OPEC+ might have to raise oil output so market doesn't overheat, Kazakhstan says
NUR-SULTAN/LONDON, Aug 3 (Reuters) - OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.
"We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh energy minister Bolat Akchulakov told reporters.
OPEC Plus members meet to decide whether to increase oil production. The group’s monthly meeting comes as global oil prices remain high and inventories run low.
The group of oil producers known as OPEC Plus will decide on Wednesday whether to act to cool oil markets, just over two weeks after President Biden visited Crown Prince Mohammed bin Salman of Saudi Arabia in hopes of securing assurances that the group would increase oil production.
In July and August, the group agreed to increase production, raising output to roughly prepandemic levels. But global oil supply is still low, and high energy prices have led to skyrocketing inflation around the world.
Oil prices turn positive as OPEC+ set for small output hike
LONDON, Aug 3 (Reuters) - Oil prices inched up on Wednesday, erasing earlier losses, as the OPEC+ producer group was set for a small output increase of 100,000 barrels per day, a document seen by Reuters showed, dashing U.S. hopes of a meaningful supply boost.
Brent crude futures were up 78 cents, or 0.8%, at $101.32 a barrel at 1150 GMT. West Texas Intermediate (WTI) crude futures rose 94 cents, or 1%, to $95.36 a barrel.
Opec mau increase tapi ada limited capacity to increase. Now is only hope Koboi sana keep pumping more lah. Koboi not inside Opec+ can increase as much as possible. Last rig count increase lagi. Haiyoh. Correct?
Good news Good news. Koboi report plus 4.467mil barrel crude oil masuk inventory. Ini macam pump oil mana ada shortage leh. Ada excess leh. No wonder oil price not responding to Opec + mtg to add miserable 100kbpd increase lah. Turun lower low again. hit lowest now lah. Haiyoh. Correct?
YAB koboi openly pump more and more oil. Later Pak Arab not happy losing to koboi macam dulu. Nanti Pak Arab pun mau increase production lagi. History repeat. Oil price menjunam kah. lol. Correct?
Brent tumbled to as low as usd96 last night, will fall further in coming weeks and months. High chance for Hib falling to 70sen very soon . Traders and short sellers will be dumping starting today.
Good Morning Paktua, Your wish to reload below 83sen will come true today… You are the smartest swing traders to take profit at as high as 90.5 sen last week. Congratulations.
Halo Halo Arini apa macam ada angin tiup kat sini cakap Uncle Koon sell call kah. Betul ke ni. Uncle Koon ada tulis blog ketiga ke. Dont simply spread unfounded rumour leh. Ada proof to show kah. Haiyoh. Correct?
Wow wti sudah pecah 90 or not. Belum lagi ni. Semalam ada rumour mau testing itu sapot level pun takda pecah lagi leh. Only touched 90.41 leh. Haiyoh. Correct?
Today matched 85 -20/40 a day b4 yesterday price. Ular pun dapat 83.5. Kira ada dapat saham liao leh. Now ular mau jadi promoter liao leh. Ada apa apa good news ular will post later. Ok. Boleh?
morning...ular..hari ni kita set back our battles point.. 1st-40/60.. with vol hit 5m.. 2nd worse battle point -60/80 when vol more then 5m and level below rm0.845..
paktua set will follow -80 fo final reload..
tut tut will dare to fight even all run dare to buy or die try
paktua n red legions willing to fight with own style ..
too all red legions we born in red sea.. we master sail in brutally red wave.. we never fear..we never care how long will take.. we dare to sail more..
even storm will hit hard... even hell say will swallow it.. even burn all till be ash..
we will stand fight hard.. let bloody flow out.. let bullet fly away around... die die but never die either..
dear red legions.. as long... die never say hello.. then life will stand thru.. its worth it to fight.. sometimes.. cool eye..Stone heart..must lead the ride... on brutally devil tricky trend stock...
if scare let dare dark devil dive in here.. we will.. let hand to talk today.. let finger decide... what button too presst.. ever care all if lost... let lost gigantic.. if earn let.. earn big.. hehehehe..
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
cK1973
1,840 posts
Posted by cK1973 > 2022-08-03 15:13 | Report Abuse
wahhh unker lai lo....