To: isopatch who wrote (12599 ) 10/29/2022 11:50:28 AM From: Kirk © Respond to Sad when our enemies who pretend to be friends to get weapons to keep their power over their women and neighboring countries school our president... Emergency reserves the Kingdom's oil minister, accused unnamed countries of using their emergency oil reserves to "manipulate markets rather than helping with shortages of supply. " The remarks come after the Biden administration authorized the release of another 15M barrels of crude from the U.S. Strategic Petroleum Reserve as it tries to curb elevated gasoline prices in the wake of production cuts from OPEC+.We, as Saudi Arabia, decided to be the maturer guys ," he told the Future Investment Initiative Forum, otherwise known as Davos in the Desert. "It is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come. Running out of capacity has a much dearer cost than what people can imagine ."Riyadh first scrapped a paltry bump to OPEC+ production of 100K bpd on Sept. 5, and a month later deepened its cuts by a whopping 2M barrels per day, or about 2% of global supply. The Saudis say the cuts are an attempt at balancing the market, which is not lacking any more crude, but is rather suffering from a lack of refining capacity, a crisis in the natural gas market and too rapid of a transition to renewables that weighs on current hydrocarbon investment . The American side is still in the middle of formulating a clear policy stance, though Biden has said "there will be consequences" for U.S.-Saudi relations. The administration is particularly concerned about the Kingdom's growing ties with Russia and China, as well as market volatility that is expected once a European oil embargo goes into effect on Dec. 5.
