Analysis: U.S. wants more oil, but OPEC+ can't turn on the tap much harder

U.S. pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group: it doesn't have much extra capacity to hike output faster, even if it wanted to.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are unwinding record supply curbs made in 2020 when demand cratered, but not fast enough for Washington which is fretting about prices near three-year highs. ...

https://www.reuters.com/markets/europe/us-wants-more-oil-opec-cant-turn-tap-much-harder-2021-11-23/

#petroleum #oil #FuelPrices #OPEC #PeakOil

Stop the Energy Price Rise

As winter approaches, energy prices are set to skyrocket – and the Tory government is doing nothing to protect the poorest from catastrophic rises in their bills.

Gas and electricity prices in the UK are regulated by a ‘price cap’, which effectively sets the standard tariffs. This price cap is due to rise by a huge 12% on 1 October.

Then prices will rise again as soon as April, and that rise is due to be even higher. The total increase could be as high as 30% within just six months – over £400.

And as small energy companies go bankrupt, many people who had been on cheaper deals will suddenly be automatically switched to the most expensive ones at the big firms, with no other choices available.

With prices continuing to rise, some energy companies are even calling for the cap to be scrapped altogether. That would be a disaster.

Petition:
https://r.ippl.es/energy-prices/

#GasCrisis #ToryIncompetence #BorisTheLiar #FuelPoverty #poverty #FuelPrices #PrivatisationFails