Shell Share Price (SHEL)

Hi

How do you guys manage to post web links ?

I had an interesting one about opec splitting up or fragmenting

[LINK REMOVED]

Opec

Sounds like it has a full cargo of phosphoric acid rather than oil though!

Tanker-napping:

https://www.bloomberg.com/news/articles/2023-11-26/israeli-linked-oil-tanker-boarded-off-coast-of-yemen-afp-says

Boyo - no real surprise that the US is maximising oil output, but hitting a record output in October is quite staggering.

Biden has certainly pushed & probably incentivised shale producers to work flat out to help reduce the OP. The Great Satan even did a tour of "friends" in the middle east to plea for increased output quite recently. He hammered down on the refinery margins that were seen as excessive & leading to excessive profits. Jim Ratcliffe at Ineos is threatening closure of Grangemouth by 2025, citing the worldwide issues with refinery margins. Don't play poker with him when you see what the Scottish Government will pay in subsidies to keep it open!

Biden has been playing around with when the US releases or tops up the SPR in an attempt to influence oil prices. No doubt behind the scenes Hedge Funds & Investment Banks etc have been briefed on what is expected of them. He has even explored opening up trade with old protagonists including Venezuela and Iran.

Whilst Biden might not succeed completely in putting together a "counter-cartel" type agreement between OPEC customers he seems to be putting together some resistance to the oligopolistic dictates of OPEC+. He is hitting them hard when they have off the map infrastructure projects to pay for. Probably a sizable war, or world event, or bitterly cold winter on the East coast of the States, will expose the fragility of what Biden is attempting, but the Israel Hamas conflict & a bit of Iranian ship-napping has not pushed the oil price in the direction shareholders would like.