16Winning: The Unforgiving Race to Greatness

Winning: The Unforgiving Race to Greatness (Tim Grover Winning Series) From the elite performance coach who wrote the international bestseller Relentless and whose clients included Michael Jordan, Kobe Bryant, and Dwyane Wade, comes this brutally honest formula for winning in business, sports, or any arena where the battle is relentless.

#17Your Next Five Moves: Master the Art of Business Strategy

From the creator of Valuetainment, the number one YouTube channel for entrepreneurs, comes a practical and effective guide for thinking more clearly and achieving your most audacious business goals. Both successful entrepreneurs and chess grandmasters have the vision to look at the pieces in front of them and anticipate their next five moves. […]

#18Your Next Five Moves

Your Next Five Moves: Master the Art of Business Strategy (Hardcover / Audio / Kindle). Creator of Valuetainment, the # 1 YouTube channel for entrepreneurs and “one of the most exciting thinkers” (Ray Dalio, Principles author) in business today, provides a practical and effective guide to thinking more clearly and getting the most out […]

#19Finding the Winning Edge

When those who chronicle the history of the game list the individuals who had the greatest impact on the National Football League, Bill Walsh will clearly be among the names of Halas, Lombardi, Brown, Landry, Noll and Shula. But when you consider who has impacted the game most in terms of those who […]

#20International GAAP 2020 2021

Generally Accepted Accounting Practice under International Financial Reporting Standards. The content of this book takes into account all accounting standards and other relevant rules issued up to September 2020. Consequently, it covers the IASB’s Conceptual Framework for Financial Reporting and authoritative literature listed below. References in the main text of each chapter to […]