• OPEC reached a deal to increase 400k barrels per day to production

    Oil was down about 2.5% (although the Dow was down 2% on inflation, stagflation, and Delta variant concerns) and oil company stocks more than that. Natural gas was up less than a percent.

    However, projections have it that demand will want 1m or more barrels more per day next year, assuming no more lockdowns.

    US producers could surge new production and crash the market. But no one wants to invest in new exploration. Most companies are hedged at a $50 range.

     
  • Nord Stream 2 almost finished, despite US sanctions along the way

    The U.S. will have a hard time competing with Russian gas anyway, in serving Europe. Russian gas is cheaper and is said to be greener.

  • EU Parliament threatens Russian oil sector

    The EP, responding to Russian military buildups on the Ukraine border, passed a resolution that "demands that Russia immediately end the practice of unjustified military build-ups targeted at threatening its neighbors."

    The EU stated that other countries should supply more arms to Ukraine, and threatened that if Russia invaded Ukraine the EU "imports of oil and gas from Russia to the EU be immediately stopped, while Russia should be excluded from the SWIFT payment system, and all assets in the EU of oligarchs close to the Russian authorities and their families in the EU need to be frozen and their visas cancelled."

    Russia responded by saying it was ready to be shut off from Swift.

    SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a transaction network that connect thousands of banks in over 200 countries. Russia's central bank has its own transaction network, SPFS (System for Transfer of Financial Messages) but outside of Russia only 8 banks use it.
    "demands that Russia immediately end the practice of unjustified military build-ups targeted at threatening its neighbours."

    Read more on UNIAN: https://www.unian.info/world/russian-aggression-ep-resolution-proposes-switching-off-swift-for-russia-if-kremling-invades-ukraine-11406190.html
    It also "demands that Russia immediately end the practice of unjustified military build-ups targeted at threatening its neighbours."

    Read more on UNIAN: https://www.unian.info/world/russian-aggression-ep-resolution-proposes-switching-off-swift-for-russia-if-kremling-invades-ukraine-11406190.html
    It also "demands that Russia immediately end the practice of unjustified military build-ups targeted at threatening its neighbours."

    Read more on UNIAN: https://www.unian.info/world/russian-aggression-ep-resolution-proposes-switching-off-swift-for-russia-if-kremling-invades-ukraine-11406190.html

     

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