Betting on oil

Bloomberg:

Why the UAE Is Risking a Falling-Out With OPEC+

Abu Dhabi, which produces almost all the UAE’s crude, is spending around $25 billion a year to help boost its capacity to 5 million barrels a day by the end of the decade. The UAE’s de facto ruler, Crown Prince Mohammed bin Zayed, sees the plan as crucial for raising more funds to invest in new industries and diversify the economy.

“They want a higher baseline to better reflect the investment they’ve made,” Jeff Currie, global head of commodities at Goldman Sachs Group Inc., said in a Bloomberg Television interview.

The Greenies are getting a lesson in the oil market. 

And more lessons for Greenies:

"The United States is closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 pandemic," the White House spokesperson said in a statement.

"We are not a party to these talks, but Administration officials have been engaged with relevant capitals to urge a compromise solution that will allow proposed production increases to move forward."


A rise in oil prices, which are at their highest levels since 2018, has helped fuel inflation concerns. U.S. President Joe Biden has made the economic recovery from the recession triggered by the coronavirus pandemica key priority for his administration.

Stable oil market conditions are needed to power the recovery and meet the administration's goal of affordable and reliable energy, Biden aides said on condition of anonymity.