Suncor Energy Inc T.SU

OPEC may cancel output increase if Biden meddles

[liljohnnyjoke]

The situation remains in flux and the plans could change but the U.S. is considering a release of more than 35 million barrels over time, according to two of the people. The pending announcement was described by people who requested anonymity prior to official statements.

The move would pit the countries against the OPEC+ coalition -- led by Saudi Arabia and Russia -- for control over world oil markets and could prompt OPEC and its allies to re-evaluate plans for reviving oil supplies.

International Energy Forum Secretary-General Joseph McMonigle said in a statement Monday that OPEC+ may change its plan for raising oil output if consuming nations sell petroleum reserves or the coronavirus pandemic worsens.

[Experienced]

You are absolutely right!! This whole situation underlines the silliness of what Biden is doing. First he puts policies in place through Executive Orders to reduce US oil production and reduces future US oil pipeline capcaity and threatens to stop the ENB Line 5 through Michigan which supplies oil not only to Canada but also to Indiana and Ohio and then begs other countriis to fall into line

[Oldnagger]

I believe there already is a crude delivery problem in the making . Not of all crudes for which there are still adequate supplies but of sweet (low sulphur content) crudes Due to the high cost of natural gas outside North America, the cost of desulphurizing sour crudes in order to meet low sulphur product specs (distillates and jet fuels } has risen dramatically. The production of sweet crudes has